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Estimating a Stock-Flow Model for the Swiss Housing Market

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  • Elizabeth Steiner

Abstract

This paper analyzes the development of housing market imbalances, housing prices and residential investment in Switzerland within a stock-flow framework. In the long run, the desired level of residential capital stock and the existing residential capital stock revert. Empirical results indicate, however, that housing demand can diverge from the existing supply for several years due to the slow adjustment of the residential capital stock to shocks. In the short run, the market therefore has to be cleared by price adjustments. And indeed, it can be shown empirically that changes in prices are significantly and strongly dependent on the level of stock imbalances. Furthermore, housing prices prove to be an important determinant of residential investment, which in turn drives the adjustment process of the residential capital stock towards its desired level.

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File URL: http://www.sjes.ch/papers/2010-III-4.pdf
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Bibliographic Info

Article provided by Swiss Society of Economics and Statistics (SSES) in its journal Swiss Journal of Economics and Statistics.

Volume (Year): 146 (2010)
Issue (Month): III (September)
Pages: 601-627

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Handle: RePEc:ses:arsjes:2010-iii-4

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Related research

Keywords: housing demand; housing supply; residential investment; market disequilibrium; housing prices;

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  1. Oecd, 2006. "Are House Prices Nearing a Peak?: A Probit Analysis for 17 OECD Countries," OECD Economics Department Working Papers 488, OECD Publishing.
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Cited by:
  1. Steiner, Katharina & Hildebrandt, Antje & Huynh-Olesen, Duy T. & Wagner, Karin, 2013. "Residential Property Prices in Central, Eastern and Southeastern European Countries," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2.

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