Tamirisa, Natalia T.; Kabundi, Alain N.; Igan, Deniz; … - International Monetary Fund (IMF) - 2009
We examine the characteristics and comovement of cycles in house prices, credit, real activity and interest rates in … advanced economies during the past 25 years, using a dynamic generalized factor model. House price cycles generally lead credit …, while the U.S. credit cycle leads mainly over the long term. …