.S. economy has apparently absorbed this supply shock well so far, the path of future oil prices remains a concern for monetary … policymakers. Higher oil prices can damp demand, as consumers and firms spend more of their budgets on oil-related products and … less on other goods and services. Furthermore, if higher oil prices are passed through to a significant extent to other …

important. We document the way that the housing market typically adjusts to changes in economic fundamentals. …