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Empirical links between housing markets and economic resilience

Author

Listed:
  • Boris Cournède
  • Sahra Sakha
  • Volker Ziemann

Abstract

Housing markets, which are large and subject to sharp swings, shape to a great extent countries’ exposure to economic crises and their capacity to recover from them. This paper analyses the transmission of housing-related shocks to the real economy: it investigates the role that policy plays in (a) mitigating or amplifying shocks and (b) facilitating or hampering a recovery. It considers macroprudential measures, rental regulation, taxation and land use restrictions. The aim is to investigate, which housing policy-related reforms can foster greater economic resilience. Among other results, it finds that a tighter macroprudential stance is generally linked to a lower likelihood of economic crisis and that higher effective rates of housing taxation are associated with smoother housing cycles.

Suggested Citation

  • Boris Cournède & Sahra Sakha & Volker Ziemann, 2019. "Empirical links between housing markets and economic resilience," OECD Economics Department Working Papers 1562, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:1562-en
    DOI: 10.1787/aa029083-en
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    Cited by:

    1. Haykaz Igityan & Hasmik Kartashyan, 2021. "Housing Market Drivers and Dynamics in Armenia," Working Papers 16, Central Bank of the Republic of Armenia.
    2. Balcilar, Mehmet & Roubaud, David & Uzuner, Gizem & Wohar, Mark E., 2021. "Housing sector and economic policy uncertainty: A GMM panel VAR approach," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 114-126.

    More about this item

    Keywords

    housing; land use policy; macroprudential policy; rent regulation; resilience; taxation;
    All these keywords.

    JEL classification:

    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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