Although housing starts have also moved down over the past year, the decline thus far has lagged the downturn in sales, and the backlog of unsold new homes has climbed to a very high level relative to sales.
Unconventional monetary policy and cross-border capital flows First, the relationship between unconventional monetary policy and cross-border capital flows is quite complicated. While this is not new to central banks and related parties, almost all base money provided through monetary policy will be accumulated in the form of deposits with a central bank.