This paper investigates how monetary policy stance and mortgage market structure affect non-fundamental house price …-time monetary-easing shock can significantly trigger house price booms in Euro area countries with liberal mortgage markets. Such … find that, in countries with more regulated mortgage markets, monetary policy stance does not significantly affect non …

main facts: first, the features of residential mortgage markets differ markedly across industrialized countries; second … house prices is significantly stronger in those countries with larger flexibility/development of mortgage markets; third …, the transmission to consumption is stronger only in those countries where mortgage equity release is common and mortgage …