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| Tekijä: | Muellbauer, J. Murphy, A. |
| Otsikko: | Booms and busts in the UK housing market |
| Lehti: | Economic Journal
1997 : NOV, VOL. 106:445, p. 1701-1727 |
| Asiasana: | HOUSING MARKETS VOLATILITY ECONOMETRIC MODELS MORTGAGES UNITED KINGDOM |
| Kieli: | eng |
| Tiivistelmä: | This paper analyses the volatile behavior of UK housing prices between 1957-1994, using an annual econometric model. Financial liberalization of mortgage markets in the 1980s should have led to notable shifts in house price behavior. The evidence supports the predictions of theory, suggesting shifts took place in wealth effects, as in the consumption function, and that real interest rates and income expectations became more important. The presence of transactions costs suggest important nonlinearities in house price dynamics. |
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