Carstensen, Kai; Hülsewig, Oliver; Wollmershäuser, Timo - 2009
This paper explores the importance of housing and mortgage market heterogeneity in 13 European countries for the … responses of key macroeconomic variables to a monetary policy shock. We split our sample of countries into two disjoint groups … according to the impact of the monetary policy shock on real house prices. Our results suggest that in countries with a more …