| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18362 |
| 来源ID | Working 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 |
| URL | https://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 | ||
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