Do House Prices Influence the Effect of Monetary Policy Shocks on Private Consumption? -Evidence From Five EMU Member States
The aim of this thesis is to study the role of house prices in influencing the effect of monetary policy shocks on private consumption in five EMU member states during the period 1995Q1-2010Q4. The role of house prices may be increasingly important in effecting private consumption possibilities due to the deregulations of mortgage markets in many countries in recent years and the increasing availa