The article explores how real estate, financial markets, and monetary policy are connected. It looks at how changes in real estate prices can impact financial stability. Unlike previous studies that focused only on housing, this research includes various real estate markets. By analyzing these sectors together, the study shows which ones have a bigger influence on real estate and how this affects economic policy. Using a special method called structural vector autoregressive (VAR), the researchers found that residential, commercial, and securitized real estate markets are sensitive to economic and monetary factors, as well as the financial market. They also studied how these factors move together through co-spectral analysis.