• Abstract
  • Non-technical summary
  • 1 Introduction
  • 2 Housing fi nance in the industrialized countries
  • 3 Housing fi nance and monetary policytransmission: the evidence
  • 4 The model
  • 4.1 Final good producers
  • 4.2 Borrowers
  • 4.3 Savers
  • 4.4 Production and pricing of intermediategoods
  • 4.5 Market clearing
  • 4.6 Monetary policy
  • 5 The channels of monetary policy transmission
  • 6 Dynamic simulations
  • 6.1 Calibration
  • 6.2 The role of the collateral constraint
  • 7 Conclusions
  • References
  • Tables and fi gures
  • European Central Bank Working Paper Series