| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1600 |
| DP1600 The Development of the Division of Power among the European Commission, the Council and the European Parliament | |
| Mika Widgren; Annick Laruelle | |
| 发表日期 | 1997-03-27 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | The often volatile behaviour of UK house prices between 1957 and 1994 is analysed in an annual econometric model. Theory suggests that financial liberalization of mortgage markets in the 1980s should have led to notable shifts in house price behaviour. The evidence supports the predictions of theory, suggesting shifts took place in wealth effects, as in the consumption function, and that real interest rates and income expectations became more important. The presence of transactions costs suggests important non-linearities in house price dynamics. The paper also contains an explicit econometric treatment of expectations, demography, supply spillovers from the rented sector and of composition biases in the official house price index. |
| 主题 | Financial Economics |
| 关键词 | Asset market inefficiency Asset price volatility Econometrics of house prices Financial liberalization |
| URL | https://cepr.org/publications/dp1600 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530740 |
| 推荐引用方式 GB/T 7714 | Mika Widgren,Annick Laruelle. DP1600 The Development of the Division of Power among the European Commission, the Council and the European Parliament. 1997. |
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