A behavioral model of house prices

被引:34
作者
Madsen, Jakob B. [1 ]
机构
[1] Monash Univ, Dept Econ, Caulfield, Vic 3145, Australia
关键词
Behavior of house prices; Institutions; Affordability; Financial innovations; Tobin's q; CREDIT; MARKET; POLICY; AFFORDABILITY; CONSTRAINTS; INFLATION; BUBBLES; INCOME;
D O I
10.1016/j.jebo.2011.12.010
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper proposes a model in which house prices are determined by economy-wide nominal income and nominal mortgage payments in the short run, while being determined by acquisition costs in the long run. The model, to a large extent, explains the 1995-2007 housing market run-up in the OECD countries by lower mortgage repayments, decreasing nominal interest rates, and increasing nominal GDP, partly induced by a large inflow of migrants. Empirical estimates give strong support for the model and suggest that it explains house prices in the OECD better than alternative models. (C) 2012 Elsevier B.V. All rights reserved.
引用
收藏
页码:21 / 38
页数:18
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