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The co-movement of housing price and the growth of output

Title
The co-movement of housing price and the growth of output
Author
이주형
Keywords
Housing bubble burst; real growth of output; co-movement; GDP; Hamilton’s; Markov-Switching Model; regime change; 2000’s
Issue Date
2013-06
Publisher
한양대학교 국토도시개발정책 연구소
Citation
국토도시공간연구(JOURNAL OF PLANNING AND SPATIAL SCIENCE), Page. 72-78
Abstract
In order to find out the exact periods of housing bubble burst and the co-movementbetween housing price and the real growth of output in the U.S., this paper adoptsHamilton’s Markov-Switching Model (1989)The findings of this paper are as follows: housing price is procyclical in movementwith the real growth of output during 1970s’, 1980’s, 1990s’ and 2000s’ periods.These results suggest another explanation that when there are extremely large shockssuch as oil shocks, house price is procyclical in movement with the real growth ofoutput, and the procyclical movement occurs in conjunction with big shocks includinghousing bubble bursts in 2000’s periods
URI
https://forecasters.org/wp-content/uploads/gravity_forms/7-2a51b93047891f1ec3608bdbd77ca58d/2013/07/Yoon_JaeHo_ISF2013.pdfhttp://repository.hanyang.ac.kr/handle/20.500.11754/74744
Appears in Collections:
COLLEGE OF ENGINEERING[S](공과대학) > URBAN PLANNING AND ENGINEERING(도시공학과) > Articles
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