Weak link between monetary policy and home prices between 2001 and 2006: Relationship between change in home prices and tightness of monetary policy in select countries
| Index of monetary policy tightness | Cumulative real home price appreciation, 2001–2006 | |
|---|---|---|
| Australia | -0.75 | 36.87 |
| Austria | -1.45 | -3.3 |
| Belgium | -1.73 | 52.27 |
| Canada | -2.19 | 40.66 |
| Switzerland | -1.61 | 7.96 |
| Denmark | -1.54 | 54.7 |
| Germany | -0.7 | -13.47 |
| Spain | -3.51 | 72.23 |
| Finland | 0.01 | 36.13 |
| France | -1.46 | 60.8 |
| United Kingdom | -0.07 | 54.9 |
| Greece | -4.05 | 27.07 |
| Ireland | -3.49 | 68.72 |
| Italy | -1.95 | 31.98 |
| Japan | -0.4 | -20.16 |
| Norway | -0.26 | 32.63 |
| Netherlands | -1.34 | 11.13 |
| New Zealand | -0.1 | 69.92 |
| Sweden | -0.36 | 41.85 |
| United States | -2.45 | 27.91 |
Note: Monetary policy tightens moving left to right on the x axis.
Source: Bernanke (2010)