Has there actually been a sustained increase in the synchronization of house price (and business) cycles across countries?

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Authors
Miles, William
Advisors
Issue Date
2017-06
Type
Article
Keywords
International business cycles , Housing demand
Research Projects
Organizational Units
Journal Issue
Citation
Miles, William. 2017. Has there actually been a sustained increase in the synchronization of house price (and business) cycles across countries? Journal of Housing Economics, vol. 36, June 2017:pp 25–43
Abstract

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 research on how synchronized home values are across countries. This research mirrors a similar line of inquiry on business cycle movement across nations. The degree of co-movement has implications portfolio management in real estate investment, as well as for macroeconomic policy coordination across countries. In this paper, we apply a newly developed set of international house price data and utilize some recently created tools to investigate international housing and business cycle co-movement. We find that there has been no sustained increase in co-movement for either house prices or income across nations.

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Publisher
Elsevier B.V.
Journal
Book Title
Series
Journal of Housing Economics;v.36
PubMed ID
DOI
ISSN
1051-1377
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