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Does TFP drive housing prices? a growth accounting exercise for four countries

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  • Alessio Moro

    ()
    (University of Cagliari)

  • Galo Nuño

    ()
    (Banco de España)

Abstract

Housing prices diverge from construction prices after 1997 in four major countries. Besides, TFP differences between construction and the general economy account for the evolution of construction prices in the U.S. and Germany, but not in the U.K. and Spain.

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File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/11/Fich/dt1133e.pdf
File Function: First version, December 2011
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Bibliographic Info

Paper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 1133.

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Length: 18 pages
Date of creation: Dec 2011
Date of revision:
Handle: RePEc:bde:wpaper:1133

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Keywords: Housing prices; TFP; growth accounting; Cobb-Douglas;

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  1. Matteo Iacoviello & Stefano Neri, 2008. "Housing market spillovers : evidence from an estimated DSGE model," Working Paper Research, National Bank of Belgium 145, National Bank of Belgium.
  2. Oulton, Nicholas, 2007. "Investment-specific technological change and growth accounting," Journal of Monetary Economics, Elsevier, Elsevier, vol. 54(4), pages 1290-1299, May.
  3. Dale W. Jorgenson & Kevin J. Stiroh, 2000. "Raising the Speed Limit: U.S. Economic Growth in the Information Age," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(1), pages 125-236.
  4. Mankiw, N. Gregory & Weil, David N., 1989. "The baby boom, the baby bust, and the housing market," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 19(2), pages 235-258, May.
  5. Karl E. Case & Robert J. Shiller, 2003. "Is There a Bubble in the Housing Market?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2), pages 299-362.
  6. Mary O'Mahony & Marcel P. Timmer, 2009. "Output, Input and Productivity Measures at the Industry Level: The EU KLEMS Database," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 119(538), pages F374-F403, 06.
  7. Edward L. Glaeser & Joseph Gyourko, 2001. "Urban Decline and Durable Housing," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1931, Harvard - Institute of Economic Research.
  8. Chang-Tai Hsieh, 2002. "What Explains the Industrial Revolution in East Asia? Evidence From the Factor Markets," American Economic Review, American Economic Association, American Economic Association, vol. 92(3), pages 502-526, June.
  9. James A. Kahn, 2008. "What drives housing prices?," Staff Reports, Federal Reserve Bank of New York 345, Federal Reserve Bank of New York.
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