Arbeitspapier
Renewed Momentum in the German Housing Market: Boom or Bubble?
The renewed momentum in the German housing market has led to concerns that Germany is vulnerable to asset price shocks. In this paper, we apply recently developed recursive unit root tests to detect the beginning and the end of potential speculative bubbles in Germany over the sample period 1987Q3 - 2012Q4. Overall, we find that actual house prices are not significantly disconnected from underlying economic fundamentals. Thus, there is no evidence of speculative house price bubbles in Germany.
- Language
-
Englisch
- Bibliographic citation
-
Series: CESifo Working Paper ; No. 4287
Classification
Wirtschaft
Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
Forecasting Models; Simulation Methods
Monetary Policy
Housing Supply and Markets
Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
Forecasting Models; Simulation Methods
Monetary Policy
Housing Supply and Markets
Subject
Germany
house price bubbles
right-tailed unit root tests
house price bubbles
right-tailed unit root tests
Event
Geistige Schöpfung
(who)
Chen, Xi
Funke, Michael
Funke, Michael
Event
Veröffentlichung
(who)
Center for Economic Studies and ifo Institute (CESifo)
(where)
Munich
(when)
2013
- Handle
- Last update
-
20.09.2024, 8:22 AM CEST
Object type
- Arbeitspapier
Associated
- Chen, Xi
- Funke, Michael
- Center for Economic Studies and ifo Institute (CESifo)
Time of origin
- 2013
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