The article examines how monetary policy shocks affect countries in the euro area. By using a factor model and analyzing surprises around policy announcements, the researchers found that responses to shocks vary across different economic indicators. While financial variables and output show little variation, consumption, consumer prices, and labor/housing market indicators respond differently. The study also reveals that home ownership rates are linked to the impact of monetary policy on housing markets. Additionally, house prices and rents in the euro area tend to move in opposite directions in response to policy shocks, similar to trends observed in the US.