Time-Varying and Regional Dynamics in Swiss Housing Markets

被引：0
|
作者：
Drechsel D. [1 ]
Funk A.K. [1 ,2 ]
机构：
[1] KOF Swiss Economic Institute, ETH Zurich, Leonhardstrasse 21, Zurich
[2] Graduate Institute of International and Development Studies, Maison de la Paix, Chémin Eugen-Rigot 2, Geneva
来源：
Swiss Journal of Economics and Statistics | 2017年 / 153卷 / 1期
关键词：
C32; house prices; R21; R31; Switzerland; time-varying BVAR;
D O I：
10.1007/BF03399434
中图分类号：
学科分类号：
摘要：
In light of the strong increase of house prices in Switzerland in the 2000s and early 2010s, we analyze the effects of mortgage rate shocks, changes in housing demand & supply and business cycle conditions on house prices for the time period 1982–2013. We study intertemporal effects by employing Bayesian timevarying coefficients vector autoregressions (TVC-BVAR), regional effects by using regional BVARs and heterogeneity in housing markets by looking at housing segments. 50 % of house price variations can be explained by housing demand & supply. The response of house prices to mortgage rate shocks weakened after the 1990s real estate crisis and remained constant thereafter. However, owneroccupied apartment prices became again more sensitive to mortgage rate shocks during the recent house price boom. Regional effects are especially prevalent for regions Zurich and Geneva. © 2017, Swiss Society of Economics and Statistics.
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页码：37 / 72
页数：35
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