Calza, Alessandro; Stracca, Livio; Monacelli, Tommaso - Europäische Zentralbank - 2009
accordingto a wide range of indicators, the transmission of monetary policy shocks toresidential investment and house prices is …. Iacoviello (2002) relates
variations in the magnitude of output responses to monetary policy shocks across Euro-
pean countries … as one possible explanation for the more
muted response of private consumption to monetary policy shocks in the euro area …