Bjørnland, Hilde C.; Jacobsen, Dag Henning - In: Journal of Financial Stability 6 (2010) 4, pp. 218-229
We analyse the role of house prices in the monetary policy transmission mechanism in Norway, Sweden and the UK, using structural VARs. A solution is proposed to the endogeneity problem of identifying shocks to interest rates and house prices by using a combination of short-run and long-run...