Housing and Commodity Investment Booms in a Small Open Economy

被引：2

作者：

Gibbs, Christopher G. ^{[1
]}

Hambur, Jonathan ^{[2
]}

Nodari, Gabriela ^{[3
]}

机构：

[1] Univ Sydney, Camperdown, NSW, Australia

[2] Dept Treasury, Sydney, NSW, Australia

[3] Reserve Bank Australia, 65 Martin Pl, Sydney, NSW 2000, Australia

来源：

ECONOMIC RECORD | 2021年 / 97卷 / 317期

关键词：

D O I：

10.1111/1475-4932.12590

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We add a housing sector to the Reserve Bank of Australia's small open-economy model to explore the effect of commodity price shocks on housing investment. The model predicts that housing investment booms may follow commodity booms. Commodity booms have a persistent effect on housing services price inflation and they 'crowd out' housing investment. When the commodity boom ends, the combination of higher prices and falling interest rates induces a significant housing investment response. The model attributes a significant share of the recent increase in housing investment in Australia directly to falling commodity prices.

引用

页码：212 / 242

页数：31

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