House prices and long-term equilibrium in the regulated market of the Netherlands

被引:12
作者
Tu, Qi [1 ]
de Haan, Jan [1 ,2 ]
Boelhouwer, Peter [1 ]
机构
[1] Delft Univ Technol, OTB Res Built Environm, Delft, Netherlands
[2] Stat Netherlands, The Hague, Netherlands
关键词
House prices; regulations; the Netherlands; long-run equilibrium; COINTEGRATION VECTORS; ERROR-CORRECTION; RUN RELATIONSHIP; INCOME; FUNDAMENTALS; MODEL; CONSTRAINTS; INFLATION; PROPERTY; BUBBLES;
D O I
10.1080/02673037.2017.1346786
中图分类号
X [环境科学、安全科学];
学科分类号
08 ; 0830 ;
摘要
This paper establishes a simple affordability model that implicitly incorporates the major Dutch market features to elucidate long-run house prices under a regulatory environment. The results reveal a long-run relationship for house prices under strict regulations. The association among house prices, income, interest rates, and inflation is verified using an aggregated dataset. In the long-run, incomes and interest rates function as the two prime forces driving price dynamics, whereas the role of inflation is limited.
引用
收藏
页码:408 / 432
页数:25
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