Assenmacher-Wesche, Katrin; Gerlach, Stefan - Nationale Bank van België/Banque national de Belqique (BNB) - 2008
property and equity prices in 17 OECD countries, using quarterly data for 1986-2006. Using a panel VAR, we find plausible and … significant responses to a monetary policy shock. Shocks to asset prices have a positive, significant effect on GDP and credit … after three to four quarters, whereas prices start to increase much later. We also consider the transmission of US shocks …