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Housing Cycles and Efficiency

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  • Meen, Geoffrey

Abstract

This paper has four objectives. First, a small model of the UK housing market is constructed, including equations for house prices, housing starts, construction costs and interest rates. The model is used in an analysis of housing market cycles, employing techniques developed for the analysis of general business cycles. Second, the model is used to consider housing market efficiency. Third, the model is extended to examine the relationship between house prices and property transactions. Finally, the role of monetary policy in the generation of housing cycles and stability is discussed. Copyright 2000 by Scottish Economic Society.

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Bibliographic Info

Article provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.

Volume (Year): 47 (2000)
Issue (Month): 2 (May)
Pages: 114-40

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Handle: RePEc:bla:scotjp:v:47:y:2000:i:2:p:114-40

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Cited by:
  1. Ball, Michael & Meen, Geoffrey & Nygaard, Christian, 2010. "Housing supply price elasticities revisited: Evidence from international, national, local and company data," Journal of Housing Economics, Elsevier, Elsevier, vol. 19(4), pages 255-268, December.
  2. Arthur Grimes & Andrew Aitken, 2006. "Housing Supply and Price Adjustment," Working Papers, Motu Economic and Public Policy Research 06_01, Motu Economic and Public Policy Research.
  3. Kelly, Robert & McQuinn, Kieran, 2013. "On the hook for impaired bank lending: Do sovereign-bank inter-linkages affect the fiscal multiplier?," Research Technical Papers 01/RT/13, Central Bank of Ireland.
  4. Felix Schindler, 2014. "Persistence and Predictability in UK House Price Movements," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 48(1), pages 132-163, January.
  5. Diana Kasparova, Michael White, 2001. "The Responsiveness Of House Prices To Macroeconomic Forces: A Cross-Countr Y Comparison," European Journal of Housing Policy, Taylor and Francis Journals, Taylor and Francis Journals, vol. 1(3), pages 385-416, December.
  6. Paschalis Arvanitidis, 2006. "Property Market Purpose Efficiency: An Exploratory Analysis From an Institutional Economics Perspective," ERSA conference papers ersa06p567, European Regional Science Association.
  7. Felix Schindler, 2013. "Predictability and Persistence of the Price Movements of the S&P/Case-Shiller House Price Indices," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 46(1), pages 44-90, January.
  8. Lerbs, Oliver W., 2012. "House prices, housing development costs, and the supply of new single-family housing in German counties and cities," CAWM Discussion Papers 57, Center of Applied Economic Research Münster (CAWM), University of Münster.
  9. Luci Ellis & Mariano Kulish & Stephanie Wallace, 2012. "Property Market Cycles as Paths to Financial Distress," RBA Annual Conference Volume, Reserve Bank of Australia, in: Alexandra Heath & Frank Packer & Callan Windsor (ed.), Property Markets and Financial Stability Reserve Bank of Australia.
  10. Cameron, Gavin & Muellbauer, John & Murphy, Anthony, 2006. "Was There A British House Price Bubble? Evidence From A Regional Panel," ERES, European Real Estate Society (ERES) eres2006_150, European Real Estate Society (ERES).
  11. Laura Berger-Thomson & Luci Ellis, 2004. "Housing Construction Cycles and Interest Rates," RBA Research Discussion Papers, Reserve Bank of Australia rdp2004-08, Reserve Bank of Australia.
  12. David M. Williams, 2009. "House prices and financial liberalisation in Australia," Economics Series Working Papers 432, University of Oxford, Department of Economics.
  13. Gürtler, Marc & Rehan, Christine, 2008. "Preisbildende Faktoren von privaten Immobilien," Working Papers IF28V1, Technische Universität Braunschweig, Institute of Finance.
  14. Oliver Lerbs, 2012. "House Prices, Housing Development Costs, and the Supply of New Single-Family Housing in German Counties and Cities," ERSA conference papers ersa12p258, European Regional Science Association.
  15. Oliver Lerbs, . "House Prices, Housing Development Costs, and the Supply of New Single-Family Housing in German Counties and Cities," Working Papers, Institute of Spatial and Housing Economics, Munster Universitary 201283, Institute of Spatial and Housing Economics, Munster Universitary.

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