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Housing cycles in the major...

Housing cycles in the major euro area countries

Álvarez, Luis Julián

Banco de España 2010

The recent burst of the house price bubble in the United States and its spillover effects onreal economies worldwide has rekindled the interest in the role of housing in the business cycle. In this paper, we investigate the relationships between housing cycles among the four major euro area countries (Germany, France, Italy and Spain) over the sample 1980Q1-2008Q4. Our main findings are that GDP cycles show a high degree ofcomovement across these four countries, reflecting trade linkages, but much weaker ones for housing market cycles, where idiosyncratic factors play a major role. House prices are even less related than quantities across countries. We also find much stronger relationships in the common monetary policy period

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analitica Rebiun26833474 https://catalogo.rebiun.org/rebiun/record/Rebiun26833474 m d cr cnunnnauuau 100413s2010 sp rt a000 0 eng c ES-LeU Housing cycles in the major euro area countries L. J. Álvarez... [et al.] Madrid Banco de España 2010 Madrid Madrid Banco de España 39 p. 30 cm 39 p. Documentos ocasionales / Banco de España, Servicio de Estudios ISSN 1696-2222 2010-01 The recent burst of the house price bubble in the United States and its spillover effects onreal economies worldwide has rekindled the interest in the role of housing in the business cycle. In this paper, we investigate the relationships between housing cycles among the four major euro area countries (Germany, France, Italy and Spain) over the sample 1980Q1-2008Q4. Our main findings are that GDP cycles show a high degree ofcomovement across these four countries, reflecting trade linkages, but much weaker ones for housing market cycles, where idiosyncratic factors play a major role. House prices are even less related than quantities across countries. We also find much stronger relationships in the common monetary policy period Texto completo disponible también en Internet, en formato PDF Álvarez, Luis Julián Banco de España. Servicio de Estudios Documentos ocasionales (Banco de España. Servicio de Estudios)

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analitica Rebiun26833474 https://catalogo.rebiun.org/rebiun/record/Rebiun26833474 m d cr cnunnnauuau 100413s2010 sp rt a000 0 eng c ES-LeU Housing cycles in the major euro area countries L. J. Álvarez... [et al.] Madrid Banco de España 2010 Madrid Madrid Banco de España 39 p. 30 cm 39 p. Documentos ocasionales / Banco de España, Servicio de Estudios ISSN 1696-2222 2010-01 The recent burst of the house price bubble in the United States and its spillover effects onreal economies worldwide has rekindled the interest in the role of housing in the business cycle. In this paper, we investigate the relationships between housing cycles among the four major euro area countries (Germany, France, Italy and Spain) over the sample 1980Q1-2008Q4. Our main findings are that GDP cycles show a high degree ofcomovement across these four countries, reflecting trade linkages, but much weaker ones for housing market cycles, where idiosyncratic factors play a major role. House prices are even less related than quantities across countries. We also find much stronger relationships in the common monetary policy period Texto completo disponible también en Internet, en formato PDF Álvarez, Luis Julián Banco de España. Servicio de Estudios Documentos ocasionales (Banco de España. Servicio de Estudios)