Cesa-Bianchi, Ambrogio; Cespedes, Luis Felipe; Rebucci, … - International Monetary Fund (IMF) - 2015
data set covering the period 1990-2012. We find that house prices in emerging economies grow faster, are more volatile … stronger impact on house prices and consumption in emerging markets than in advanced economies. In our empirical model, holding … house prices or the exchange rate constant in response to this shock tends to dampen its effects on consumption in emerging …