The responsiveness of house prices to monetary policy shocks depends both on the nature of the shock – expansionary versus contractionary – and on city-specific housing supply elasticities. We test and find supporting evidence for the hypothesis that expansionary monetary policy shocks have...

The responsiveness of house prices to monetary policy shocks depends on the nature of the shock – expansionary versus contractionary – and on local housing supply elasticities. These findings are established based on a panel of 263 US metropolitan areas. We test and find supporting evidence...

Based on a dynamic panel data model, this paper estimates the impact of lockdown policies on inflation with metropolitan-level data in the US. After controlling for the unit/time fixed effects and a number of aggregate demand/supply shifters, lockdown policies created a mild inflationary effect...