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Housing and Consumption in Spain

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  • Paloma Taltavull de La Paz

Abstract

The impact of macroeconomics variables on housing market is largely analysed in the literature. The usual way where changes on economic variables are transmitted to housing market is through demand factors, affecting to, for instance, the level of household waged-income or to house building investorís expectations. Changes on economic conditions could also affect through supply-side but usually later than impact on demand-side factors occurs. Macroeconomics shocks on housing markets are not similar to those affecting other goods and they are different depending on geographic situation and market characteristics. The aim of this paper is to contrast if a relationship between changes on general economic conditions, showed as changes on prices or interest rates, and housing behaviour exists and how it works addressing housing absorption. It is say, how they impact on demand-side housing factors that clean the market. To do so, we extract cycle on housing absorption and compare it to business cycle using time series techniques to demonstrate their relationship. We concentrate this analyse in Spanish market during a period from 1980 to 1999. Results give evidence about housing absorption use to be concentrated in some short periodsgenerating boom and recession cycles on housing that are, in some of them, independent from business one.

Suggested Citation

  • Paloma Taltavull de La Paz, 2001. "Housing and Consumption in Spain," ERES eres2001_283, European Real Estate Society (ERES).
  • Handle: RePEc:arz:wpaper:eres2001_283
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    1. Paloma Taltavull de La Paz, 2001. "Housing and Consumption in Spain," ERES eres2001_283, European Real Estate Society (ERES).
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    Cited by:

    1. Karl E Case & John M Quigley & Robert J Shiller, 2003. "Home-buyers, Housing and the Macroeconomy," RBA Annual Conference Volume,in: Anthony Richards & Tim Robinson (ed.), Asset Prices and Monetary Policy Reserve Bank of Australia.
    2. Case Karl E. & Quigley John M. & Shiller Robert J., 2005. "Comparing Wealth Effects: The Stock Market versus the Housing Market," The B.E. Journal of Macroeconomics, De Gruyter, vol. 5(1), pages 1-34, May.
    3. Paloma Taltavull de La Paz, 2001. "Housing and Consumption in Spain," ERES eres2001_283, European Real Estate Society (ERES).

    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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