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Why House Prices Matter
Kosuke Aoki London School of Economics & Political Science (LSE) - London School of Economics; Centre for Economic Policy Research (CEPR) James Proudman Bank of England, Monetary Instruments and Markets Division Gertjan W. Vlieghe Bank of England - Monetary Assessment and Strategy Division Bank of England Quarterly Bulletin, Winter 2001 Abstract: This article analyses the role of house prices in the transmission mechanism of monetary policy. It is argued that house prices matter because houses can be used as collateral, against which households borrow to finance housing investment and consumption. The implication of structural change in UK retail credit markets is also considered, as this may have changed the relationship between house prices and consumption. Accepted Paper Series Date posted: July 30, 2005 ; Last revised: August 04, 2005Suggested CitationContact Information
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