responses of key macroeconomic variables to a monetary policy shock. We split our sample of countries into two disjoint groups … according to the impact of the monetary policy shock on real house prices. Our results suggest that in countries with a more …

of key macroeconomic variables to a monetary policy shock. We propose a datadriven approach that splits our panel of … countries into two disjoint groups according to the impact of the monetary policy shock on real house prices. Our results show …