Leung, Charles; Chang, Kuang Liang; Chen, Nan-Kuang - European Real Estate Society - ERES - 2010
This paper empirically investigates the forecasting performances for the housing and stock returns of a series of SVAR models, including various combinations of the federal funds rate, term spread, external finance premium, TED spread, and GDP. Using US data 1975Q2-2008Q3, we find that, for both...