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The reaction speeds of prices and transaction volume in the Finnish housing market to demand shocks
Oikarinen, Elias - 2009
This article provides new empirical evidence on the dynamics of price movements and transaction volume in the housing … market using data from Finland. While the previous related literature studies the reactions of sales volume and prices to an …-error correction model, the response of prices to demand shocks is found to be substantially slower than that of sales. The effect of a …
Persistent link: https://www.econbiz.de/10012503010
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The reaction speeds of prices and transaction volume in the Finnish housing market to demand shocks
Oikarinen, Elias - Turun Kauppakorkeakoulu, Turun Yliopisto - 2009
This article provides new empirical evidence on the dynamics of price movements and transaction volume in the housing … market using data from Finland. While the previous related literature studies the reactions of sales volume and prices to an …-error correction model, the response of prices to demand shocks is found to be substantially slower than that of sales. The effect of a …
Persistent link: https://www.econbiz.de/10008466891
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Complex Methods in Economics: An Example of Behavioral Heterogeneity in House Prices
Bolt, Wilko; Demertzis, Maria; Diks, Cees; Leij, Marco … - de Nederlandsche Bank - 2011
We show how simple statistical techniques for capturing critical transitions used in natural sciences, fail to capture economic regime shifts. This implies that we need to use model-based approaches to identify critical transitions. We apply a heterogenous agents model in a standard housing...
Persistent link: https://www.econbiz.de/10009390616
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Macroeconomic Effects of Over-investment in Housing in an Aggregative Model of Economic Activity
Hoon, Hian Teck - School of Economics, Singapore Management University - 2010
Is there a theoretical basis for the view that the end of a period of over-investment necessarily leads to a period of below-normal employment as the excess capital stock is run down? We study the repercussions of a false boom in housing driven by prior expectations of future housing prices not...
Persistent link: https://www.econbiz.de/10008725930
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Getting at Systemic Risk via an Agent-Based Model of the Housing Market
Geanakoplos, John; Axtell, Robert; Farmer, Doyne J.; … - Cowles Foundation for Research in Economics, Yale University - 2012
Systemic risk must include the housing market, though economists have not generally focused on it. We begin construction of an agent-based model of the housing market with individual data from Washington, DC. Twenty years of success with agent-based models of mortgage prepayments give us hope...
Persistent link: https://www.econbiz.de/10009653366
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Self-reinforcing effects between housing prices and credit: an extended version
Anundsen, André K.; Jansen, Eilev S. - 2013
The financial crisis has brought the interaction between housing prices and household borrowing into the limelight of economic policy debate. This paper examines the nexus of housing prices and credit in Norway within a structural vector equilibrium correcting model (SVECM) over the period...
Persistent link: https://www.econbiz.de/10011968526
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Economic Impacts of Cultural Diversity in the Netherlands: Productivity, Utility, and Sorting
Bakens, Jessie; Mulder, Peter; Nijkamp, Peter - 2012
This paper identifies the role of cultural diversity in explaining spatial disparities in wages and housing prices across Dutch cities, using unique individual panel data of home owners. We distinguish between the effects of interactions-based productivity, consumption amenities and sorting of...
Persistent link: https://www.econbiz.de/10010326320
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Property Prices and Real Estate Financing in a Turbulent World
Balling, Morten; Bentzen, Christian Sinding; Berg, Jesper; … - 2013
On 15th November 2012 in Copenhagen, SUERF and Nykredit in association with Danmarks Nationalbank organised a conference on “Property prices and real estate financing in a turbulent world.” The papers included in this SUERF Study are based on contributions to the conference.
Persistent link: https://www.econbiz.de/10011689960
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The cyclical position of housing prices: A VECM approach for Hungary
Berki, Tamás; Szendrei, Tibor - 2017
This paper aims to estimate a long-term equilibrium price level for the Hungarian housing market by identifying key underlying macroeconomic factors. For this, in line with the empirical literature, a vector error correction model is employed. The housing market price level is mapped by the...
Persistent link: https://www.econbiz.de/10011784445
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The health consequence of rising housing prices in China
Xu, Yuanwei; Wang, Feicheng - 2020
China has experienced a rapid boom in real estate prices in the last few decades, leading toa substantial increase in living costs and heavy financial burdens on households. Usingan instrumental variable approach, this paper exploits spatial and temporal variation inhousing price appreciation...
Persistent link: https://www.econbiz.de/10012268761