Mishkin, Frederic S. - Federal Reserve Board (Board of Governors of the … - 2007
*Residential Property Prices. Source: European Central Bank.
Euro Area*
Semiannual
1995
2000
2005
-20-12-4
41220
*Detached Houses …
e
– π
e
}, where π
e
is the expected inflation rate:
uc = ph [{(1-t)i - π
e
} - {π
h
e
– π
e
} + δ … the demand for housing because, in effect,
the higher expected inflation tilts the real stream of interest payments to …