Housing Inventory and Completion
AbstractThe model of Hendry (1986) is extended to a vector autoregressive system, in order to examine the sources of fluctuations in housing completions and inventory. The time-series properties of the completion rate are examined as well as those of the accumulated inventory. Shocks to income, interest rates, materials price, and housing price are examined. The completion rate appears to be more or less constant, unaffected by these shocks, so that inventory is evidently the control variable for builders. Copyright 1999 by Kluwer Academic Publishers
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Bibliographic InfoArticle provided by Springer in its journal Journal of Real Estate Finance & Economics.
Volume (Year): 18 (1999)
Issue (Month): 1 (January)
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Web page: http://www.springerlink.com/link.asp?id=102945
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- William Miles, 2009. "Irreversibility, Uncertainty and Housing Investment," The Journal of Real Estate Finance and Economics, Springer, vol. 38(2), pages 173-182, February.
- 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, vol. 19(4), pages 255-268, December.
- Kulaksizoglu, Tamer, 2004. "Measuring the Effectiveness of Competition Policy: Evidence from the Turkish Cement Industry," MPRA Paper 357, University Library of Munich, Germany.
- Matthew Spiegel, 1999. "Housing Return And Construction Cycles," Yale School of Management Working Papers ysm114, Yale School of Management, revised 01 Mar 2001.
- Croce, Roberto M. & Haurin, Donald R., 2009. "Predicting turning points in the housing market," Journal of Housing Economics, Elsevier, vol. 18(4), pages 281-293, December.
- Lee, Chul-In, 2007. "Does provision of public rental housing crowd out private housing investment? A panel VAR approach," Journal of Housing Economics, Elsevier, vol. 16(1), pages 1-20, March.
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