Economics, Econometrics and Finance
4 years ago

Financial liberalization boosts house prices sensitivity to monetary policy shocks.

Manchester School
Financial Liberalization And The Sensitivity Of House Prices To Monetary Policy: Theory And Evidence
Matteo Iacoviello, Raoul Minetti

Paper Summary

Financial liberalization increases the impact of interest rate changes on house prices. By studying Finland, Sweden, and the UK, researchers found that house prices react more strongly and persistently to interest rate surprises in periods of more liberalized financial markets.

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