By Matteo Iacoviello (auth.), Olivier de Bandt, Thomas Knetsch, Juan Peñalosa, Francesco Zollino (eds.)
During the recession within the years 2008-2009, the main serious for mature economies within the post-war interval, housing markets have been usually pointed out as having a distinct accountability. the target of this e-book is to make clear the cyclical behaviour of the housing markets, its basic determinants by way of offer and insist features, and its dating with the final company cycle. The co-movements of residence costs throughout international locations also are thought of, in addition to the channel of transmission of residence fee alterations to the remainder of the financial system. specific awareness is paid to the consequences on deepest intake, via attainable wealth results. The publication is a compilation of unique papers produced via economists and researchers from the 4 major nationwide significant banks within the euro sector, additionally with the participation of best academics.
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Extra info for Housing Markets in Europe: A Macroeconomic Perspective
Price R. and Andre, C. (2004) Housing Markets, Wealth and the Business Cycle, OECD, Economics department Working Paper, No. 394. Chiades P. and Gambacorta, L. (2004) The Bernanke and Blinder Model in an Open Economy: the Italian Case, German Economic Review, 5, 1-34. , Eichembaum, M. and Evans, C. , in: Taylor J. and M. ), Handbook of Macroeconomics. Davis, M. A. and Heathcote, J. (2005) Housing and the Business Cycle, International Economic Review, 46, 751-784. Housing and the Macroeconomy: The Italian Case 35 De Arcangelis G.
Sponse functions of some variables with respect to a set of structural shocks. By restricting the dynamic behavior of only a subset of variables, such identification scheme allows the researcher to take an “agnostic” approach on the response of the remaining variables. Furthermore, as several structural decompositions (“models”) are compatible with a given set of restrictions, it allows to quantify the uncertainty about possible outcomes, following a monetary policy shock. 13 We assume that after a monetary restriction, the response of the policy rate is non-negative, while that of real GDP, nominal house price and the consumer price index is non-positive.
In table 2 we have calculated the cross-concordance index between the respective reference cycles (see Harding and Pagan, 2002). The index measures the relative amount of time two series spend in the same cyclical phase, after controlling for any lead/lag relationship, taking value of 1 at lead/lag zero for perfect positive synchronization (when the two series’ turning points exactly coincide) and a value of 0 at lead/lag zero for perfect negative synchronization (when two series’ turning point are always in opposition).