This paper introduces a coherent framework for analyzing the role of discount window aspects of monetary policy. It deals explicitly with discount window regimes used by European central banks. In many European countries, commercial banks have virtually limited access to borrowed reserves. The...

Housing markets typically exhibit a strong positive correlation between the rate of price increase and the number of houses sold. We document this correlation on high-quality Dutch data for the period 1985-2007, and estimate a VEC-model that allows us to study the mechanism giving rise to the...