A Frequency Domain Analysis of Common Cycles in Property and Related Sectors
Journal of Real Estate Research, 2003, vol. 25, issue 3, 325-346
This paper examines cycles and common cycles in property and related sectors in the frequency domain. The frequency domain approach is empirically more effective in revealing cycle and common cycle features. It describes the closeness of two time series using coherence and phase as against correlation and leads/lags in the time domain. The study has found that property shares common cycles with a number of economic sectors and, in particular, with those sectors that are the user markets of property, and lags behind in business cycle phases. Property has large coherence at most frequencies with most economic sectors and the economy as a whole and is in the same phase at these frequencies with the latter. But, property seems to have large discrepancy with almost all the other sectors in the cycles at the annual frequency. The property market swings more severely than the economy as a whole. However, fluctuations are considered moderate in the property market relative to those in the housing market.
JEL-codes: L85 (search for similar items in EconPapers)
References: Add references at CitEc
Citations: View citations in EconPapers (8) Track citations by RSS feed
Downloads: (external link)
http://pages.jh.edu/jrer/papers/pdf/past/vol25n03/04.325_346.pdf Full text (application/pdf)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:jre:issued:v:25:n:3:2003:p:325-346
Ordering information: This journal article can be ordered from
Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
Access Statistics for this article
Journal of Real Estate Research is currently edited by Dr. Ko Wang
More articles in Journal of Real Estate Research from American Real Estate Society American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323.
Bibliographic data for series maintained by JRER Graduate Assistant/Webmaster ().