Macro Aspects of Housing

Leung, Charles Ka Yui; Ng, Joe Cho Yiu

Macro Aspects of Housing

Leung, Charles Ka Yui; Ng, Joe Cho Yiu

Institute of Social and Economic Research Discussion Papers, 2018, 1030, 1-73

アクセス数:148件（2025-03-27 13:32 集計）

固定URL: https://hdl.handle.net/11094/68350

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タイトル	Macro Aspects of Housing
著者	著者名 Leung, Charles Ka Yui
著者	著者名 Ng, Joe Cho Yiu
キーワード等	stylized facts
	macro-housing-finance linkage
	Global Financial Crisis
	business cycle frequency
	housing market variables
抄録	This paper aims to achieve two objectives. First, we demonstrate that with respect to business cycle frequency (Burns and Mitchell, 1946), there was a general decrease in the association between macroeconomic variables (MV) and housing market variables (HMV) following the global financial crisis (GFC). However, there are macro-finance variables that exhibited a strong association with the HMV following the GFC. For the medium-term business cycle frequency (Comin and Gertler, 2006), we find that while some correlations exhibit the same change as the business cycle counterparts, others do not. These “new stylized facts” suggest that a reconsideration and refinement of existing “macro-housing” theories would be appropriate. We also provide a review of the recent literature, which may enhance our understanding of the evolving macro-housing-finance linkage.
出版者	The Institute of Social and Economic Research, Osaka University
収録物名	Institute of Social and Economic Research Discussion Papers
巻(号)	1030
ページ	1-73
刊行年月	2018-05
言語	英語
ハンドルURL	https://hdl.handle.net/11094/68350
関連情報 (references)	URI http://www.iser.osaka-u.ac.jp/library/dp/2018/DP1030.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Institute of Social and Economic Research Discussion Papers

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers. 2018, 1030, p. 1-73
DC.title	Macro Aspects of Housing
DC.creator	Leung, Charles Ka Yui
DC.creator	Ng, Joe Cho Yiu
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2018-05
DC.relation' scheme='DCTERMS.URI	http://www.iser.osaka-u.ac.jp/library/dp/2018/DP1030.pdf
DC.subject	stylized facts
	macro-housing-finance linkage
	Global Financial Crisis
	business cycle frequency
	housing market variables
DCTERMS.abstract	This paper aims to achieve two objectives. First, we demonstrate that with respect to business cycle frequency (Burns and Mitchell, 1946), there was a general decrease in the association between macroeconomic variables (MV) and housing market variables (HMV) following the global financial crisis (GFC). However, there are macro-finance variables that exhibited a strong association with the HMV following the GFC. For the medium-term business cycle frequency (Comin and Gertler, 2006), we find that while some correlations exhibit the same change as the business cycle counterparts, others do not. These “new stylized facts” suggest that a reconsideration and refinement of existing “macro-housing” theories would be appropriate. We also provide a review of the recent literature, which may enhance our understanding of the evolving macro-housing-finance linkage.
DC.format	68350
citation_title	Macro Aspects of Housing
citation_author	Leung, Charles Ka Yui
citation_author	Ng, Joe Cho Yiu
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2018-05
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1030
citation_firstpage	1
citation_lastpage	73
citation_public_url	https://hdl.handle.net/11094/68350
citation_abstract_html_url	http://www.iser.osaka-u.ac.jp/library/dp/2018/DP1030.pdf

Macro Aspects of Housing

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