Housing and the Great Depression
Mehmet Balcilar (),
Rangan Gupta () and
Stephen Miller ()
No 1301, Working Papers from University of Nevada, Las Vegas , Department of Economics
This paper considers the role of the real housing price in the Great Depression. More specifically, we examine structural stability of the relationship between the real housing price and real GDP per capita. We test for structural change in parameter values, using a sample of annual US data from 1890 to 1952. The paper examines the long-run and short-run dynamic relationships between the real housing price and real GDP per capita to determine if these relationships experienced structural change over the sample period. We find that temporal Granger causality exists between these two variables only for sub-samples that include the Great Depression. For the other sub-sample periods as well as for the entire sample period no relationship exists between these variables.
Keywords: Great Depression; Real House Price; Real GDP per Capita; Structural change (search for similar items in EconPapers)
JEL-codes: C32 E32 R31 (search for similar items in EconPapers)
Pages: 38 pages
New Economics Papers: this item is included in nep-his and nep-ure
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http://web.unlv.edu/projects/RePEc/pdf/1301.pdf First version, 2013 (application/pdf)
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Journal Article: Housing and the Great Depression (2014)
Working Paper: Housing and the Great Depression (2013)
Working Paper: Housing and the Great Depression (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:nlv:wpaper:1301
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