Research Catalog
Housing Markets, Wealth and the Business Cycle
- Title
- Housing Markets, Wealth and the Business Cycle [electronic resource] / Pietro Catte ... [et al]
- Publication
- Paris : OECD Publishing, 2004.
Available Online
Details
- Additional Authors
- Description
- 47 p.; 21 x 29.7cm.
- Summary
- The paper examines the linkages between housing markets and the business cycle in OECD countries, focusing on how differences in the degree of resilience to economic shocks can be affected by the structural characteristics of housing and mortgage markets. The paper focuses specifically on: the transmission channel from housing wealth to consumption and on the factors behind house price variability, which help to determine whether the housing sector plays a stabilising role or not. Estimates of the marginal propensity to consume out of housing wealth are presented for ten OECD countries, where it is found that the strongest impact on consumption is in countries that have large, efficient and responsive mortgage markets. Particularly important in this regard is the degree of mortgage market "completeness" -- i.e. the extent to which the market is able to offer a variety of products and to serve a broad range of potential borrowers -- in particular, the extent to which they provide ...
- Series Statement
- OECD Economics Department Working Papers, 1815-1973 ; no.394
- Uniform Title
- OECD Economics Department Working Papers, no.394.
- Subject
- Economics
- LCCN
- 10.1787/534328100627
- OCLC
- oecd-lib
- Title
- Housing Markets, Wealth and the Business Cycle [electronic resource] / Pietro Catte ... [et al]
- Imprint
- Paris : OECD Publishing, 2004.
- Series
- OECD Economics Department Working Papers, 1815-1973 ; no.394OECD Economics Department Working Papers, 1815-1973 ; no.394.
- Connect to:
- Indexed Term
- Economics
- Added Author
- Catte, Pietro.Girouard, Nathalie.Price, Robert.André, Christophe.
- Other Standard Identifier
- 10.1787/534328100627 doi