Modelling Cyclical Divergence in the Euro Area: The Housing Channel
收藏Organisation for Economic Co-operation and Development2026-04-11 收录
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After the launch of the single currency the euro exchange rate fell and interest rates had converged towards the (low) German level. These shocks have worked out differently for the small and large countries. Housing markets have acted as an important vehicle of transmission of these shocks onto economic activity and inflation. Simulations with a...
