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International Macroeconomic Aspect of Housing

Joe Cho Yiu Ng ()

No GRU_2021_014, GRU Working Paper Series from City University of Hong Kong, Department of Economics and Finance, Global Research Unit

Abstract: This paper studies whether the relationships between housing prices and macroeconomic variables have changed after the 2008 Global Financial Criss (GFC). I re‐examine the business cycle correlations in 22 Organization for Economic Co‐ operation and Development (OECD) member countries. In general, macro variables exhibited a strong association with housing prices. While some correlations are weakened or strengthened, some are even reversed after the GFC. I also provide a literature review on why housing markets are essential for propagating shocks and related to business cycles.

Keywords: Stylized facts; macro‐housing‐finance linkage; global financial crisis; business cycle frequency; housing market variables (search for similar items in EconPapers)
JEL-codes: E30 G10 R30 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2021-05-12
New Economics Papers: this item is included in nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:cth:wpaper:gru_2021_014

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