monetary policy shocks playing virtually no role during this period. In the third-regime, unconventional monetary policy shock …

seven major OECD countries using Uhlig's (2005) agnostic identification procedure. This method allows a housing demand shock … left unrestricted. The results suggest that consumption responds positively and significantly to a house price shock in … shock in Germany, Japan, the UK and the US, suggesting that while central banks do not seem to respond instantly and …

spending stays unchanged). Using South African quarterly data from 1966:Q1 to 2011:Q2, we show that a deficit spending shock … shock, house prices increase persistently while stock prices increase quickly, but only temporarily. A balanced budget shock …

demand shock in a six-variable VAR model by imposing sign restrictions on the impulse responses of consumer prices … left unrestricted. The results suggest that consumption responds positively and significantly to a house price shock in … follows a house price shock in Germany, Japan, the UK and the US, suggesting that while central banks do not seem to respond …