OECD Economics Department Working Papers

ISSN :
1815-1973 (en ligne)
DOI :
10.1787/18151973
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Working papers from the Economics Department of the OECD that cover the full range of the Department’s work including the economic situation, policy analysis and projections; fiscal policy, public expenditure and taxation; and structural issues including ageing, growth and productivity, migration, environment, human capital, housing, trade and investment, labour markets, regulatory reform, competition, health, and other issues.
 

Predicting Peaks and Troughs in Real House Prices You or your institution have access to this content

Auteur(s):
Linda Rousová1, Paul van den Noord
Author Affiliations
  • 1: OCDE, France

Date de publication
13 jui 2011
Bibliographic information
N°:
882
Pages
34
DOI
10.1787/5kg89j38k17c-en

Cacher / Voir l'abstract

OECD work prior to the financial crisis suggested that real prices in several housing markets had become vulnerable to a change in financial and economic conditions, with the risk of a subsequent downturn becoming increasingly possible, as proved to be the case. With corrections in many, but not all, housing markets having now occurred, and, in some countries, prices having rebounded rapidly in the low interest rate environment, the issue of whether prices are now close to another turning point is again of considerable policy interest. As a means of addressing this issue, probit models have been estimated to provide an indication of possible peaks and troughs in real house prices in 2011 and 2012, using data for 20 OECD countries. Predictions based on these models have been reported in OECD Economic Outlook, No. 89 and this paper provides information on the methodology underpinning these predictions.
Mots-clés:
house prices, housing bubbles, business cycles
Classification JEL:
  • E32: Macroeconomics and Monetary Economics / Prices, Business Fluctuations, and Cycles / Business Fluctuations; Cycles
  • F42: International Economics / Macroeconomic Aspects of International Trade and Finance / International Policy Coordination and Transmission
  • R31: Urban, Rural, Regional, Real Estate, and Transportation Economics / Real Estate Markets, Production Analysis, and Firm Location / Housing Supply and Markets