On the transmission of monetary policy to the housing market

We provide empirical evidence on the heterogeneous transmission of monetary policy to housing market across and within countries. use household-level data from Germany, Italy Switzerland together with respective shocks identified high-frequency data. find that pass-through rates newly originated (fixed-rate) mortgages is twice as strong in Germany Italy. After an accommodative shock, this associated a larger immediate, persistent increase transitions renting owning; stronger decrease rents; price–rent ratio. Within Italy, we mortgage rates, tenure ratio northern regions have been characterized literature more financially developed than southern regions.