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A Peer-reviewed scientific articles/A1 Journal article (refereed), original research
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The credit channel of monetary policy: Evidence from the housing market, Journal of Macroeconomics 1 (2008). Iacoviello, Matteo;Minetti, Raoul

Category A Peer-reviewed scientific articles
Sub-category A1 Journal article (refereed), original research
auki Internal authors
Minetti Raoul / Research
All authors as text Iacoviello, Matteo;Minetti, Raoul 
Number of authors
Status Published
Year of publication 2008 
Date 15.03.2008 
Name of article The credit channel of monetary policy: Evidence from the housing market 
Name of journal Journal of Macroeconomics
Volume of issue 30 
Number of issue
Pages 69–96 
Index This paper tests a credit channel of monetary policy (especially a bank-lending channel) in the housing market. We argue that the relevance of the credit channel depends on the structural features of the housing finance system, in particular efficiency and institutional organisation. We employ a VAR approach to analyse this issue in four housing markets (Finland, Germany, Norway and the UK). Our findings show across countries a clear-cut relationship between presence of the credit channel, efficiency of housing finance and type of institutions active in mortgage provision.
Free text descriptor in Finnish rahapolitiikka; pankit; luotonanto; asuntomarkkinat; asunnot; luotot; 
Free text descriptor in English Monetary transmission; Bank-lending channel; Housing market; Vector autoregressions 
JEL-codes E44; E51; E52; G21; C22 
ISSN / e-ISSN 0164-0704 
auki Internet addresses
Notes BoF DP 14/2000 

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