Housing Cycles and Macroeconomic Fluctuations: A Global Perspective
This paper investigates the international spillovers of housing demand shocks on real economic activity. The global economy is modeled using a Global VAR, with a novel house price data set for both advanced and emerging economies. The impulse responses to an identified US housing demand shock confirm the existence of strong international spillovers to advanced economies. In contrast, the response of some major emerging economies is not significantly different from zero. The paper also shows that synchronized housing demand shocks in advanced economies reinforce each other and have a deep and long-lasting impact on economic activity.
Saved in:
Main Author: | Inter-American Development Bank |
---|---|
Other Authors: | Ambrogio Cesa-Bianchi |
Format: | Working Papers biblioteca |
Language: | English |
Published: |
Inter-American Development Bank
|
Subjects: | Financial Market, Housing, Production and Business Cycle, C32 - Time-Series Models • Dynamic Quantile Regressions • Dynamic Treatment Effect Models • Diffusion Processes • State Space Models, E44 - Financial Markets and the Macroeconomy, F44 - International Business Cycles, Housing Cycles, GVAR, Identification of shocks, Emerging Markets, Boom and Bust Cycles, |
Online Access: | http://dx.doi.org/10.18235/0011417 https://publications.iadb.org/en/housing-cycles-and-macroeconomic-fluctuations-global-perspective |
Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
Similar Items
-
Global Liquidity, House Prices and the Macroeconomy: Evidence from Advanced and Emerging Economies
by: Inter-American Development Bank -
China's Emergence in the World Economy and Business Cycles in Latin America
by: Inter-American Development Bank -
Uncertainty and Economic Activity: A Global Perspective
by: Inter-American Development Bank -
Interest Rates and Business Cycles in Emerging Economies: The Role of Financial Frictions
by: Inter-American Development Bank -
Equilibrium Unemployment During Financial Crises
by: Inter-American Development Bank