Emirmahmutoglu, Furkan; Balcilar, Mehmet; Apergis, Nicholas - Department of Economics, Faculty of Economic and … - 2014
of real house prices, real stock prices and real per capita personal income (proxying output), which allows us to account … transmission mechanism. Moreover, the absence of reverse causation from the personal income per capita to both housing and stock … prices tend to suggest that non-economic fundamentals may have played an important role in the formation of bubbles in these …