By Matteo Iacoviello (auth.), Olivier de Bandt, Thomas Knetsch, Juan Peñalosa, Francesco Zollino (eds.)
During the recession within the years 2008-2009, the main critical for mature economies within the post-war interval, housing markets have been usually pointed out as having a distinct accountability. the target of this e-book is to make clear the cyclical behaviour of the housing markets, its basic determinants when it comes to offer and insist features, and its dating with the general company cycle. The co-movements of condo costs throughout international locations also are thought of, in addition to the channel of transmission of residence expense adjustments to the remainder of the economic climate. specific realization is paid to the consequences on deepest intake, via attainable wealth results. The publication is a compilation of unique papers produced through economists and researchers from the 4 major nationwide important banks within the euro sector, additionally with the participation of top academics.
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Additional info for Housing Markets in Europe: A Macroeconomic Perspective
Part of the trend growth reflects supply constraints from land, but their contribution is small (10% of the total trend increase in house prices). The remainder reflects different rates of technological progress. • The wage share of credit constrained households is estimated at around 20 percent. The credit constrained households are those who suffer (benefit) the most from drops (increases) in housing values. At the aggregate level, this fraction is large enough to amplify effects on consumption from fluctuations in housing values (especially for high values of the loan-to-value ratio).
7 Residential investment are pro-cyclical and slightly lagging GDP, consumption and non residential investment (by 2 quarters). , 2008) and US evidence (Leamer, 2007) and 5 The cyclical component is extracted with the filter proposed by Baxter and King (1999). A standard explanation for such temporal ordering is that weakness in demand affects transaction volumes and housing construction activity first, as sellers might prefer to wait before accepting to reduce their reserve price (Leamer, 2007) 7 See contributions in this volume.
Iacoviello Matteo (2005), House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle, American Economic Review, 95, 739-764 Iacoviello, Matteo, and Stefano Neri (2010), Housing Market Spillovers: Evidence from an Estimated DSGE Model, American Economic Association, American Economic Journal: Macroeconomics, 2,2,125-64. Iacoviello, Matteo (2010),Financial Business Cycles, Federal Reserve Board, Working paper. Iacoviello, Matteo (forthcoming), Housing Wealth and Consumption, International Encyclopedia of Housing and Home, Elsevier.
Housing Markets in Europe: A Macroeconomic Perspective by Matteo Iacoviello (auth.), Olivier de Bandt, Thomas Knetsch, Juan Peñalosa, Francesco Zollino (eds.)