This study analyses the dynamic causality of four macroeconomic variables on house prices. The four macroeconomic variables have interrelationships with house prices in certain lagged terms, but these relationships are not always the same as the notions put forward in prior research. The relationships are detected to be unstable in the three observation periods. The instability of these relationships would cause difficulty in predicting house prices in the market, especially for policy makers and market participants.
History
Journal
Pacific rim property research journal
Volume
13
Pagination
234 - 256
Location
Penrith South, N.S.W.
Open access
Yes
ISSN
1444-5921
Language
eng
Notes
Reproduced with the specific permission of the copyright owner.