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The Drivers of Housing Cycles in Spain

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Author Info
Pau Rabanal
Oriol Aspachs-Bracons

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Abstract

Since Spain joined the EMU, two main important factors behind the housing boom appear to be the decrease of nominal interest rates and demographic factors. In this paper we estimate a New Keynesian model of a currency area, using data for Spain and the rest of the EMU to study the importance of those factors. We also examine the role of different rigidities and find that labor market frictions are crucial to explain main features of the data. On the other hand, financial frictions that impose a collateral constraint on borrowing do not appear to be relevant.

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Publisher Info
Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/203.

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Length: 39 pages
Date of creation: 21 Sep 2009
Date of revision:
Handle: RePEc:imf:imfwpa:09/203

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Related research
Keywords: Cross country analysis ; Demand ; Economic models ; European Union ; Household credit ; Housing ; Housing prices ; Labor markets ; Monetary policy ; Private consumption ; Private investment ; Private savings ; Private sector ; Spain ;

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This page was last updated on 2009-12-17.

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