Title

The Housing Market, Macroeconomic Activity, and Financial Innovation: An Empirical Analysis of U.S. Data

Document Type

Article

Language

eng

Format of Original

8 p.

Publication Date

11-1993

Publisher

Taylor & Francis (Routledge)

Source Publication

Applied Economics

Source ISSN

0003-6846

Abstract

The relationship between macroeconomic activity and residential expenditure over the period 1959:I to 1991:I has been examined. The analysis is conducted using varriance decompostions (VDCs) and historical decompostions (HDs). The VDCs indicate that shocks to the money stock. Output and interest rates have significant impact on residental expenditure. The HDs indicate that shocks to macroeconomic variable are relatively unimportant in the determination of residential expenditure in the period following the extensive fiancial deregulation in the early 1980s.

Comments

Applied Economics, Vol. 25, No. 11 (November 1993):1385-1392. DOI.

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