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Macroeconomic causes of variance in house and property prices

机译:房价和房地产价格差异的宏观经济原因

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This paper is a frankly empirical piece with the purpose of explaining the variance of housing prices as a function of macroeconomic fundamentals. The analysis is based upon data from six advanced countries, Australia, France, Germany, Japan, the UK, and the USA. The sample range stretches from 2001 thru 2012. A panel regression procedure is applied to the dataset. The findings suggest that housing price variance can be interpreted as a function of important macroeconomic variable. These macroeconomic variables include monetary growth, first differences in the current account as a percent of GDP, first differences in the imbalance between investment and savings, and the public debt as a percent of GDP. The rate of growth of housing prices also plays a role in individual countries.
机译:本文是一个坦率的经验性文章,目的是解释房价随宏观经济基本面的变化。该分析基于来自六个先进国家(澳大利亚,法国,德国,日本,英国和美国)的数据。样本范围从2001年到2012年。面板回归程序应用于数据集。研究结果表明,房价差异可以解释为重要的宏观经济变量的函数。这些宏观经济变量包括货币增长,经常账户第一差额占GDP的百分比,投资与储蓄之间的不平衡率第一差,以及公共债务占GDP的百分比。住房价格的增长率在各个国家中也起着作用。

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