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The Contribution of Housing Markets to Cyclical Resilience

Author

Listed:
  • Pietro Catte
  • Nathalie Girouard
  • Robert Price

    (OECD)

  • Christophe André

Abstract

This paper examines the linkages between housing markets and the business cycle in OECD countries, focusing on how differences in the degree of resilience to economic shocks can be affected by the structural characteristics of housing and mortgage markets. The paper focuses specifically on: the transmission channel from housing wealth to consumption and on the factors behind house price variability, which help to determine whether the housing sector plays a stabilising role or not.

Suggested Citation

  • Pietro Catte & Nathalie Girouard & Robert Price & Christophe André, 2005. "The Contribution of Housing Markets to Cyclical Resilience," OECD Economic Studies, OECD Publishing, vol. 2004(1), pages 125-156.
    • Handle: RePEc:oec:ecokaa:5lgxvrd9vwg6
    DOI: 10.1787/eco_studies-v2004-art6-en
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    Citations

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    Cited by:

    1. Juan Carlos Cuestas & Merike Kukk, 2019. "Are there asymmetries in the interaction between housing prices and housing credit? Evidence from a country with rapid credit accumulation," Working Papers 2019/06, Economics Department, Universitat Jaume I, Castellón (Spain).
    2. Madis Aben & Merike Kukk & Karsten Staehr, 2012. "Housing Equity Withdrawal and Consumption Dynamics in Estonia 2002-2011," Research in Economics and Business: Central and Eastern Europe, Tallinn School of Economics and Business Administration, Tallinn University of Technology, vol. 4(1).
    3. A. Bruggeman & M. Hradisky & V. Périlleux, 2005. "Share prices, house prices and monetary policy," Economic Review, National Bank of Belgium, issue iii, pages 65-78, September.
    4. Fernando A. de Oliveira Tavares & Elisabeth T. Pereira & António Carrizo Moreira, 2014. "The Portuguese Residential Real Estate Market. An Evaluation of the Last Decade Abstract: This article presents an integrated vision of the context of the residential real estate market in Portugal. I," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(6), pages 739-757, December.
    5. André, Christophe & Caraiani, Petre & Călin, Adrian Cantemir & Gupta, Rangan, 2022. "Can monetary policy lean against housing bubbles?," Economic Modelling, Elsevier, vol. 110(C).
    6. Robin Döttling & Enrico Perotti, 2015. "Mortgage Finance and Technological Change," Tinbergen Institute Discussion Papers 15-079/IV, Tinbergen Institute.
    7. Juan Carlos Cuestas & Merike Kukk, 2017. "Asymmetries in the interaction between housing prices and housing credit in Estonia," Bank of Estonia Working Papers wp2017-2, Bank of Estonia, revised 25 May 2017.
    8. Squires, Graham & White, Iain, 2019. "Resilience and housing markets: Who is it really for?," Land Use Policy, Elsevier, vol. 81(C), pages 167-174.
    9. Osborne, Jenny, 2005. "Housing in the Euro Area Twelve Markets One Money," Quarterly Bulletin Articles, Central Bank of Ireland, pages 87-114, October.
    10. Bulent Ozel & Reynold Christian Nathanael & Marco Raberto & Andrea Teglio & Silvano Cincotti, 2019. "Macroeconomic implications of mortgage loan requirements: an agent-based approach," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 14(1), pages 7-46, March.
    11. N. Kundan Kishor & Hardik A. Marfatia, 2017. "The Dynamic Relationship Between Housing Prices and the Macroeconomy: Evidence from OECD Countries," The Journal of Real Estate Finance and Economics, Springer, vol. 54(2), pages 237-268, February.
    12. Orsetta Causa & Nicolas Woloszko & David Leite, 2020. "Housing, Wealth Accumulation and Wealth Distribution: Evidence and Stylized Facts," LWS Working papers 30, LIS Cross-National Data Center in Luxembourg.
    13. D. Isebaert, 2013. "Housing Tenure and Geographical Mobility in Belgium," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 13/855, Ghent University, Faculty of Economics and Business Administration.
    14. Horst Gischer & Mirko Weiß, 2007. "Development of real-estate prices in the euro area: present conditions and macroeconomic consequences," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 60(19), pages 27-42, October.

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