House prices and the stance of monetary policy

Marek Jarociński () and Frank Rafael Smets

Review, 2008, issue Jul, pages 339-366

Abstract: This paper estimates a Bayesian vector autoregression for the U.S. economy that includes a housing sector and addresses the following questions: Can developments in the housing sector be explained on the basis of developments in real and nominal gross domestic product and interest rates? What are the effects of housing demand shocks on the economy? How does monetary policy affect the housing market? What are the implications of house price developments for the stance of monetary policy? Regarding the latter question, we implement a Céspedes et al. (2006) version of a monetary conditions index.

Keywords: Monetary policy; Housing - Prices (search for similar items in EconPapers)
Date: 2008
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