national output are persistent. Originality/value: This is a multi-country study that focuses on both developed and developing … countries and uses more recent data to provide new and comparable evidence on the persistence of output …

an interest rate shock, house prices (aggregate house price and modern house price) fall sharply over the first 4 years … and do not recover to their pre-shock level. In response to a real GDP shock, both house prices react in a positive … inverted U-shaped manner. Finally, we find that an inflation shock has a U-shaped negative impact on aggregate and modern house …

and nominal macro variables; namely real output, prices, exchange rates, and money supply. Findings: The results suggest … that a monetary policy shock statistically significantly reduces output initially, but then output is able to recover to … investigates how a monetary policy shock - defined as a temporary and exogenous rise in the short-term interest rate - affects real …