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Empirical links between housing markets and economic resilience


  • Boris Cournède
  • Sahra Sakha
  • Volker Ziemann


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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    More about this item


    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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