This paper explores the mean-reverting behavior of the unemployment rate using monthly geographically disaggregated … regimes at unknown points of time. We find that the Great Recession also altered the persistence of the unemployment rate …

demand shock in a six-variable VAR model by imposing sign restrictions on the impulse responses of consumer prices … left unrestricted. The results suggest that consumption responds positively and significantly to a house price shock in … follows a house price shock in Germany, Japan, the UK and the US, suggesting that while central banks do not seem to respond …

house price shock over the entire sample, with the effect being stronger post financial liberalization. On the other hand, a … positive delayed response of nominal interest rate followed a house price shock, with the effect being weaker post financial …

eight OECD countries in a six-variable structural vector autoregressive model (SVAR). A housing demand shock is identified … latter allows a housing demand shock to be identified by imposing sign restrictions on the impulse responses of consumer … shock in Canada, France, Japan, Spain and, the UK. A significant positive delayed response of nominal interest rates follows …