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Housing market stability, mortgage market structure, and monetary policy: Evidence from the euro area

Bing, Zhu ; Betzinger, Michael ; Sebastian, Steffen P.


This paper investigates how monetary policy stance and mortgage market structure affect non-fundamental house price movements in eleven Euro area countries. Based on a three-stage approach, our empirical evidence suggests that a one-time monetary-easing shock can significantly trigger house price booms in Euro area countries with liberal mortgage markets. Such shocks can explain over 20% of the ...


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