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http://hdl.handle.net/10419/45488
  
Title:Seasonality in house prices PDF Logo
Authors:Kajuth, Florian
Schmidt, Tobias
Issue Date:2011
Series/Report no.:Discussion Paper Series 1: Economic Studies 2011,08
Abstract:The contribution of this paper is to offer a rationale for the observed seasonal pattern in house prices. We first document seasonality in house prices for the US and the UK using formal statistical tests and illustrate its quantitative importance. In the second part of the paper we employ a standard model of dynamic optimisation with housing demand and seasonal shocks in non-durables in order to characterise seasonality in house prices as an equilibrium outcome. We provide empirical evidence for seasonality in house prices with our small model using US and UK data.
Subjects:house prices
seasonality
optimal housing consumption
JEL:D91
R21
R31
ISBN:978-3-86558-705-3
Document Type:Working Paper
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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