Housing market dynamics in a small open economy: Do external and news shocks matter?

被引：13

作者：

Ng, Eric C. Y. ^{[1
]}

Feng, Ning ^{[1
]}

机构：

[1] Hong Kong Baptist Univ, Sch Business, Dept Econ, Kowloon Tong, Hong Kong, Peoples R China

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2016年 / 63卷

关键词：

Housing market dynamics; Housing price; Housing investment; Small open economy; External shocks; News shocks; BUSINESS CYCLES; MONETARY-POLICY; EXCHANGE-RATE; PRICES;

D O I：

10.1016/j.jimonfin.2016.01.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the sources of fluctuations in the housing market of a small open economy. We use an estimated dynamic stochastic general equilibrium (DSGE) model and data from seven small open economies to assess the quantitative effects of both contemporaneous and news shocks to domestic and external fundamentals on housing market dynamics. External shocks and news shocks have significant effects. Cyclical fluctuations in housing prices and housing investment are mainly driven by contemporaneous shocks related to foreign housing preferences and terms of trade, and by news shocks related to domestic consumption-goods technology, housing preferences and terms of trade. The spillover effects of external shocks on housing prices are notably larger than those of domestic shocks. (C) 2016 Elsevier Ltd. All rights reserved.

引用

页码：64 / 88

页数：25

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