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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
The Role of Macroeconomic Fundamentals in the Determination of House Prices
Author(s): Larry Allen, Cynthia Barnes, Howell Lynch
Citation: Allen Larry, Barnes Cynthia, Lynch Howell, (2016)"The Role of Macroeconomic Fundamentals in the Determination of House Prices," Journal of Applied Business and Economics, Vol. 18, Iss. 5, pp. 42-48
Article Type: Research paper
Publisher: North American Business Press
Abstract:
This paper attempts to explain the variance of housing prices as a function of macroeconomic fundamentals. The analysis is based on data from six advanced countries. The sample range is from 2001-2012. A panel regression procedure is applied to the data set. The findings suggest that house prices can be interpreted as a function of macroeconomic variables. These macroeconomic variables include percentage real GDP growth, the current account and 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.
