This paper looks at the relation between mortgage credit and housing values. It has become conventional wisdom in … different housing price variables are estimated. It is found that mortgage credit is weakly exogenous. Impulse …-response functions, variance decompositions and out of sample forecast also show that mortgage credit drives housing prices and not vice …

This paper examines the relation between money and housing variables in the euro area and in the US. Our empirical … model is based on a standard money demand relation which is augmented by housing market variables. In doing so, co … inflation channels, that is, liquidity fuels housing market developments. …

-deviation contractionary monetary policy surprise lowers housing list prices by 0.2%- 0.3% within two weeks-a magnitude on par with the effect …