文章基本信息
- 标题：Does housing really lead the business cycle
- 本地全文：下载
- 作者：Luis J. Álvarez ; Alberto Cabrero
- 期刊名称：Documentos de Trabajo / Banco de España
- 印刷版ISSN：0213-2710
- 电子版ISSN：1579-8666
- 出版年度：2010
- 卷号：1
- 出版社：Banco de España
- 摘要：
The aim of this paper is to characterize the cyclical properties of Spanish real and nominal housing
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related variables. Our three main results are: First, housing appears to lead the business cycle. Second, fluctuation in home prices are positively related to those of residential investment, suggesting the dominant role of demand factors over supply ones. Third,there are interesting asymmetries in cyclical fluctuations: contractions in GDP appear to be briefer than expansions.
