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Euro Area House Prices and Unconventional Monetary Policy Surprises

Oliver Hülsewig and Horst Rottmann ()

No 9045, CESifo Working Paper Series from CESifo

Abstract: This paper examines the reaction of house prices in a panel of euro area countries to monetary policy surprises over the period 2010-2019. Using Jordà’s (2005) local projection method, we find that real house prices rise in response to expansionary monetary policy shocks that can be related to unconventional policy measures. In the core countries including Ireland, we also find that lending for house purchases increases relative to nominal output. Thus, household debt rises.

Keywords: Euro area house prices; unconventional monetary policy; local projection method (search for similar items in EconPapers)
JEL-codes: E32 E52 E58 G21 (search for similar items in EconPapers)
Date: 2021
New Economics Papers: this item is included in nep-ban, nep-cba, nep-eec, nep-mac, nep-mon and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_9045

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