Hiebert, Paul; Sydow, Matthias - In: Journal of Urban Economics 70 (2011) 2, pp. 88-98
We apply a dynamic dividend–discount model to analyse housing returns for eight euro area countries comprising over 90% of euro area GDP, both individually and as a panel. A vector autoregressive model (VAR) is estimated for four variables – excess return to housing, rents, the real interest...