Estimating the Structural Demand for Irish Housing
After 10 years of unprecedented increases in both prices and activity levels, the Irish housing market appears to be entering a period of some uncertainty. In the early part of 2007, Irish house prices, for the first time in recent history, experienced negative growth rates - leading indicators within the housing sector would suggest that house building is already beginning to contract, with future levels expected to be somewhat below the record level of construction in 2006. The sustained increase in housing construction prompted by the rapid increase in prices has resulted in the Irish construction sector assuming a position of considerable importance within the overall economy. Arguably, any significant slowdown in housing activity could have far-reaching domestic consequences. In this paper, we use a recently developed model of the housing sector to gauge what the structural level of demand is for Irish housing.
|Date of creation:||Mar 2008|
|Contact details of provider:|| Postal: P.O. Box No. 559, Dame Street, Dublin 2|
Phone: (01) 671 6666
Fax: (01) 671 6561
Web page: http://www.centralbank.ie
More information through EDIRC
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.:
- E. Paul Durrenberger, 2005. "Labour," Chapters, in: A Handbook of Economic Anthropology, chapter 8 Edward Elgar Publishing.
- Denis Conniffe & David Duffy, 1999.
"Irish House Price Indices — Methodological Issues,"
The Economic and Social Review,
Economic and Social Studies, vol. 30(4), pages 403-423.
- Kenny, Geoff, 1998. "The Housing Market and the Macroeconomy: Evidence From Ireland," Research Technical Papers 1/RT/98, Central Bank of Ireland.
- James M. Poterba, 1984. "Tax Subsidies to Owner-Occupied Housing: An Asset-Market Approach," The Quarterly Journal of Economics, Oxford University Press, vol. 99(4), pages 729-752.
- Roche, Maurice, 2003. "Will there be a Crash in Irish House Prices?," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), vol. 2003(4-Winter), pages 1-16.
- Roche, Maurice J., 2001. "The rise in house prices in Dublin: bubble, fad or just fundamentals," Economic Modelling, Elsevier, vol. 18(2), pages 281-295, April.
- Kenny, Geoff, 2003.
"Asymmetric adjustment costs and the dynamics of housing supply,"
Elsevier, vol. 20(6), pages 1097-1111, December.
- Kenny, Geoff, 1999. "Asymmetric Adjustment Costs and The Dynamics of Housing Supply," Research Technical Papers 3/RT/99, Central Bank of Ireland.
- Maurice J. Roche, 1999. "Irish House Prices - Will the Roof Cave In?," The Economic and Social Review, Economic and Social Studies, vol. 30(4), pages 343-362.
- Maurice J. Roche, 1999. "Irish house prices: will the roof fall in?," Economics, Finance and Accounting Department Working Paper Series n890699, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth.
- DiPasquale Denise & Wheaton William C., 1994. "Housing Market Dynamics and the Future of Housing Prices," Journal of Urban Economics, Elsevier, vol. 35(1), pages 1-27, January.
- Fitzpatrick, Trevor & McQuinn, Kieran, 2004.
"House Prices and Mortgage Credit: Empirical Evidence for Ireland,"
Research Technical Papers
5/RT/04, Central Bank of Ireland.
- Trevor Fitzpatrick & Kieran Mcquinn, 2007. "House Prices And Mortgage Credit: Empirical Evidence For Ireland," Manchester School, University of Manchester, vol. 75(1), pages 82-103, 01.
- David Duffy & John Fitz Gerald & Ide Kearney, 2005.
"Rising House Prices in an Open Labour Market,"
The Economic and Social Review,
Economic and Social Studies, vol. 36(3), pages 251-272.
- Stock, James H & Watson, Mark W, 1993.
"A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems,"
Econometric Society, vol. 61(4), pages 783-820, July.
- James H. Stock & Mark W. Watson, 1991. "A simple estimator of cointegrating vectors in higher order integrated systems," Working Paper Series, Macroeconomic Issues 91-3, Federal Reserve Bank of Chicago.
- Tom Doan, "undated". "SWDOLS: RATS procedure to estimate cointegrating vectors using dynamic OLS," Statistical Software Components RTS00207, Boston College Department of Economics.
- Kieran McQuinn & Nuala Oâ€™Donnell & Mary Ryan, 2005. "Central Bank and Financial Services Authority of Ireland's model," Chapters, in: Econometric Models of the Euro-area Central Banks, chapter 11 Edward Elgar Publishing.
- Mc Quinn, Kieran, 2004. "A Model of the Irish Housing Sector," Research Technical Papers 1/RT/04, Central Bank of Ireland.
- James R. Follain, Jr., 1979. "The Price Elasticity of the Long-Run Supply of New Housing Construction," Land Economics, University of Wisconsin Press, vol. 54(2), pages 190-199.
- Malpezzi, Stephen & Maclennan, Duncan, 2001. "The Long-Run Price Elasticity of Supply of New Residential Construction in the United States and the United Kingdom," Journal of Housing Economics, Elsevier, vol. 10(3), pages 278-306, September.
- Christopher J. Mayer & C. Tsuriel Somerville, 1996. "Unifying empirical and theoretical models of housing supply," Working Papers 96-12, Federal Reserve Bank of Boston.
- Stover, Mark Edward, 1986. "The price elasticity of the supply of single-family detached urban housing," Journal of Urban Economics, Elsevier, vol. 20(3), pages 331-340, November.
- Topel, Robert H & Rosen, Sherwin, 1988. "Housing Investment in the United States," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 718-740, August.
When requesting a correction, please mention this item's handle: RePEc:cbi:wpaper:1/rt/08. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Fiona Farrelly)
If references are entirely missing, you can add them using this form.