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dc.contributor.authorAnundsen, André K.en_US
dc.contributor.authorJansen, Eilev S.en_US
dc.date.accessioned2011-07-01T08:42:51Z-
dc.date.available2011-07-01T08:42:51Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/47300-
dc.description.abstractThe interaction between housing prices and household borrowing in Norway is estimated in a simultaneous setting in the long and the short run.The long run dependence is analyzed within a cointegrated vector autoregression in real housing prices, real disposable household income and real household debt, conditioning on the real after tax interest rate, the number of house transactions and the volume of housing capital. We identify two cointegrating equations which determine equilibrium housing prices and household debt, respectively. The long run equations are embedded in a system of two error-correction equations which is estimated simultaneously. The model yields meaningful short and long term effects when estimated on the sample 1986q2-2008q4 and impulse responses demonstrate that there are selfreinforcing feedback effects between the two variables of interest.en_US
dc.language.isoengen_US
dc.publisherDep. of Economics, Univ. of Oslo Osloen_US
dc.relation.ispartofseriesMemorandum // Department of Economics, University of Oslo 2011,13en_US
dc.subject.jelC32en_US
dc.subject.jelC52en_US
dc.subject.jelE44en_US
dc.subject.jelG21en_US
dc.subject.jelG28en_US
dc.subject.ddc330en_US
dc.subject.keywordHousing pricesen_US
dc.subject.keywordhousehold borrowingen_US
dc.subject.keywordfinancial acceleratoren_US
dc.subject.stwImmobilienpreisen_US
dc.subject.stwPrivate Verschuldungen_US
dc.subject.stwHaushaltseinkommenen_US
dc.subject.stwVAR-Modellen_US
dc.subject.stwNorwegenen_US
dc.titleSelf-reinforcing effects between housing prices and credit: Evidence from Norwayen_US
dc.typeWorking Paperen_US
dc.identifier.ppn65555730Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Memorandum, Department of Economics, University of Oslo

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