sign restrictions. The results reveal that both a policy interest rate shock and a balance sheet shock have a positive and … temporary impact on house prices in Finland, with the response to a balance sheet shock being smaller and fading out faster. The … peak of the effect of a policy rate shock on house prices in Finland arrives faster than in the whole euro area but the …

In this paper, we compare the transmission of a conventional monetary policy shock with that of an unexpected decrease … volatility, our results are two-fold: First, the spread shock works mainly through a boost to consumer wealth growth, while a … conventional monetary policy shock affects real output growth via a broad credit/bank lending channel. Second, both shocks exhibit …

decomposition. The results indicate that contractionary monetary policy shock, which led to increased external finance premium …, negatively affected the manufacturing sector and decreased total output. In other words, the monetary shock negatively affected …

-Keynesian model with sticky wages. Demand-side shocks play a more important role than technology innovations or cost-push shock in …

since the mid-1970s. Traditional forms of money demand and quantity theory relationships have remained stable over the whole …

. Andererseits wäre im Fall steigender Vermögenspreise eine restriktivere Geldpolitik erforderlich, die die Dynamik von Produktion … die USA, den Euroraum, Japan und Großbritannien spezifiziert. Während die Geldpolitik keinen Einfluss auf die Entwicklung … eine restriktivere Geldpolitik bei nicht fundamental begründeten Preissteigerungen tatsächlich dämpfend auf die Entwicklung …

In macroeconomic theory, different approaches discuss the ability of monetary policy to affect real variables in the …