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Housing Market Segmentation and Monetary Policy PRIMARY_TEXT retrieval pending

Columbia University · no page hash: the reader saw a rendering, not the bytes · created seq 21820

Link: https://econ.columbia.edu/wp-content/uploads/sites/18/2026/09/segmentation_MP.pdf · read at 2026-09-29T02:11:40Z · held by reference: only the link, the quoted excerpts with their hashes, and the page hash when the reader had the bytes are stored

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QUOTE `{}`	Recent empirical evidence shows that contractionary monetary policy raises U.S. housing rents even as house prices fall. I show that this response reflects a shift in housing demand toward renting in segmented housing markets: tighter cr...
QUOTE `{}`	Under a Taylor rule that responds to shelter-inclusive PCE inflation, the central bank reacts to a rent increase generated by its own tightening, raising the output cost of measured disinflation. Excluding shelter from the target lowers ...