Publications

Working Paper No. 764 | May 2013

Modeling the Housing Market in OECD Countries

Recent episodes of housing bubbles, which occurred in several economies after the burst of the United States housing market, suggest studying the evolution of housing prices from a global perspective. We utilize a theoretical model for the purposes of this contribution, which identifies the main drivers of housing price appreciation—for example, income, residential investment, financial elements, fiscal policy, and demographics. In the second stage of our analysis, we test our theoretical hypothesis by means of a sample of 18 Organisation for Economic Co-operation and Development (OECD) countries from 1970 to 2011. We employ the vector error correction econometric technique in terms of our empirical analysis. This allows us to model the long-run equilibrium relationship and the short-run dynamics, which also helps to account for endogeneity and reverse-causality problems.

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Author(s):
Philip Arestis Ana Rosa González

Publication Highlight

Working Paper No. 1009
Efficacy of Public Financial Management in Reducing Crime against Children
Empirical Evidence from Subnational Governments in India
Author(s): Jitesh Yadav, Lekha S. Chakraborty
August 2022

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