国际清算银行-房价对货币政策意外的反应：来自美国上市数据的证据（英）-2024.9-50页_3mb

House price responses to monetary policy surprises are examined using U.S. listings data from 2001 to 2019. The study reveals that contractionary monetary policy surprises raise mortgage rates and reduce housing list prices by about 1% within two weeks. These responses are mainly driven by future interest rate expectations and not current federal funds rate changes. The analysis uses the CoreLogic Multiple Listing Service Dataset and advanced econometric methods like local projections with high-frequency monetary policy shock instruments. Key