This paper proposes a new paradigm for the analysis of monetary policy. From an econometric point of view this new approach is just as easy to implement as reduced form analysis, but is robust to the Lucas critique. It requires no explicit prior theory and yet it encompasses all standard DSGE...

Within a two-step GARCH framework we explore the linkages between equity returns of ten sectors in the euro area, the United States and Japan, respectively. Our estimation framework allows a distinction to be made between spillover effects originating from one of the three currency areas and...

Existing methods for data interpolation or backdating are either univariate or based on a very limited number of series, due to data and computing constraints that were binding until the recent past. Nowadays large datasets are readily available, and models with hundreds of parameters are fastly...

Existing methods for data interpolation or backdating are either univariate or based on a very limited number of series, due to data and computing constraints that were binding until the recent past. Nowadays large datasets are readily available, and models with hundreds of parameters are fastly...

The number of new dwellings built in Spain more than doubled between 1997 and 2004. Provisional estimates indicate that the figure might currently be over 800,000. Strikingly, this impressive response of supply to demand has not put a brake on housing prices, which have also doubled in real...

Analysis of the real estate sector in Estonia in recent years: multifactor housing demand and housing supply constraints. Was the price right and is it now? What next?

The housing sector was a significant driver of Ireland's growth performance during the last decade, reflecting strong country-specific fundamentals. While supply and demand factors can explain much of the developments of prices during last 27 years, there is evidence of overshooting in the later...

The paper summarises UK house price developments since the mid-1990s and reviews evidence of demand and supply factors that have contributed to the house price boom. Strong growth in UK house prices since 1997 is partly explained by rising average incomes and falls in mortgage interest rates....