Boom and Bust Cycles

Housing Cycles and Macroeconomic Fluctuations: A Global Perspective

JEL codes: 
C32, E32, F40
Version Date: 
Aug 2012
Author/s: 
Abstract: 

This paper investigates the international spillovers of housing demand shocks on real economic activity. The global economy is modeled using a Global VAR, with a novel house price data set for both advanced and emerging economies. The impulse responses to an identified US housing demand shock confirm the existence of strong international spillovers to advanced economies.

Report file: 
PDF icon Download the paper (565.18 KB)