Commodity house prices

Charles Leung, Song Shi and Edward Tang

No 154, Globalization Institute Working Papers from Federal Reserve Bank of Dallas

Abstract: This paper studies how commodity price movements have affected local house prices in commodity-dependent economies, Australia and New Zealand. We build a geographically hierarchical empirical model and find that commodity prices influence local house prices directly and also indirectly through macroeconomic variables. While commodity price changes function more like ?income shocks? rather than ?cost shocks? in both Australia and New Zealand, regional heterogeneity is also observed in terms of differential dynamic responses of local house prices to energy versus non-energy commodity price movements. The results are robust to alternative approaches. Directions for future research are also discussed.

JEL-codes: F40 G10 R30 (search for similar items in EconPapers)
Pages: 85 pages
Date: 2013
New Economics Papers: this item is included in nep-opm and nep-ure
Note: Published as: Leung, Charles Ka Yui, Song Shi and Edward Tang (2013), "Commodity House Prices," Regional Science and Urban Economics 43 (6): 875-887.
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Citations: View citations in EconPapers (11)

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Journal Article: Commodity house prices (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:feddgw:154

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