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The importance of real and nominal shocks on the UK housing market

Narayan, Seema and Narayan, Paresh Kumar 2011, The importance of real and nominal shocks on the UK housing market, International journal of business and economics, vol. 10, no. 3, pp. 219-234, doi: 10.2139/ssrn.2052122.

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Title The importance of real and nominal shocks on the UK housing market
Author(s) Narayan, Seema
Narayan, Paresh Kumar
Journal name International journal of business and economics
Volume number 10
Issue number 3
Start page 219
End page 234
Total pages 17
Publisher Feng Chia University
Place of publication Taichung, Taiwan
Publication date 2011-12
ISSN 1607-0704
Keyword(s) C22
housing market
UK
interest rate
real GDP
inflation
Summary The goal of this paper is to examine the responsiveness of the UK housing market to real and nominal shocks. To achieve this goal, we use a structural VAR model based on quarterly data for the period 1957:1¡V2009:4. We find that, in response to an interest rate shock, aggregate and modern house prices fall sharply over the first 4 years and do not recover to their pre-shock level. In response to a real GDP shock, both house prices react in a positive inverted U-shaped manner. Finally, we find that an inflation shock has a U-shaped negative impact on aggregate and modern house prices in the UK.
Language eng
DOI 10.2139/ssrn.2052122
Field of Research 1402 Applied Economics
1502 Banking, Finance And Investment
Socio Economic Objective 0 Not Applicable
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2011, Feng Chia University
Persistent URL http://hdl.handle.net/10536/DRO/DU:30085002

Document type: Journal Article
Collections: School of Economics
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