Heyer, Éric; Timbeau, Xavier - In: Revue de l'OFCE 96 (2006) 1, pp. 115-151
We propose a model and its econometric estimation, representing the housing channel of monetary policy. Econometrics … than that of US economy. Considering that monetary policy was less reactive for the euro zone than for the US, monetary … of competition on the bank market, have also played a role in a less efficient monetary policy.JEL codes: C22, E21, E27 …