This paper analyzes the factors driving house prices in Australia from a cross-country perspective using several approaches. It uses a cointegration technique to estimate the long-run equilibrium house prices in Australia, New Zealand, and Canada and assesses the extent of a possible...

pt. 1. Introduction and heritage -- pt. 2. Money in the economy -- pt. 3. The demand for money -- pt. 4. Monetary policy and central banking -- pt. 5. Monetary policy and the macroeconomy -- pt. 6. The rates of interest in the economy -- pt. 7. Overlapping generations models of money -- pt. 8....

The paper examines progress with the external rebalancing of euro area deficit countries. Relative prices are adjusting at different pace across countries and with different compositions of wage cuts and labor shedding. There is so far limited evidence of resource re-allocation from non-tradable...