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Housing and Business Cycle

Ismael Fernández and Paloma Taltavull de La Paz ()

ERES from European Real Estate Society (ERES)

Abstract: Housing investment is one of the component with more volatility inside the business cycle. This is a relationship showed but not demonstrated in Spanish economy. This paper try to deep in this way finding an econometric link explaining how housing construction is connected with the economic evolution in Spain as well as the lags existing between them. We use cointegration technique and error correction model to find time lags and give some economics explanations that show how Spanish housing market works and clear.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2001-06-01
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Handle: RePEc:arz:wpaper:eres2001_161