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  1. The dynamics of the house price-to-income ratio
    theory and evidence
    Autor*in: Leung, Ka Yui; Tang, Edward Chi Ho
    Erschienen: March 2021
    Verlag:  The Institute of Social and Economic Research, Osaka University, Osaka, Japan

    The house price-to-income ratio (PIR) is widely used as an affordability indicator. This paper complements the cross-sectionally focused literature by proposing a tractable model for the PIR dynamics. Our model predicts that the PIR is very... mehr

    Zugang:
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    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 198
    Fernleihe:
    keine Fernleihe

     

    The house price-to-income ratio (PIR) is widely used as an affordability indicator. This paper complements the cross-sectionally focused literature by proposing a tractable model for the PIR dynamics. Our model predicts that the PIR is very persistent and is correlated to the lagged aggregate output. Cross-country analysis confirms this prediction and provides evidence for a long-term, positive and significant relationship between PIR and aggregate production. Our results hint at the construction of an early warning system for housing market mispricing. Our tractable formulation of a stochastic money growth rule may carry independent research interest.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/234937
    Auflage/Ausgabe: This version: March 2021
    Schriftenreihe: Discussion paper / The Institute of Social and Economic Research ; no. 1125
    Schlagworte: housing affordability; output dynamics; endogenous house price; wage rigidity; monetary policy rule
    Umfang: 1 Online-Ressource (circa 74 Seiten), Illustrationen
  2. The dynamics of the house price-to-income ratio
    theory and evidence
    Autor*in: Leung, Ka Yui; Tang, Edward Chi Ho
    Erschienen: [2021]
    Verlag:  City University of Hong Kong, College of Business, Department of Economics & Finance, Hong Kong

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 806
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Auflage/Ausgabe: This version: March 2021
    Schriftenreihe: Global Research Unit working paper ; # 2021, 005
    Schlagworte: housing affordability; output dynamics; endogenous house price; wage rigidity; monetary policy rule
    Umfang: 1 Online-Ressource (circa 74 Seiten), Illustrationen