with the macroeconomy. A quarterly vector error correction model is estimated over 1970-2009 using supply and demand forces … central to the determination of euro area house prices in equilibrium and their dynamics: housing investment, real disposable … examining out-of-sample one- and two- step ahead forecasts. Moreover, the model suggests that euro area housing was overvalued …

income elasticity for house price differentials. The results, particularly for income, appear to be robust to restricting the …

utilities supply sector (NACE 35). It is based mostly on the fifth European Working Conditions Survey (EWCS), which gathers data …

the figure might currently be over 800,000. Strikingly, this impressive response of supply to demand has not put a brake … on housing prices, which have also doubled in real terms during the same period. This country focus analyses developments … in the Spanish housing market, based on the premise that the price of the property may not be the decisive factor in …