The Role of House Prices in the Monetary Transmission Mechanism across European Countries

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Liquidity and the Dynamic Pattern of Asset Price Adjustment: A Global View (2010, background): “…although drawing on interest rate changes as policy instruments rather than on changes in money aggregates (see e.g. Del Negro and Otrok, 2007, Giuliodori, 2005, Goodhart and Hofmann, 2001, assuming that all asset prices react with a lag to monetary policy shocks, and Iacoviello, 2005,…”
The role of house prices in the monetary policy transmission mechanism in small open economies (2010, background): “In particular, they either assume that house prices are restricted from responding immediately to monetary policy shocks (Goodhart and Hofmann, 2001, and Giuliodori, 2005), or that monetary policy is restricted from reacting immediately to innovations in house prices (Iacoviello, 2005).”
Housing Cycles and Macroeconomic Fluctuations: A Global Perspective (2012, background): “Figure B.2 displays the impulse responses to a US housing demand shock identified with the following ordering, xit = (x1′it , x 2′ it , r ′ t) ′, as in Iacoviello (2005) and Giuliodori (2005).”
In Search for Yield? Survey-Based Evidence on Bank Risk Taking (2014, methodology): “These restrictions are qualitatively consistent with a standard Cholesky decomposition as employed by Giuliodori (2005) or Iacoviello (2005) or with the sign restrictions used to identify housing demand shocks by Jarociński and Smets (2008).”