全球智库信息集成服务系统(G2TT): Energy inflation and house price corrections.

G2TT

来源类型	Article
规范类型	其他
DOI	10.1016/j.eneco.2014.08.023
	Energy inflation and house price corrections.
	Breitenfellner A; Crespo Cuaresma J; Mayer P
发表日期	2015
出处	Energy Economics 48: 109-116
出版年	2015
语种	英语
摘要	We analyze empirically the role played by energy inflation as a determinant of downward corrections in house prices. Using a dataset for 18 OECD economies spanning the last four decades, we identify periods of downward house price adjustment and estimate conditional logit models to measure the effect of energy inflation on the probability of these house price corrections after controlling for other relevant macroeconomic variables. Our results give strong evidence that increases in energy price inflation raise the probability of such corrective periods taking place. This phenomenon could be explained by various channels: through the adverse effects of energy prices on economic activity and income reducing the demand for housing; through the particular impact on construction and operation costs and their effects on the supply and demand of housing; through the reaction of monetary policy on inflation withdrawing liquidity and further reducing demand; through improving attractiveness of commodity versus housing investment on asset markets; or through a lagging impact of common factors on both variables, such as economic growth. Our results contribute to the understanding of the pass-through of oil price shocks to financial markets and imply that energy price inflation should serve as a leading indicator for the analysis of macro-financial risks.
主题	World Population (POP)
关键词	energy prices housing market financial crisis conditional logit model
URL	http://pure.iiasa.ac.at/id/eprint/11520/
来源智库	International Institute for Applied Systems Analysis (Austria)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/130411
推荐引用方式 GB/T 7714	Breitenfellner A,Crespo Cuaresma J,Mayer P. Energy inflation and house price corrections.. 2015.