Wheat, corn, rice, soybeans, and cotton experienced higher volatility in the second half of the 2000s. For the sample at hand, the unit root tests only validate a new period of high volatility for wheat and cotton. If in the next couple of years however, corn, rice and soybeans maintain their...

The long-term euro area house price equilibrium and its short-term dynamics are estimated by means of a panel error correction model. The estimates show that the short-term dynamics are essentially driven by the autoregressive term (persistence), disposable income and mortgage loans, whereas...