André, Christophe; Gupta, Rangan; Kanda, Patrick T. - 2012
seven major OECD countries using Uhlig's (2005) agnostic identification procedure. This method allows a housing demand shock … left unrestricted. The results suggest that consumption responds positively and significantly to a house price shock in … shock in Germany, Japan, the UK and the US, suggesting that while central banks do not seem to respond instantly and …