Ahearne, Alan G.; Ammer, John; Doyle, Brian M.; Kole, … - Federal Reserve Board (Board of Governors of the … - 2005
countries, with particular focus on the lessons for monetary policy. We find that real house prices are pro … booms are typically preceded by a period of easing monetary policy, but then diminishing slack and rising inflation lead … financial stability. Nevertheless, the co-movement of both property prices and default rates with the business cycle means that …