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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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Regional differences in housing price dynamics: Panel data evidence
Oikarinen, Elias; Engblom, Janne - 2014
In this study, regional differences in housing price dynamics are examined empirically using panel data models. We … concentrate on examining the momentum dynamics and the reversion speed towards fundamental price level. The analysis can be seen … as a test for the validity of conventionally used fixed-effects panel models to analyse regional housing price dynamics …
Persistent link: https://www.econbiz.de/10012503048
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Regional differences in housing price dynamics: Panel data evidence
Oikarinen, Elias; Engblom, Janne - Turun Kauppakorkeakoulu, Turun Yliopisto - 2014
In this study, regional differences in housing price dynamics are examined empirically using panel data models. We … concentrate on examining the momentum dynamics and the reversion speed towards fundamental price level. The analysis can be seen … as a test for the validity of conventionally used fixed-effects panel models to analyse regional housing price dynamics …
Persistent link: https://www.econbiz.de/10011094579
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Interaction between housing prices and household borrowing in Finland
Oikarinen, Elias - 2008
Housing prices and household borrowing are expected to be tightly connected to each other. Better availability of credit eases liquidity constraints of households, which is likely to lead to higher demand for housing. On the other hand, housing prices may significantly influence household...
Persistent link: https://www.econbiz.de/10010273080
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House Price Dynamics and Dispersed Information
Favara, Giovanni; Song, Zheng - National Centre of Competence in Research - Financial … - 2010
We use a user-cost model to study how dispersed information among housing marketparticipants a¤ects the equilibrium house price. In the model, agents are disparatelyinformed about local economic conditions, consume housing services, and speculate onprice changes. Information dispersion leads...
Persistent link: https://www.econbiz.de/10009522191
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On the importance of borrowing constraints for house price dynamics
Eerola, Essi; Määttänen, Niku - 2008
We study how a household borrowing constraint the the form of a down payment requirement affects house price dynamics … dynamics substantially. The importance of the constraint depends very much on whether house price changes are driven by … interest rate or aggregate income shocks. Moreover, because of the borrowing constraint, house price dynamics display …
Persistent link: https://www.econbiz.de/10012148030
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Interaction between housing prices and household borrowing - the Finnish case
Oikarinen, Elias - 2008
Housing prices and household borrowing are expected to be tightly connected to each other. Better availability of credit eases liquidity constraints of households, which is likely to lead to higher demand for housing. On the other hand, housing prices may significantly influence household...
Persistent link: https://www.econbiz.de/10012502983
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Interaction between housing prices and household borrowing - the Finnish case
Oikarinen, Elias - Turun Kauppakorkeakoulu, Turun Yliopisto - 2008
Housing prices and household borrowing are expected to be tightly connected to each other. Better availability of credit eases liquidity constraints of households, which is likely to lead to higher demand for housing. On the other hand, housing prices may significantly influence household...
Persistent link: https://www.econbiz.de/10005537233
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On the importance of borrowing constraints for house price dynamics
Eerola, Essi; Määttänen, Niku - Suomen Pankki - 2008
We study how a household borrowing constraint the the form of a down payment requirement affects house price dynamics … dynamics substantially. The importance of the constraint depends very much on whether house price changes are driven by … interest rate or aggregate income shocks. Moreover, because of the borrowing constraint, house price dynamics display …
Persistent link: https://www.econbiz.de/10005648901