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In: Journal of Monetary Economics, Volume 54, Issue 8, p. 2584-2594
In: Economic Inquiry, Volume 57, Issue 1, p. 537-551
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In: Journal of economic dynamics & control, Volume 37, Issue 12, p. 2397-2416
ISSN: 0165-1889
In: The economic journal: the journal of the Royal Economic Society, Volume 117, Issue 523, p. 1380-1402
ISSN: 1468-0297
In: Journal of monetary economics, Volume 53, Issue 8, p. 2267-2282
In: The Manchester School, Volume 71, Issue 1, p. 20-34
ISSN: 1467-9957
We analyse the impact of financial liberalization on the link between monetary policy and house prices. We present a simple model of a small open economy subjectto credit constraints. The model shows that the higher the degree of financial liberalizationis, the stronger is the impact of interest rate shocks on house prices. We then usevector autoregressions to study the role of monetary policy shocks in house price fluctuations in Finland, Sweden and the UK, characterized by financial liberalizationepisodes over the last 20 years. We find that the response of house prices to interestrate surprises is bigger and more persistent in periods characterized by more liberalized financial markets.
In: Bank of Finland Research Discussion Paper No. 14/2000
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Working paper
In: Journal of international economics, Volume 83, Issue 2, p. 109-125
ISSN: 0022-1996
In: Journal of economic dynamics & control, Volume 161, p. 104838
ISSN: 0165-1889
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In: Journal of economic dynamics & control, Volume 109, p. 103778
ISSN: 0165-1889
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Working paper