Gupta, Rangan; Jurgilas, Marius; Kabundi, Alain; … - 2009
, Ghent and Owyang 2009, amongst others)
show a strong link between the housing market and economic activity in the US. Also … as
3
indicated by Vargas-Silva (2008a), a large drop in housing starts tend to precede a recession.
The Conference … housing market variables appear in the slow-moving segment.
Defining the monetary shock variable as , we order the variables …