8  Del Negro and Otrok (2007) find little influence on the national component of house price appreciation from 2001 to 2005. In contrast, Iacoviello and Neri (2008) contend that monetary policy accounted for more than a quarter of the run-up. However, both of these papers only look at the effects of the non-systematic component of monetary policy.
In addition, Iacoviello and Neri include the Regulation Q period in their estimation sample, likely increasing the effect of monetary policy on the housing sector.