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Housing cycles and their impact on the financial system and the macroeconomy have become the center of attention following the global financial crisis. This paper documents the characteristics of housing cycles in a large set of countries, and examines the determinants of house price movements. Empirical analysis shows that house price dynamics are mostly driven by income and demographics but fluctuations in these fundamentals and credit conditions can create deviations from the implied equilibrium path. We conclude with a discussion of the macroeconomic implications of house price corrections.
Housing cycles and their impact on the financial system and the macroeconomy have become the center of attention following the global financial crisis. This pap
Housing cycles and their impact on the financial system and the macroeconomy have become the center of attention following the global financial crisis. This pap
We examine the characteristics and comovement of cycles in house prices, credit, real activity and interest rates in advanced economies during the past 25 years
This innovative book analyses the role played by real estate markets in global financial stability and examines the fragile link between the two. Through what t
This paper analyzes the duration of house price upturns and downturns in the last 40 years for 19 OECD countries. I provide two sets of results, one pertaining