The Spanish labour market is characterised by high levels of unemployment, which have increased during the global economic crisis. Spain is also a country which is characterised by a very high percentage of homeownership, with more than 83% of households being owner-occupiers. Both regional...

We present empirical evidence on the heterogeneity in monetary policy transmission across countries with different home ownership rates. We use household-level data together with shocks to the policy rate identified from high-frequency data. We find that housing tenure reacts more strongly to...