Browsing 1. Refereed Publications by Title
Now showing items 22-41 of 49
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Has the euro sustainably increased home price co-movement?
(John Wiley and Sons, 2019-02-22)A low level of co‐movement between different euro country housing markets creates difficulties for the ECB in setting monetary policy. Such co‐movement across eurozone countries has been the subject of a number of studies, ... -
Has there actually been a sustained increase in the synchronization of house price (and business) cycles across countries?
(Elsevier B.V., 2017-06)Housing has been demonstrated to affect the macroeconomy, particularly business cycle fluctuations. Given the more globalized nature of financial and economic activity in comparison to past decades, there has been much ... -
Home prices and fundamentals: solving the mystery for the G-7 by accounting for nonlinearities
(Emerald Publishing Limited, 2019-07-08)Purpose: The purpose of this study is to determine whether house prices and income share a stable, stationary relationship in the G-7 countries. This stable relationship has been clearly implied by theory but has been ... -
House price convergence in the euro zone: a pairwise approach
(Elsevier, 2020-07-29)The adoption of the euro common currency was expected to lead to convergence for a number of economic and financial variables across national borders, including house prices. We apply a probabilistic pairwise approach to ... -
The housing bubble: how much blame does the fed really deserve?
(American Real Estate Society, 2014)Two recent empirical papers have blamed the Fed for the latest boom and bust in housing. Neither study includes long-term interest rates, which are more affected by global factors than the federal funds rate (FFR). In this ... -
Housing investment and the U.S. economy: how have the relationships changed?
(American Real Estate Society, 2009)Previous research has found that housing investment has a disproportionate role in the U.S. business cycle. This paper demonstrates that the relationship between housing and the rest of the economy has changed since financial ... -
How feasible is the West African eco currency union? A new approach
(Elsevier, 2015-06-25)A recent proposal to expand the CFA Franc zone in West Africa would create a currency union that, in terms of population, would rival the Euro. This new currency union would include Nigeria, which would have the largest ... -
Inflation targeting and monetary policy in Canada: What is the impact on inflation uncertainty?
(Elsevier, 2008-08)Inflation uncertainty has been demonstrated both theoretically and empirically to lower real output. This paper examines the impact of inflation targeting in Canada on inflation uncertainty, as well as persistence. Our ... -
Irreversibility, uncertainty and housing investment
(Springer, 2009-02)Housing represents a form of "irreversible" investment. Theoretically, increased uncertainty should lower housing investment. Empirically, finding a proxy for uncertainty has proven problematic. Some recent papers have ... -
Is monetary policy non-linear in Indonesia, Korea, Malaysia, and Thailand? A quantile regression analysis.
(Wiley-Blackwell, 2012-11)There is a growing literature on the linearity or otherwise of monetary policy in industrialised countries. The investigations have revealed that the reactions of central banks to economic variables depend on the level of ... -
Long-range dependence in U.S. home price volatility
(Springer, 2011-04)The existence of GARCH effects in a financial price series means that the probability of large losses is much higher than standard mean-variance analysis suggests. Accordingly, several recent papers have investigated whether ... -
Mexico's business cycles and synchronization with the USA in the post-NAFTA Years
(Wiley-blackwell, 2011-11)A number of papers have investigated the increasing macroeconomic ties between Mexico and the USA. These studies have relied on linear models, however, making their results suspect. Other papers have investigated nonlinearity ... -
One continent, one currency? Varieties of common currency experience in Europe and Latin America
(John Wiley & Sons, Inc., 2006-08)Currency unions have been promoted as a means to increase trade, investment and growth. A crucial issue in giving up the domestic currency is the loss of a mechanism to absorb real external shocks. High real exchange ... -
Quantitative goals for monetary policy: a quantile regression approach
(Taylor & Francis, 2009)A recent paper by Fatas et al. (2006 Fatas, A, Mihov, I and Rose, A. 2006. Quantitative goals for monetary policy. Journal of Money, Credit and Banking, 39: 1163-76. [Google Scholar] ) indicates that formal monetary ... -
Regional convergence and structural change in US housing markets
(Routledge, 2019-10-24)If house prices are convergent at the national level, monetary policy is easier to implement, and labour has an easier time achieving mobility across regions. Accordingly there have been several studies on home price ... -
Regional house price segmentation and convergence in the US: a new approach
(Springer US, 2015-01)This paper investigates the extent of regional integration (or, conversely, segmentation) in US home values. In contrast to some previous studies, we examine the degree of integration in the US with a data set which runs ... -
Scottish home prices: Compatible with Euro membership?
(Universita Carlo Cattaneo, 2021)Although the Scottish electorate voted down independence in 2014, Brexit has led to renewed calls from Scottish political leaders for a second referendum. Scottish independence would likely lead to joining the European ... -
Securitization, liquidity, and the Brady plan
(Elsevier, 1999)Securitization of bank loans is proposed as a solution to the ongoing debt difficulties for emerging market nations. This paper analyzes the effects of the Brady plan for four participating countries. In addition to resolving ... -
The Barings crisis in Argentina: the role of exogenous European money market factors
(Taylor & Francis, 2002-01)The Barings crisis of 1890 was a wrenching financial crash and recession for Argentina. The episode is similar in many respects to the balance of payments difficulties in emerging markets during the 1990s. In particular, ... -
The East African Monetary Union: is the level of business cycle synchronization sufficient?
(Redfame Publishing, 2015)The East African Community (Burundi, Kenya, Rwanda, Tanzania and Uganda) has a goal of a currency union, as part of a movement toward eventual political union. A key factor in making a currency union desirable is a high ...