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Price Expectations and the U.S. Housing Boom

Towbin, Pascal - 2015

Between 1996 and 2006 the U.S. has experienced an unprecedented boom in house prices. As it has proven to be difficult to explain the large price increase by observable fundamentals, many observers have emphasized the role of speculation, i.e. expectations about future price developments. The...

Persistent link: https://www.econbiz.de/10013015600

The Impact of Changes in Stock Prices and House Prices on Consumption in OECD Countries

Ludwig, Alexander; Sløk, Torsten - 2021

This paper quantifies the different impact of stock and house prices on consumption using data for 16 OECD countries. The analysis finds that the long-run impact of an increase in stock prices and house prices is in general higher in countries with a market-based financial system. The...

Persistent link: https://www.econbiz.de/10013317987

Housing Price, Credit, and Output Cycles : How Domestic and External Shocks Impact Lithuania's Credit

Ioannou, Iacovos - 2018

Lithuania's current credit cycle highlights the strong link between housing prices and credit. We explore this relationship in more detail by analyzing the main features of credit, housing price, and output cycles in Baltic and Nordic countries during1995-2017. We find a high degree of...

Persistent link: https://www.econbiz.de/10012912503

Global House Price Fluctuations : Synchronization and Determinants

Hirata, Hideaki - 2013

We examine the properties of house price fluctuations across 18 advanced economies over the past 40 years. We ask two specific questions: First, how synchronized are housing cycles across these countries? Second, what are the main shocks driving movements in global house prices? To address these...

Persistent link: https://www.econbiz.de/10013086308

Household Leverage and the Recession

Jones, Callum - 2018

We evaluate and partially challenge the 'household leverage' view of the Great Recession. In the data, employment and consumption declined more in states where household debt declined more. We study a model where liquidity constraints amplify the response of consumption and employment to changes...

Persistent link: https://www.econbiz.de/10012910353

Credit Constraints, Productivity Shocks and Consumption Volatility in Emerging Economies

Bhattacharya, Rudrani - 2013

How does access to credit impact consumption volatility? Theory and evidence from advanced economies suggests that greater household access to finance smooths consumption. Evidence from emerging markets, where consumption is usually more volatile than income, indicates that financial reform...

Persistent link: https://www.econbiz.de/10013080461

Did Output Recover from the Asian Crisis?

Cerra, Valerie; Saxena, Sweta Chaman - 2005

This paper investigates the extent to which output has recovered from the Asian crisis. A regime-switching approach that introduces two state variables is used to decompose recessions in a set of six Asian countries into permanent and transitory components. While growth recovered fairly quickly...

Persistent link: https://www.econbiz.de/10014073466

Housing Boom and Headline Inflation : Insights from Machine Learning

Liu, Yang; Yang, Di; Zhao, Yunhui - 2022

Inflation has been rising during the pandemic against supply chain disruptions and a multi-year boom in global owner …-occupied house prices. We present some stylized facts pointing to house prices as a leading indicator of headline inflation in the U … inflation in two housing components (rent and owner-occupied housing cost) of the headline inflation and draw tentative …

Persistent link: https://www.econbiz.de/10013403378

Pass-Through of Imported Input Prices to Domestic Producer Prices : Evidence from Sector-Level Data

Ahn, JaeBin - 2016

Motivated by stylized facts pointing to a dominant role of imported inputs in transmitting external price shocks to domestic prices, this paper zooms in to study the pass-through of imported input costs to domestic producer prices. Our approach constructs effective input price indices from...

Persistent link: https://www.econbiz.de/10012996091

Inflation Dynamics in Advanced Economies : A Decomposition into Cyclical and Non-Cyclical Factors

Lian, Weicheng; Freitag, Andreas - 2022

Inflation and unemployment rate were largely disconnected between 2000 and 2019 in advanced economies. We decompose … core inflation into two parts based on the cyclical sensitivity of CPI components and document several salient facts: (i … inflation and unemployment rate. The approach has potential to help understand forces shaping price pressures during the …

Persistent link: https://www.econbiz.de/10014082956