Does housing really lead the business cycle?
Luis Alvarez and
Alberto Cabrero ()
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Alberto Cabrero: Banco de España
No 1024, Working Papers from Banco de España, Working Papers Homepage
The aim of this paper is to characterize the cyclical properties of Spanish real and nominal housing related variables. Our three main results are: First, housing appears to lead the business cycle. Second, fluctuation in home prices are positively related to those of residential investment, suggesting the dominant role of demand factors over supply ones. Third,there are interesting asymmetries in cyclical fluctuations: contractions in GDP appear to be briefer than expansions.
Keywords: Housing; business cycles; filtering (search for similar items in EconPapers)
JEL-codes: E32 R21 R32 (search for similar items in EconPapers)
Pages: 31 pages
New Economics Papers: this item is included in nep-bec, nep-mac and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:1024
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