Recent developments in stock and house prices revived the debate on the role of asset prices in the conduct of monetary policy. The article first explores the links between asset price fluctuations, macroeconomic developments and monetary policy, highlighting the possibility of asset price booms...

This study uses a newly developed bubble detection method (Phillips, Shi, and Yu, 2011) to identify real estate bubbles in the Hong Kong residential property market. Our empirical results reveal several positive bubbles in the Hong Kong residential property market, including one in 1995, a...

This paper develops a forecasting model of residential property prices for Hong Kong using an artificial neural network approach. Quarterly time-series data are applied for testing and the empirical results suggest that property price index, lagged one period, rental index, and the number of...

Although there have been many recent studies of the housing market and the possible housing bubble, very few studies take a micro-oriented approach. We construct a repeat-sales housing price index from a new data set for Irvine, California to understand recent trends in its housing market. Our...

This study applies the newly developed bubble detection method (Phillips, Wu and Yu, 2011) to identifying asset bubbles in the Hong Kong residential property market. Our empirical results show that the method is capable of detecting the 1997 bubble and is able to reveal the corresponding...

Residential property prices play an important role in many areas of economics and finance. They are used, for example, to determine the value of a major component of real wealth, as an indicator of financial stability risks stemming from residential property price gyrations, or to monitor...

The large movements in residential property prices in emerging markets observed over the past decade have raised interest in housing market developments. Within a cointegration framework applied to an unbalanced panel, we assess the relationship between residential property price developments,...

Residential property prices in Vienna have risen sharply since 2005 and to a lesser degree throughout Austria as well. This paper assesses whether the upward movement is justified by fundamental factors or whether it is exaggerated, using a fundamental residential property price indicator for...