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Federal Reserve Bank of Dallas, Globalization and Monetary Policy Institute Working Papers
We estimate an open economy VAR model to quantify the e¤ect of monetary policy and capital in ‡ows shocks on the US housing market. The shocks are identi...ed with sign restrictions derived from a standard DSGE model. We ...nd that monetary policy shocks have a limited e¤ect on house prices and residential investment. In contrast, capital in ‡ows shocks driven by an increase in foreign savings have a positive and persistent e¤ect on both housing variables. Other sources of capital in ‡owsdoi:10.24149/gwp80 fatcat:ajcxiycwknajbjk4kar3gtwo3u