Dynamics of a Protected Housing Market: The Case of Switzerland
We analyze the determinants and dynamics of a highly protected housing market. Based on Swiss data for the time period 1990 to 2009 we model house prices and construction activity. We find that house prices exhibit a positive association with construction price, working age population as well as GDP and a negative with interest rates, whereas construction activity is positively related to working age population and GDP and negatively with construction price and interest rates. These estimates are broadly consistent with previous theoretical and empirical research.
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|Date of revision:||Oct 2011|
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