However, the relationship is statistically insignificant and economically weak; moreover, monetary policy differences explain only about 5 percent of the variability in house price appreciation across countries. What does explain the variability in house price appreciation across countries?
Money, monetary standards, and monetary policy The nature of money determines some important properties of the economy, including the scope for changes in the overall price level and the opportunity for discretionary monetary policy -- that is, for control of the money supply in an effort to improve economic performance.