Can the common-factor hypothesis explain the observed housing wealth effect? / by Narayan Bulusu, Jefferson Duarte and Carles Vergara-Alert. : FB3-5/2016-62E-PDF
"The common-factor hypothesis is one possible explanation for the housing wealth effect.Under this hypothesis, house price appreciation is related to changes in consumption aslong as the available proxies for the common driver of housing and non-housing demandare noisy and housing supply is not perfectly elastic. We simulate a model in which acommon factor drives the relation between house prices and consumption to examine theextent to which the common-factor hypothesis can explain the housing wealth effect. Ourresults indicate that the common-factor hypothesis can easily explain the strong housingwealth effect estimated with US state-level data"--Abstract, p. ii.
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| Ministère/Organisme | Bank of Canada. |
|---|---|
| Titre | Can the common-factor hypothesis explain the observed housing wealth effect? / by Narayan Bulusu, Jefferson Duarte and Carles Vergara-Alert. |
| Titre de la série | Staff Working Paper, 1701-9397 ; 2016-62 |
| Type de publication | Série - Voir l'enregistrement principal |
| Langue | [Anglais] |
| Format | Électronique |
| Document électronique | |
| Note(s) | "December 2016." Includes bibliographical references. Includes abstract in French. |
| Information sur la publication | [Ottawa] : Bank of Canada, c2016. |
| Auteur / Contributeur | Bulusu, Narayan. Duarte, Jefferson. Vergara-Alert, Carles. |
| Description | ii, 50 p. : col. ill. |
| Numéro de catalogue |
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| Descripteurs | Economic analysis Housing Modelling |
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