Monetary policy effects on housing bubble: Bank paper
A Bank of England paper published on Monday says both capital inflows and monetary policy shocks helped fuel credit bubbles in the housing sector during the recent crisis.
Filipa Sá, Pascal Towbin and Tomasz Wieladek, the paper's authors, use a panel vector autoregression framework to examine the influence of monetary policy, capital inflows and financial innovation had on the housing sector booms across 18 OECD countries.
Sá, Towbin and Wieladek find that both capital inflows and monetary
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