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Bubbles in House Prices and their Impact on Consumption: Evidence for the US

Research output: Working paper

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Bubbles in House Prices and their Impact on Consumption: Evidence for the US. / Pavlidis, Efthymios; Paya, I; Peel, D et al.
Lancaster University: The Department of Economics, 2009. (Economics Working Paper Series).

Research output: Working paper

Harvard

Pavlidis, E, Paya, I, Peel, D & Spiru, AM 2009 'Bubbles in House Prices and their Impact on Consumption: Evidence for the US' Economics Working Paper Series, The Department of Economics, Lancaster University.

APA

Pavlidis, E., Paya, I., Peel, D., & Spiru, A. M. (2009). Bubbles in House Prices and their Impact on Consumption: Evidence for the US. (Economics Working Paper Series). The Department of Economics.

Vancouver

Pavlidis E, Paya I, Peel D, Spiru AM. Bubbles in House Prices and their Impact on Consumption: Evidence for the US. Lancaster University: The Department of Economics. 2009. (Economics Working Paper Series).

Author

Pavlidis, Efthymios ; Paya, I ; Peel, D et al. / Bubbles in House Prices and their Impact on Consumption: Evidence for the US. Lancaster University : The Department of Economics, 2009. (Economics Working Paper Series).

Bibtex

@techreport{db64fcdaed11488487c78fbf93ad7dfa,
title = "Bubbles in House Prices and their Impact on Consumption: Evidence for the US",
abstract = "This paper provides evidence that some aggregate and regional U.S. real house price indices exhibited a bubble in the last few years according to the Phillips et al. (2007) unit root test. We subsequently investigate whether house price acceleration (deceleration) had a signi.cant impact on consumption in an error correction mechanism implied by a wide class of optimizing models. Our results support the argument that real house prices have their major effect on consumption only during the bubble period.",
keywords = "Bubble, House prices, Consumption",
author = "Efthymios Pavlidis and I Paya and D Peel and Spiru, {A M}",
year = "2009",
language = "English",
series = "Economics Working Paper Series",
publisher = "The Department of Economics",
type = "WorkingPaper",
institution = "The Department of Economics",

}

RIS

TY - UNPB

T1 - Bubbles in House Prices and their Impact on Consumption: Evidence for the US

AU - Pavlidis, Efthymios

AU - Paya, I

AU - Peel, D

AU - Spiru, A M

PY - 2009

Y1 - 2009

N2 - This paper provides evidence that some aggregate and regional U.S. real house price indices exhibited a bubble in the last few years according to the Phillips et al. (2007) unit root test. We subsequently investigate whether house price acceleration (deceleration) had a signi.cant impact on consumption in an error correction mechanism implied by a wide class of optimizing models. Our results support the argument that real house prices have their major effect on consumption only during the bubble period.

AB - This paper provides evidence that some aggregate and regional U.S. real house price indices exhibited a bubble in the last few years according to the Phillips et al. (2007) unit root test. We subsequently investigate whether house price acceleration (deceleration) had a signi.cant impact on consumption in an error correction mechanism implied by a wide class of optimizing models. Our results support the argument that real house prices have their major effect on consumption only during the bubble period.

KW - Bubble

KW - House prices

KW - Consumption

M3 - Working paper

T3 - Economics Working Paper Series

BT - Bubbles in House Prices and their Impact on Consumption: Evidence for the US

PB - The Department of Economics

CY - Lancaster University

ER -