Calza, Alessandro; Monacelli, Tommaso; Stracca, Livio - Center for Financial Studies - 2007
business cycle frequency, the correlation between consumption and house prices increases with the degree of flexibility … industrialised countries, with particular focus on EU countries, in determining
the channels of monetary policy transmission. We … industrialised countries, and especially within the EU. Examples of such institu-
tional characteristics include the typical duration …