Competitiveness differentials are blamed for the instability of the Eurozone. Most of the analyses focus on labour … costs or labour-market institutions. This paper explores an additional source of differentials in competitiveness: land and … beginning of the century. Germany is an exception. A large increase in the prices of buildings, structures and lands for private …

this paper, we implement a multivariate unobserved component model on housing market variables in order to assess the … prices series for four main euro area countries (Germany, France, Italy and Spain). Empirical results show a strong … medium-term for fluctuations between 4 and 8 years, while the housing market contributes to the long-term economic growth …