Wang, Kuan-Min; Lee, Yuan-Ming; Lee, Chien-Chiang - In: Journal of Economics and Management 8 (2012) 1, pp. 25-57
This study uses the unexpected stock return as the threshold variable to proxy for the business cycle and construct the threshold vector error correction model (TVECM) to examine whether an asymmetric causal relationship exists between the housing return and four macroeconomic variables, namely,...