monetary policy and the housing markets by using the shadow interest rate estimated by Krippner (2013b). Our findings suggest …

monetary policy and the housing markets by using the shadow interest rate estimated by Krippner (2013b). Our findings suggest …

19, 2001 through the end of the ZIRP on July 14, 2006. Second, the shadow interest rate is estimated to be negative … throughout the period and rise toward zero quite recently. Third, the first hitting time until the negative shadow interest rate …