Narayan, Paresh Kumar; Narayan, Seema - Deakin University, Faculty of Business and Law, School … - 2011
The goal of this paper is to examine the responsiveness of the UK housing market to real and nominal shocks. To achieve this goal, we use a structural VAR model, based on quarterly data for the period 1957:1-2009:4. We find that in response to an interest rate shock, house prices (aggregate...