Property price dynamics and asymmetric effects of economic policy uncertainty: New evidence from the Australian capital cities

被引：3

作者：

Wadud, I. K. M. Mokhtarul ^{[1
]}

Bashar, Omar H. M. N. ^{[2
]}

Ahmed, Huson Joher Ali ^{[3
]}

Dimovski, William ^{[4
]}

机构：

[1] Univ Sydney, Fac Arts & Social Sci, Sch Econ, Sydney, NSW, Australia

[2] Deakin Univ, Deakin Business Sch, Dept Econ, Geelong, Vic, Australia

[3] Prince Mohammad Bin Fahd Univ PMU, Coll Business Adm, Dept Accounting & Finance, Dhahran, Saudi Arabia

[4] Deakin Univ, Deakin Business Sch, Dept Finance, Geelong, Vic, Australia

来源：

ACCOUNTING AND FINANCE | 2022年 / 62卷 / 04期

关键词：

asymmetry; Australia; economic policy uncertainty; house and unit price; panel nonlinear ARDL; UNIT-ROOT TESTS; HOUSE PRICES; MONETARY-POLICY; PANEL-DATA; MARKET; COINTEGRATION; FUNDAMENTALS; SYDNEY; TIME;

D O I：

10.1111/acfi.13014

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines the long-run relationship between residential property prices and economic policy uncertainty (EPU) in seven Australian capital cities. Using the panel nonlinear autoregressive distributed lag model, we analyse the asymmetric effect of EPU on Australian house and apartment (unit) prices over the period 2001-2021. The EPU is found to affect property prices negatively; however, the effects of the positive changes in EPU are larger than those of the negative changes in EPU. The evidence of asymmetric effects is particularly strong for unit prices. Our results reveal that interest rates, construction costs and housing loans also drive the long-run price trends.

引用

页码：4359 / 4380

页数：22

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