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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| Titre | Can the common-factor hypothesis explain the observed housing wealth effect? / by Narayan Bulusu, Jefferson Duarte and Carles Vergara-Alert. |
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| Type de publication | Monographie - Voir l'enregistrement principal |
| Langue | [Anglais] |
| Format | Texte numérique |
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| Description | ii, 50 p. : col. ill. |
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