G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w18362
来源IDWorking Paper 18362
Global House Price Fluctuations: Synchronization and Determinants
Hideaki Hirata; M. Ayhan Kose; Christopher Otrok; Marco E. Terrones
发表日期2012-09-06
出版年2012
语种英语
摘要We examine the properties of house price fluctuations across eighteen advanced economies over the past forty years. We ask two specific questions: First, how synchronized are housing cycles across these countries? Second, what are the main shocks driving movements in global house prices? To address these questions, we first estimate the global components in house prices and various macroeconomic and financial variables. We then evaluate the roles played by a variety of global shocks, including shocks to interest rates, monetary policy, productivity, credit, and uncertainty, in explaining house price fluctuations using a wide range of FAVAR models. We find that house prices are synchronized across countries, and the degree of synchronization has increased over time. Global interest rate shocks tend to have a significant negative effect on global house prices whereas global monetary policy shocks per se do not appear to have a sizeable impact. Interestingly, uncertainty shocks seem to be important in explaining fluctuations in global house prices.
主题Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Markets ; Regional and Urban Economics ; Real Estate
URLhttps://www.nber.org/papers/w18362
来源智库National Bureau of Economic Research (United States)
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/576038
推荐引用方式
GB/T 7714
Hideaki Hirata,M. Ayhan Kose,Christopher Otrok,et al. Global House Price Fluctuations: Synchronization and Determinants. 2012.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
w18362.pdf(593KB)智库出版物 限制开放CC BY-NC-SA浏览
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
[Hideaki Hirata]的文章
[M. Ayhan Kose]的文章
[Christopher Otrok]的文章
百度学术
百度学术中相似的文章
[Hideaki Hirata]的文章
[M. Ayhan Kose]的文章
[Christopher Otrok]的文章
必应学术
必应学术中相似的文章
[Hideaki Hirata]的文章
[M. Ayhan Kose]的文章
[Christopher Otrok]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w18362.pdf
格式: Adobe PDF
此文件暂不支持浏览

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。