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Euro Area Private Consumption : Is There a Role for Housing Wealth Effects?
Skudelny, Frauke - 2009
the period 1980-2006, and one on the individual euro area countries from1995-2006, using panel data techniques. The impact …, the panel estimation yields somewhat lower results (0.6 to 1.1 cents). The MPC out of nominal housing wealth lies between … effect of volatile house prices, we find similar effects in the times series estimation while the MPC is larger in the panel …
Persistent link: https://www.econbiz.de/10013159721
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Forecasting and Assessing Euro Area House Prices through the Lens of Key Fundamentals
Gattini, Luca - 2010
This paper presents a parsimonious model for forecasting and analysing euro area house prices and their interrelations with the macroeconomy. A quarterly vector error correction model is estimated over 1970-2009 using supply and demand forces central to the determination of euro area house...
Persistent link: https://www.econbiz.de/10013138013
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Housing, Consumption and Monetary Policy : How Different are the US and the Euro Area?
Musso, Alberto - 2012
The paper provides a systematic empirical analysis of the role of the housing market in the macroeconomy in the US and in the euro area. First, it establishes some stylised facts concerning key variables in the housing market, such as the real house price, residential investment and mortgage...
Persistent link: https://www.econbiz.de/10013116395
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House Price Responsiveness of Housing Investments Across Major European Economies
Gattini, Luca - 2012
In comparison with the large literature on house prices, housing investments have been studied far less. This paper investigates the behavior of private residential investments for the six largest European economies, namely: Germany, France, Italy, Spain, the Netherlands and the United Kingdom....
Persistent link: https://www.econbiz.de/10013102106
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House Price Cycles in Europe
Corradin, Stefano - 2013
This paper examines the house price dynamics for thirteen European countries. A Markov-switching error correction model is estimated on house price returns at the country level, with deviations between house prices and fundamentals feeding into the short-run dynamics. The system is assumed to be...
Persistent link: https://www.econbiz.de/10013072994
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Wealth Effects on Consumption - Evidence from the Euro Area
Sousa, Ricardo M. - 2009
This paper estimates the wealth effects on consumption in the euro area as a whole. I show that: (i) financial wealth effects are relatively large and statistically significant; (ii) housing wealth effects are virtually nil and not significant; (iii) consumption growth exhibits strong...
Persistent link: https://www.econbiz.de/10013160476
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House Prices and Monetary Policy in the Euro Area : Evidence from Structural VARs
Nocera, Andrea - 2017
We use a Bayesian stochastic search variable selection structural VAR model to investigate the heterogeneous impact of housing demand shocks on the macro-economy and the role of house prices in the monetary policy transmission, across euro area countries. A novel set of identification...
Persistent link: https://www.econbiz.de/10012954350
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Accuracy and Determinants of Self-Assessed Euro Area House Prices
Le Roux, Julien - 2019
Using microdata from the second wave of the Household Finance and Consumption Survey, we investigate the accuracy of property values estimated by homeowners - so called “self-assessed” house prices - and explore the drivers of possible deviations of these prices from official hedonic house...
Persistent link: https://www.econbiz.de/10012859415
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Household Wealth in the Euro Area : The Importance of Intergenerational Transfers, Homeownership and House Price Dynamics
Mathae, Thomas - 2014
Results from the Eurosystem Household Finance and Consumption Survey reveal substantial variation in household net wealth across euro area countries that await explanation. This paper focuses on three main factors for the wealth accumulation process, i) homeownership, ii) housing value...
Persistent link: https://www.econbiz.de/10013054675
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Wealth Differences across Borders and the Effect of Real Estate Price Dynamics : Evidence from Two Household Surveys
Mathae, Thomas - 2014
Crossing borders, be it international or regional, often go together with price, wage or indeed wealth discontinuities. This paper identifies substantial wealth differences between Luxembourg resident households and cross-border commuter households despite their similar incomes. The average...
Persistent link: https://www.econbiz.de/10013055306