出版社：Asian Real Estate Society, Global Chinese Real Estate Congress
摘要：The Great Recession of 2008 in the U.S. was mostly attributed to the U.S. housing market bubble that came to an end in 2007. In this paper, we provide empirical evidence on the above conjecture by detecting the asymmetric causality between house prices and unemployment rate in each state of the U.S. We find that indeed, decreases in house prices cause unemployment in 39 states. There is evidence in only 19 states that an increase in house prices causes unemployment. Since an asymmetric analysis requires the use of nonlinear models, we use nonlinear models and find evidence of asymmetric cointegration between the two variables in all states.
关键词：House Prices;Unemployment Rate;Asymmetry;United States
