Please use this identifier to cite or link to this item:
http://hdl.handle.net/20.500.11861/7051
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Leung, Charles Ka Yui | en_US |
dc.contributor.author | Dr. TANG Chi Ho, Edward | en_US |
dc.date.accessioned | 2022-04-21T12:46:09Z | - |
dc.date.available | 2022-04-21T12:46:09Z | - |
dc.date.issued | 2023 | - |
dc.identifier.citation | Contemporary Economic Policy, Jan. 2023, Vol. 41(1), pp. 61-78. | en_US |
dc.identifier.issn | 1465-7287 | - |
dc.identifier.issn | 10743529 | - |
dc.identifier.uri | http://hdl.handle.net/20.500.11861/7051 | - |
dc.description.abstract | The house price-to-income ratio (PIR) is widely used as an affordability indicator. This paper complements the cross-sectionally focused literature by proposing a tractable model for the PIR dynamics. Our model predicts that the PIR is very persistent and is correlated to the lagged aggregate output. Cross-country analysis confirms this prediction and provides evidence for a long-term, positive, and significant relationship between PIR and aggregate production. Our results hint at the construction of an early warning system for housing market mispricing. Our tractable formulation of a stochastic money growth rule may carry independent research interest. | en_US |
dc.language.iso | en | en_US |
dc.relation.ispartof | Contemporary Economic Policy | en_US |
dc.title | The dynamics of the house price-to-income ratio: Theory and evidence | en_US |
dc.type | Peer Reviewed Journal Article | en_US |
dc.identifier.doi | 10.1111/coep.12538 | - |
item.fulltext | No Fulltext | - |
crisitem.author.dept | Department of Economics and Finance | - |
Appears in Collections: | Economics and Finance - Publication |
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