Global Housing Cycles
Housing cycles and their impact on the financial system and the macroeconomy have become the center of attention following the global financial crisis. This paper documents the characteristics of housing cycles in a large set of countries, and examines the determinants of house price movements. Empirical analysis shows that house price dynamics are mostly driven by income and demographics but fluctuations in these fundamentals and credit conditions can create deviations from the implied equilibrium path. We conclude with a discussion of the macroeconomic implications of house price corrections.
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- Veronica Cacdac Warnock & Francis E. Warnock, 2007.
"Markets and Housing Finance,"
The Institute for International Integration Studies Discussion Paper Series
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American Economic Review,
American Economic Association, vol. 82(2), pages 237-42, May.
- Mick Silver, 2011. "House Price Indices: Does Measurement Matter?," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 12(3), pages 69-86, July.
- Dennis R. Capozza & Patric H. Hendershott & Charlotte Mack & Christopher J. Mayer, 2002. "Determinants of Real House Price Dynamics," NBER Working Papers 9262, National Bureau of Economic Research, Inc.
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