Macro Aspects of Housing

Material type: 文書・図像類

Author: Leung, Charles Ka Yuiほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2018-05

Material Format: Paper

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Note (General)：: This paper aims to achieve two objectives. First, we demonstrate that with respect to business cycle frequency (Burns and Mitchell, 1946), there was a...

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Paper

Material Type: 文書・図像類
Title: Macro Aspects of Housing
Author/Editor: Leung, Charles Ka Yui
Ng, Joe Cho Yiu
Author Heading: Leung, Charles Ka Yui
Ng, Joe Cho Yiu
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2018-05
Publication Date (W3CDTF): 2018-05
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1030
Volume: 1030
Pages: 1-73
Text Language Code: eng
Subject Heading: stylized facts
macro-housing-finance linkage
Global Financial Crisis
business cycle frequency
housing market variables
Target Audience: 一般
Note (General): This paper aims to achieve two objectives. First, we demonstrate that with respect to business cycle frequency (Burns and Mitchell, 1946), there was a general decrease in the association between macroeconomic variables (MV) and housing market variables (HMV) following the global financial crisis (GFC). However, there are macro-finance variables that exhibited a strong association with the HMV following the GFC. For the medium-term business cycle frequency (Comin and Gertler, 2006), we find that while some correlations exhibit the same change as the business cycle counterparts, others do not. These “new stylized facts” suggest that a reconsideration and refinement of existing “macro-housing” theories would be appropriate. We also provide a review of the recent literature, which may enhance our understanding of the evolving macro-housing-finance linkage.
References (URI): URI
http://www.iser.osaka-u.ac.jp/library/dp/2018/DP1030.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華