We study how the Federal Reserve's quantitative easing (QE) influenced the behavior of Agency mortgage real estate …. We document that Agency mortgage REITs: [i] equity prices reacted to QE announcements and in a manner consistent with …

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 …