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Property Cycles, Speculative Bubbles and the Gross Income Multiplier

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Author Info
Kicki Björklund () (Department of Building and Real Estate Economics, Royal Institute of Technology S-100 44 Stockholm Sweden)
Bo Söderberg () (Department of Building and Real Estate Economics, Royal Institute of Technology S-100 44 Stockholm Sweden)
Abstract

We address in this study the question of whether significant price increases occurring during the up-phase of the property cycle can in part be explained by speculative bubble. The findings indicate that the Swedish market for income real estate may have been partly driven by a speculative bubble during the 1980’s. The conclusion is based on an analysis of panel data where the state of the property cycle is mirrored by the value of the Gross Income Multiplier.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol18n01/v18p151.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 18 (1999)
Issue (Month): 1 ()
Pages: 151-174
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Handle: RePEc:jre:issued:v:18:n:1:1999:p:151-174

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L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Grenadier, Steven R, 1995. "The Persistence of Real Estate Cycles," The Journal of Real Estate Finance and Economics, Springer, vol. 10(2), pages 95-119, March.
  2. Guntermann, Karl L & Norrbin, Stefan C, 1991. "Empirical Tests of Real Estate Market Efficiency," The Journal of Real Estate Finance and Economics, Springer, vol. 4(3), pages 297-313, September.
  3. Garber, Peter M, 1990. "Famous First Bubbles," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 35-54, Spring. [Downloadable!] (restricted)
  4. John S. Hekman, 1985. "Rental Price Adjustment and Investment in the Office Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 13(1), pages 32-47. [Downloadable!] (restricted)
  5. Jacques Gordon & Paige MosbaughTodd Canter & Todd Canter, 1996. "Integrating Regional Economic Indicators with the Real Estate Cycle," Journal of Real Estate Research, American Real Estate Society, vol. 12(3), pages 469-501. [Downloadable!]
  6. Kim, Kyung-Hwan & Suh, Seoung Hwan, 1993. "Speculation and Price Bubbles in the Korean and Japanese Real Estate Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 6(1), pages 73-87, January.
  7. Flood, Robert P & Hodrick, Robert J, 1990. "On Testing for Speculative Bubbles," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 85-101, Spring. [Downloadable!] (restricted)
  8. Waldo L. Born & Stephen A. Pyhrr, 1994. "Real Estate Valuation: The Effect of Market and Property Cycles," Journal of Real Estate Research, American Real Estate Society, vol. 9(4), pages 455-486. [Downloadable!]
  9. Clapp, John M & Giaccotto, Carmelo, 1992. "Estimating Price Trends for Residential Property: A Comparison of Repeat Sales and Assessed Value Methods," The Journal of Real Estate Finance and Economics, Springer, vol. 5(4), pages 357-74, December.
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Patric Hendershott & Robert J. Hendershott & Bryan D. MacGregor, 2005. "Evidence on Rationality in Commercial Property Markets: An Interpretation and Critique," NBER Working Papers 11329, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Qin Xiao & Randolph Gee Kwang Tan, 2006. "Signal Extraction with Kalman Filter: A Study of the Hong Kong Property Price Bubbles," Economic Growth centre Working Paper Series 0601, Nanyang Technolgical University, School of Humanities and Social Sciences, Economic Growth centre. [Downloadable!]
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