Macro aspects of housing

Arbeitspapier

This paper aims to achieve two objectives. First, we demonstrate that with respect to business cycle frequency (Burns and Mitchell, 1946), there was a general decrease in the association between macroeconomic variables (MV) and housing market variables (HMV) following the global financial crisis (GFC). However, there are macro-finance variables that exhibited a strong association with the HMV following the GFC. For the medium-term business cycle frequency (Comin and Gertler, 2006), we find that while some correlations exhibit the same change as the business cycle counterparts, others do not. These "new stylized facts" suggest that a reconsideration and refinement of existing "macro-housing" theories would be appropriate. We also provide a review of the recent literature, which may enhance our understanding of the evolving macro-housing-finance linkage.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: ISER Discussion Paper ; No. 1030

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) ; General Financial Markets: General (includes Measurement and Data) ; Real Estate Markets, Spatial Production Analysis, and Firm Location: General
• Thema: stylized facts ; macro-housing-finance linkage ; Global Financial Crisis ; business cycle frequency ; housing market variables

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Leung, Charles Ka Yui ; Ng, Joe Cho Yiu
• Ereignis: Veröffentlichung
• (wer): Osaka University, Institute of Social and Economic Research (ISER)
• (wo): Osaka
• (wann): 2018

Weitere Informationen

• Handle: http://hdl.handle.net/10419/197703
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ