Commentary.

The article presents the author's comment on the study by Marek Jarociński and Frank R. Smets on house prices and monetary policy in the U.S. The author remarks that the study briefly show that the recent U.S. housing boom is explained by a combination of increases in housing demand and loose monetary policy. He notes that the study also shows that housing demand shocks have a very limited impact on the overall volatility of real growth and inflation.