Artikel
Speculative price bubbles in urban housing markets
In the light of the unconventional monetary policies implemented by most large central banks around the world, there is an intense debate about the potential impact on the prices of capital assets. Particularly in Germany, skepticism about the sustainability of the current policy by the European Central Bank is wide spread and concerns about the emergence of a speculative price bubble in the housing market are increasing. The present study analyzes a comprehensive data set covering 127 large German cities from 1990 through 2013, using tests for speculative bubbles, both at a national and city level. Furthermore, we apply two new testing approaches: panel-data and principal components versions of explosive root tests. We find evidence for explosive price increases in many cities. However, it is only in select urban housing markets that prices decouple from their fundamental values. There is no evidence for speculative price movements nationally.
- Sprache
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Englisch
- Erschienen in
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Journal: Empirical Economics ; ISSN: 0377-7332 ; Volume: 55 ; Year: 2018 ; Issue: 4 ; Pages: 1957-1983 ; Berlin: Springer
- Klassifikation
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Wirtschaft
Single Equation Models; Single Variables: Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions
Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models
Forecasting Models; Simulation Methods
- Thema
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housing prices
speculative bubble
explosive root
german cities
- Ereignis
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Geistige Schöpfung
- (wer)
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Kholodilin, Konstantin A.
Michelsen, Claus
Ulbricht, Dirk
- Ereignis
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Veröffentlichung
- (wer)
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Springer
ZBW – Leibniz Information Centre for Economics
- (wo)
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Berlin
- (wann)
-
2018
- DOI
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doi:10.1007/s00181-017-1347-x
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Kholodilin, Konstantin A.
- Michelsen, Claus
- Ulbricht, Dirk
- Springer
- ZBW – Leibniz Information Centre for Economics
Entstanden
- 2018
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