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House Prices and Inflation: A Cointegration Analysis for Finland and Sweden

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Author Info
Barot, B.
Takala, K.

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Abstract

Given the emphasis on price stability in monetary policy, the concern caused by recent rapid increases in housing prices are understandable. It is suspected that such rises may provide early indication of mounting inflationary pressure. The purpose of this paper is to formulate and estimate an error-correction system model for housing prices and inflation for forecasting purposes. By using the estimated cointegrating vector, we also get an estimate of the equilibrium level for house prices that might be helpful in analysing the current situation in the housing market and the stance for monetary policy.

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Publisher Info
Paper provided by Bank of Finland. Research Department. in its series Bank of Finland - Studies in Economics and Finance with number 12/98.

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Length: 40 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:fth:bfsefi:12/98

Contact details of provider:
Postal: Bank of Finland. Research Department. P.O. Box 160, FIN-00101, Helsinki, Finland.
Web page: http://www.bof.fi/
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Related research
Keywords: PRICES ; HOUSING ; INFLATION ; ECONOMIC MODELS;

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Find related papers by JEL classification:
R31 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Housing Supply and Markets
R32 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Other Production and Pricing Analysis

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. Breeden, Douglas T., 1979. "An intertemporal asset pricing model with stochastic consumption and investment opportunities," Journal of Financial Economics, Elsevier, vol. 7(3), pages 265-296, September. [Downloadable!] (restricted)
  2. Brown, Jane P. & Song, Haiyan & McGillivray, Alan, 1997. "Forecasting UK house prices: A time varying coefficient approach," Economic Modelling, Elsevier, vol. 14(4), pages 529-548, October. [Downloadable!] (restricted)
  3. Buckley, Robert & Ermisch, John, 1982. "Government Policy and House Prices in the United Kingdom: An Econometric Analysis," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 44(4), pages 273-304, November.
  4. F J Breedon & M A S Joyce, . "House prices, arrears and possessions: A three equation model for the UK," Bank of England working papers 14, Bank of England.
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Cited by:
(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. Bharat Barot & Zan Yang, 2004. "House Prices and Housing Investment in Sweden and the UK. Econometric analysis for the period 1970-1998," Macroeconomics 0409022, EconWPA. [Downloadable!]
  2. Bharat Barot, 2004. "Growth and Business Cycles for the Swedish Economy 1963-1999," Macroeconomics 0409017, EconWPA. [Downloadable!]
    Other versions:
  3. Barot, Bharat & Yang, Zan, 2002. "House Prices and Housing Investment in Sweden and the United Kingdom: Econometric Analysis for the Period 1970-1998," Working Paper 80, National Institute of Economic Research.
  4. Irene de Greef & Ralph de Haas, 2002. "Housing Prices, Bank Lending, and Monetary Policy," Macroeconomics 0209010, EconWPA. [Downloadable!]
  5. Elias Oikarinen, 2006. "Price Linkages between Stock, Bond and Housing Markets - Evidence from Finnish Data," Discussion Papers 1004, The Research Institute of the Finnish Economy. [Downloadable!]
  6. Mika Kuismanen & Seppo Laakso & Heikki A. Loikkanen, 1999. "Demographic Factors and the Demand for Housing in the Helsinki Metropolitan Area," Discussion Papers 191, Government Institute for Economic Research Finland (VATT). [Downloadable!]
  7. Bharat Barot, 2001. "An Econometric Demand–Supply Model For Swedish Private Housing," European Journal of Housing Policy, Taylor and Francis Journals, vol. 1(3), pages 417-444, December. [Downloadable!] (restricted)
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