The subject of this paper is the estimation of the Phillips relation ¡V the inflation-output gap tradeoff ¡V for ASEAN countries. Unobserved component (UC) models are employed in order to extract the output gap from GDP data. We also obtain stylised facts on macroeconomic cycles namely, (i)...

Purpose: The paper reflects upon the tendency of participants in the commercial real estate markets to give excess status to individuals in decision-making and to hold beliefs that are at best weakly supported empirically. Design/methodology/approach: The paper is reflexive in nature, using...

In this paper cluster analysis is used to construct homogeneous groups from 157 UK local markets using commercial property returns.

Efficient markets should guarantee the existence of zero spreads for total return swaps. However, real estate markets have recorded values that are significantly different from zero in both directions. Possible explanations might suggest non-rational behaviour by inexperienced market players or...