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Housing markets and macroeconomic risks

Maria Chiara Cavalleri, Boris Cournède and Volker Ziemann

No 1555, OECD Economics Department Working Papers from OECD Publishing

Abstract: Housing markets are large and highly volatile: they can thus create large macroeconomic risks. The current paper provides a bird’s eye view of where the housing markets of major OECD economies currently stand. It then uses the results of recently developed models to provide indications of where macroeconomic risks exist. Finally, the paper draws on recent empirical analyses to suggest how economic policies can enhance economic resilience by reducing housing-related risks through macroprudential measures and housing market reforms (such as changes in rent regulation, taxation and land use policies).

Keywords: Housing; land use policy; macroprudential; policy; rent regulation; resilience; taxation (search for similar items in EconPapers)
JEL-codes: E37 E5 R31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac and nep-ure
Date: 2019-06-25
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