| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12845 |
| DP12845 The Propagation of Regional Shocks in Housing Markets: Evidence from Oil Price Shocks in Canada | |
| Lutz Kilian; Xiaoqing Zhou | |
| 发表日期 | 2018-04-05 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Shocks to the demand for housing that originate in one region may seem important only for that regional housing market. We provide evidence that such shocks can also affect housing markets in other regions. Our analysis focuses on the response of Canadian housing markets to oil price shocks. We document that, at the national level, real oil price shocks account for 11% of the variability in real house price growth over time. At the regional level, we find that unexpected increases in the real price of oil raise real house prices not only in oil-producing regions, but also in other regions. We develop a theoretical model of the propagation of real oil price shocks across regions that helps understand this finding. The model differentiates between oil-producing and non-oil-producing regions and incorporates multiple sectors, trade between provinces, government redistribution, and consumer spending on fuel. We empirically confirm the model prediction that oil price shocks are transmitted to housing markets in non-oil-producing regions by the government redistribution of oil revenue and by increased interprovincial trade. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Housing Regional heterogeneity Oil price Redistribution Resource boom Canada |
| URL | https://cepr.org/publications/dp12845 |
| 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/541655 |
| 推荐引用方式 GB/T 7714 | Lutz Kilian,Xiaoqing Zhou. DP12845 The Propagation of Regional Shocks in Housing Markets: Evidence from Oil Price Shocks in Canada. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Lutz Kilian]的文章 |
| [Xiaoqing Zhou]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Lutz Kilian]的文章 |
| [Xiaoqing Zhou]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Lutz Kilian]的文章 |
| [Xiaoqing Zhou]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
