A study on the Czech economy used a model to look at how different factors affect the economy. They found that when houses are easier to use as collateral, changes in interest rates have a bigger impact on spending and output. Shocks to consumer behavior and housing preferences were key in real economic fluctuations, while inflation and cost-push shocks mostly affected prices. The recent housing price boom and bust was mainly caused by changes in housing preferences, with supply shocks playing a smaller role.