The Effects of Housing Prices and Monetary Policy in a Currency Union

The Effects of Housing Prices and Monetary Policy in a Currency Union
The recent boom-and-bust cycle in housing prices has refreshed the debate on the drivers of housing cycles as well as the appropriate policy response. We analyze the case of Spain, where housing prices have soared since it joined the EMU. We present evidence based on a VAR model, and we calibrate a New Keynesian model of a currency area with... READ MORE...

Publication date: January 2011
ISBN 9781455211845
$18.00

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