HOUSING DYNAMICS OVER THE BUSINESS CYCLE

Autor:	Roman Sustek, Peter Rupert, Finn E. Kydland
Rok vydání:	2016
Předmět:	Economics and Econometrics 050208 finance media_common.quotation_subject 05 social sciences Monetary economics Housing construction Investment (macroeconomics) Interest rate Coincident Dynamics (music) 0502 economics and business Economics Business cycle 050207 economics Lagging media_common
Zdroj:	International Economic Review. 57:1149-1177
ISSN:	0020-6598
DOI:	10.1111/iere.12193
Popis:	Over the U.S. business cycle, fluctuations in residential investment are well known to systematically lead GDP. These dynamics are documented here to be specific to the U.S. and Canada. In other developed economies residential investment is broadly coincident with GDP. Nonresidential investment has the opposite dynamics, being coincident with or lagging GDP. These observations are in sharp contrast with the properties of nearly all business cycle models with disaggregated investment. Including mortgages and interest rate dynamics aligns the theory more closely with U.S. observations. Longer time to build in housing construction makes residential investment coincident with output.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::62df4194011fe523acd3318a176a0d16 https://doi.org/10.1111/iere.12193 Zobrazit plný text záznamu Plný text ve formátu PDF