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| 02058nam 2200301za 4500 |
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| 001 | 9.832335 |
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| 003 | CaOODSP |
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| 005 | 20221107145946 |
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| 007 | cr ||||||||||| |
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| 008 | 170214s2017 oncd obs f000 0 eng d |
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| 040 | |aCaOODSP|beng |
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| 041 | |aeng|bfre |
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| 043 | |an-cn--- |
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| 086 | 1 |aFB3-5/2017-1E-PDF |
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| 100 | 1 |aCorrigan, Paul R. |q(Paul Richard), |d1976- |
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| 245 | 10|aTerms-of-trade and house price fluctuations |h[electronic resource] : |ba cross-country study / |cby Paul Corrigan. |
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| 260 | |a[Ottawa] : |bBank of Canada, |c2017. |
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| 300 | |aiii, 40 p. : |bcharts (some in col.) |
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| 490 | 1 |aBank of Canada staff working paper, |x1701-9397 ; |v2017-1 |
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| 500 | |a"January 2017." |
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| 504 | |aIncludes bibliographical references (p. 27-31). |
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| 520 | 3 |a"Terms-of-trade shocks are known to be key drivers of business cycles in open economies. This paper argues that terms-of-trade shocks were also important for house price fluctuations in a panel of developed countries over the 1994–2015 period. In a panel vector error-correction model of house prices, household debt and real tradable prices, terms-of-trade shocks explain between 16 and 41 per cent of the long-run variance in house price growth in a typical country, and from 45 to 85 per cent of the long-run variance of the ratio of house prices to non-housing consumption. Most of the variation in the house price/consumption ratio is associated with changes in real import prices, with idiosyncratic shocks to real export prices playing a minor role. On average, a permanent 1 per cent decline in real import prices raises the ratio of real house prices to non-housing consumption by about 0.9 per cent"--Abstract, p. ii. |
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| 546 | |aIncludes abstract in French. |
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| 692 | 07|2gccst|aHousing |
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| 692 | 07|2gccst|aPrices |
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| 710 | 2 |aBank of Canada. |
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| 830 | #0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2017-1|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s2.83 MB|uhttps://publications.gc.ca/collections/collection_2017/banque-bank-canada/FB3-5-2017-1-eng.pdf |
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