01815cas a2200265 a 4500 AALejournalIMF021054 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513548746 1018-5941 BD-DhAAL BD-DhAAL Corsetti, Giancarlo. One Money, Many Markets : Monetary Transmission and Housing Financing in the Euro Area / Giancarlo Corsetti, Joao Duarte, Samuel Mann. Washington, D.C. : International Monetary Fund, 2020. 1 online resource (63 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We study the transmission of monetary shocks across euro-area countries using a dynamic factor model and high-frequency identification. We develop a methodology to assess the degree of heterogeneity, which we find to be low in financial variables and output, but significant in consumption, consumer prices, and variables related to local housing and labor markets. Building a small open economy model featuring a housing sector and calibrating it to Spain, we show that varying the share of adjustable-rate mortgages and loan-to-value ratios explains up to one-third of the cross-country heterogeneity in the responses of output and private consumption. Mode of access: Internet Duarte, Joao. Mann, Samuel. IMF Working Papers; Working Paper ; No. 2020/108 Full text available on IMF http://elibrary.imf.org/view/journals/001/2020/108/001.2020.issue-108-en.xml IMF e-Library