monetary policy, over-investment, real
estate prices
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Working Paper Series No. 364
May 2004
5
ECB
Working Paper Series No … a financial crisis with
9
ECB
Working Paper Series No. 364
May 2004
large negative effects on economic activity and …
monetary policy shock.
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Working Paper Series No. 364
May 2004
periods mentioned before)
9
. All growth rates shown …