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The Q theory and the Swedish housing market –an empirical test

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Author Info

  • Berg, Lennart

    ()
    (Department of Economics)

  • Berger, Tommy

    ()
    (Institute for Housing and Urban Research)

Abstract

We argue that major changes in economic policy have resulted in a more market driven demand for housing investment in Sweden as a result of changes in policy during the end of the 1980s and beginning of the 1990s. The used investment theory is Tobin’s transparent Q theory. Our results indicate, for the last period of the sample (1993-2003 quarterly data) that a high degree of correlation between the Q ratio and the (logarithm of) two different variables for housing investment exist. An error correction regression model, controlling for structural breaks, indicates also a stable long run relationship could be detected for the logarithm of building starts and the Q ratio between 1993-2003 but not between 1981-1992.

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Bibliographic Info

Paper provided by Uppsala University, Department of Economics in its series Working Paper Series with number 2005:19.

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Length: 16 pages
Date of creation: 15 Jun 2005
Date of revision:
Handle: RePEc:hhs:uunewp:2005_019

Contact details of provider:
Postal: Department of Economics, Uppsala University, P. O. Box 513, SE-751 20 Uppsala, Sweden
Phone: + 46 18 471 25 00
Fax: + 46 18 471 14 78
Email:
Web page: http://www.nek.uu.se/
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Keywords: Tobin's Q; housing investment; error correction model; structural break;

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References

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  1. Edin, Per-Anders & Gustavsson, Magnus, 2005. "Time out of work and skill depreciation," Working Paper Series 2005:21, IFAU - Institute for Evaluation of Labour Market and Education Policy.
  2. Sören Blomquist & Luca Micheletto, 2005. "Optimal Redistributive Taxation when Government’s and Agents’ Preferences Differ," CESifo Working Paper Series 1429, CESifo Group Munich.
  3. Holmberg, Par, 2008. "Unique supply function equilibrium with capacity constraints," Energy Economics, Elsevier, vol. 30(1), pages 148-172, January.
  4. Vredin Johansson, Maria & Heldt, Tobias & Johansson, Per, 2005. "Latent Variables in a Travel Mode Choice Model: Attitudinal and Behavioural Indicator Variables," Working Paper Series 2005:5, Uppsala University, Department of Economics.
  5. Mikael Carlsson, 2007. "Investment and Uncertainty: A Theory-based Empirical Approach," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 69(5), pages 603-617, October.
  6. Nordblom, Katarina & Ohlsson, Henry, 2006. "Tax avoidance and intra-family transfers," Journal of Public Economics, Elsevier, vol. 90(8-9), pages 1669-1680, September.
  7. Dahlberg, Matz & Mörk, Eva, 2004. "Public employment and the double role of bureaucrats," Working Paper Series 2004:11, IFAU - Institute for Evaluation of Labour Market and Education Policy.
  8. Helge Bennmarker & Kenneth Carling & Bertil Holmlund, 2005. "Do Benefit Hikes Damage Job Finding? Evidence from Swedish Unemployment Insurance Reforms," CESifo Working Paper Series 1460, CESifo Group Munich.
  9. Åslund, Olof & Fredriksson, Peter, 2005. "Ethnic enclaves and welfare cultures - quasi-experimental evidence," Working Paper Series 2005:8, IFAU - Institute for Evaluation of Labour Market and Education Policy.
  10. Welz, Peter & Österholm, Pär, 2005. "Interest Rate Smoothing versus Serially Correlated Errors in Taylor Rules: Testing the Tests," Working Paper Series 2005:14, Uppsala University, Department of Economics.
  11. Holmberg, Pär, 2005. "Asymmetric Supply Function Equilibrium with Constant Marginal Costs," Working Paper Series 2005:16, Uppsala University, Department of Economics.
  12. Alexius, Annika, 2004. "Far Out on the Yield Curve," Working Paper Series 2004:12, Uppsala University, Department of Economics.
  13. Forslund, Anders & Gottfries, Nils & Westermark, Andreas, 2005. "Real and Nominal Wage Adjustment in Open Economies," Working Paper Series 2005:18, Uppsala University, Department of Economics.
  14. Holmberg, Pär, 2005. "Comparing Supply Function Equilibria of Pay-as-Bid and Uniform-Price Auctions," Working Paper Series 2005:17, Uppsala University, Department of Economics.
  15. Dahlberg, Matz & Edmark, Karin, 2004. "Is there a "Race-to-the-Bottom" in the Setting of Welfare Benefit Levels? Evidence from a Policy Intervention," Working Paper Series 2004:19, Uppsala University, Department of Economics.
  16. Alexius, Annika & Post, Erik, 2005. "Exchange Rates and Asymmetric Shocks in Small Open Economies," Working Paper Series 2005:10, Uppsala University, Department of Economics.
  17. Häkkinen, Iida, 2004. "Do university entrance exams predict academic achievement?," Working Paper Series 2004:16, Uppsala University, Department of Economics.
  18. Österholm, Pär, 2004. "Estimating the Relationship between Age Structure and GDP in the OECD Using Panel Cointegration Methods," Working Paper Series 2004:13, Uppsala University, Department of Economics.
  19. Zamac , Jovan, 2005. "Winners and Losers from a Demographic Shock under Different Intergenerational Transfer Schemes," Working Paper Series 2005:13, Uppsala University, Department of Economics.
  20. Holmberg, Pär, 2005. "Numerical Calculation of an Asymmetric Supply Function Equilibrium with Capacity Constraints," Working Paper Series 2005:12, Uppsala University, Department of Economics.
  21. Klevmarken, N. Anders, 2004. "Towards an Applicable True Cost-of-Living Index that Incorporates Housing," Working Paper Series 2004:18, Uppsala University, Department of Economics.
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Cited by:
  1. Ågren, Martin, 2006. "Prospect Theory and Higher Moments," Working Paper Series 2006:24, Uppsala University, Department of Economics.
  2. Rainer Schulz & Axel Werwatz, 2008. "House Prices and Replacement Cost: A Micro-Level Analysis," SFB 649 Discussion Papers SFB649DP2008-013, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  3. Per Engström & Bertil Holmlund, 2006. "Tax Evasion and Self-Employment in a High-Tax Country: Evidence from Sweden," CESifo Working Paper Series 1736, CESifo Group Munich.
  4. Johansson, Fredrik & Klevmarken, Anders, 2006. "Explaining the size and nature of response in a survey on health status and economic standard," Working Paper Series 2006:2, Uppsala University, Department of Economics.
  5. Hallberg, Daniel, 2006. "Cross-national differences in income poverty among Europe´s 50+," Working Paper Series 2006:14, Uppsala University, Department of Economics.

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