Calza, Alessandro; Stracca, Livio; Monacelli, Tommaso - Europäische Zentralbank - 2009
We study how the structure of housing finance affects the transmission of monetarypolicy shocks. We document three main … facts: first, the features of residentialmortgage markets differ markedly across industrialized countries; second, and … accordingto a wide range of indicators, the transmission of monetary policy shocks toresidential investment and house prices is …