sides of the Atlantic, such as real house prices, residential investment and mortgage debt. It then presents evidence from … Structural Vector Autoregressions (SVAR) by focusing on the effects of monetary policy, credit supply and housing demand shocks … policy shocks in the U.S. The evidence is less clear-cut for housing demand shocks. Finally, credit supply shocks seem to …

pressures. Lending conditions also have a significant impact, especially through their effects on mortgage loans, and … developments in Italy have been broadly in line with the fundamentals; during the recent financial crisis, the worsening in credit …