Aye, Goodness C.; Balcilar, Mehmet; Bosch, Adél; … - In: Journal of Policy Modeling 36 (2014) 3, pp. 471-491
the strongest causal relationship with output compared to residential investment and number of building plans passed, with … passed; a uni-directional causality from real house price to output and a bi-directional causal link between residential … investment and output. However, using parameter stability tests, we show that estimated VARs are unstable, thus full …