Arbeitspapier
Housing market spillovers: evidence from an estimated DSGE model
We study sources and consequences of fluctuations in the housing market. The upward trend in real housing prices of the last 40 years can be explained by slow technological progress in the housing sector. Over the business cycle, housing demand and housing technology shocks explain one-quarter each of the volatility of housing investment and housing prices. Monetary factors explain 20 percent, but they played a bigger role in the housing cycle at the turn of the century. We show that the housing market spillovers are non-negligible, concentrated on consumption rather than business investment, and have become more important over time.
- Language
-
Englisch
- Bibliographic citation
-
Series: NBB Working Paper ; No. 145
- Classification
-
Wirtschaft
Business Fluctuations; Cycles
Financial Markets and the Macroeconomy
Money and Interest Rates: Forecasting and Simulation: Models and Applications
Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand
Housing Supply and Markets
- Subject
-
Housing
Wealth E¤ects
Bayesian Estimation
Two-sector Models
Immobilienmarkt
Ländlicher Raum
Gebäudeinstandhaltung
Konjunktur
Vermögenseffekt
USA
- Event
-
Geistige Schöpfung
- (who)
-
Iacoviello, Matteo
Neri, Stefano
- Event
-
Veröffentlichung
- (who)
-
National Bank of Belgium
- (where)
-
Brussels
- (when)
-
2008
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Iacoviello, Matteo
- Neri, Stefano
- National Bank of Belgium
Time of origin
- 2008
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