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and the stock market in the US around FOMC announcements. A restrictive monetary policy shock in the US is identified by … an increase in the interest rate and a drop in stock prices, while a positive information shock is identified when both …
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This paper studies the optimal interest rate rule in a DSGE model with housing market spillovers (Iacoviello and Neri (2010)). We find that the optimal rule responds to house price inflation even when the stabilization of house price is not among the objectives of the policymaker, and that the...
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This paper investigates whether the Chinese real estate price rise is a national monetary shock and driven mainly by … empirically addresses the role of monetary shock and bank lending activities in the Chinese real estate market …
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shocks, while a contractionary monetary policy shock depress housing output, demand and prices. Additionally, we find …
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