This year’s World Economic Outlook report from the IMF features an intriguing piece of research that shows how rising policy rates bit harder in some countries than other because of differences in how existing mortgages are calculated, new mortgages are granted, and house prices.

Rui Mano from the IMF’s Research Department tells Tim Phillips about how the housing channels of monetary policy help to squeeze out inflation, the variable impacts of rate hikes, and the risk of overtightening when householders can fix their mortgage repayments.