Monetary policy shock hits Norway house prices hard
Meanwhile, the impact on household credit is muted, according to paper
The effect of a monetary policy shock on house prices in Norway is large, but the effect on household credit is muted, according to a Norges Bank working paper.
House prices, credit and the effect of monetary policy in Norway: Evidence from Structural VAR Models by Ørjan Robstad investigates the responses of house prices and household credit to monetary policy shocks using Bayesian structural VAR models.
According to Robstad, the findings are consistent with a relatively small refinancing rate
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