Dr. NG Cho Yiu, JoeJoeDr. NG Cho Yiu2026-01-162026-01-162022In Leung, C. (Ed.). (2022). Handbook of real estate and macroeconomics (pp. 284-311). Edward Elgar Publishing.97817899084809781789908497https://www.scribd.com/document/813598375/OceanofPDF-com-Handbook-of-Real-Estate-and-Macroeconomics-Charles-KY-Leunghttp://hdl.handle.net/20.500.11861/26431This paper studies whether the relationships between housing prices and macroeconomic variables have changed after the 2008 Global Financial Criss (GFC). I re-examine the business cycle correlations in 22 OECD member countries. In general, macro variables exhibited a strong association with housing prices. While some correlations are weakened or strengthened, some are even reversed after the GFC.enBook Chapter10.4337/9781789908497.00019