https://macropaperwarehouse.com/authors/alessandro-rebucci/Alessandro RebucciHugo -- gohugo.ioen-ushttps://macropaperwarehouse.com/papers/a-housing-portfolio-channel-of-qe-transmission/https://macropaperwarehouse.com/papers/a-housing-portfolio-channel-of-qe-transmission/<p><strong>Research Question</strong></p> <p>This paper identifies and quantifies a <em>housing portfolio channel</em> of quantitative easing (QE) transmission that operates through household portfolio rebalancing toward second homes (as opposed to the well-studied bank credit channel). The central question is whether, and how much, the ECB&rsquo;s formal adoption of QE in January 2015 induced households with larger pre-existing bond holdings to shift wealth into residential real estate—specifically second homes held for investment—and what the downstream effects on regional housing market outcomes were.</p>