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Immobilier et cycle économique : ce que nous apprend la Grande Récession

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  • Xavier Timbeau

Abstract

Real estate plays a major role in business cycles through three main channels. The first one is housing investment, the second one is a financial accelerator by which the increase of real estate prices leads to an increase in households debt for which its serves as a collateral. Finally, the third channel is a wealth effect. This articles explores these three channels in the main OECD countries relying on national accounts, wealth accounts and detailed consumption data. We show that the first channel differs among the various countries, the accelerator is found in all. The wealth effect is real in periods of rational bubbles. Classification JEL: E32, G21, R21.

Suggested Citation

  • Xavier Timbeau, 2014. "Immobilier et cycle économique : ce que nous apprend la Grande Récession," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 41-68.
    • Handle: RePEc:cai:refaef:ecofi_115_0041
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    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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