Arbeitspapier
The interaction of actual and fundamental house prices: A general model with an application to Denmark and Sweden
The paper presents a general method for estimating a country's level of fundamental house prices and its interaction with actual house prices. We set up a unified empirical model which can be used to analyze the time-series behavior of the fundamental house price and to test various hypotheses regarding its relation to the actual house price. To illustrate how the method works, we apply it to data for Denmark and Sweden. We find a tendency for actual house prices to converge on fundamental prices, albeit rather slowly.
- Sprache
-
Englisch
- Erschienen in
-
Series: EPRU Working Paper Series ; No. 2016-04
- Klassifikation
-
Wirtschaft
Housing Supply and Markets
Asset Pricing; Trading Volume; Bond Interest Rates
Multiple or Simultaneous Equation Models: Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
- Thema
-
fundamental house prices
house price dynamics
housing bubbles
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Birch Sørensen, Peter
Bergman, U. Michael
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Copenhagen, Economic Policy Research Unit (EPRU)
- (wo)
-
Copenhagen
- (wann)
-
2016
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Birch Sørensen, Peter
- Bergman, U. Michael
- University of Copenhagen, Economic Policy Research Unit (EPRU)
Entstanden
- 2016
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