This study investigates the dynamic effects of monetary policy shocks on property prices in Brazil, using a comprehensive data set of listed sales and rental prices, as well as interest rate futures. We employ local projection methods with external instrument to estimate the impact of monetary policy surprises on the housing market. The results indicate that, after a contractionary monetary shock, there is a noticeable decline in prices from three months after the event for listed sales prices and four months for listed rental prices, this effect is noticeable until the ninth month. Several specifications have been proposed to verify the robustness of the model.
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