• Abstract
  • Non-technical summary
  • 1 Introduction
  • 2 Overview of the literature
  • 3 Booms and busts in housing markets
  • 3.1 Identifi cation of housing pricebooms and busts
  • 3.2 Booms and busts in real estateprices since the 1970s
  • 3.3 Some stylized facts on the characteristicsof boom-bust phases
  • 3.4 Cross-sectional post-boom analysis
  • 4 Determinants of booms and busts inhousing markets
  • 4.1 Empirical model and hypotheses
  • 4.2 Driving factors of housing markets
  • 5 Empirical results
  • 5.1 Elasticities of explanatory variables
  • 6 Robustness checks
  • 7 Concluding remarks
  • References
  • Annex
  • European Central Bank Working Paper Series