Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/77694
Authors: 
Chen, Xi
Funke, Michael
Year of Publication: 
2013
Series/Report no.: 
CESifo Working Paper 4287
Abstract: 
The renewed momentum in the German housing market has led to concerns that Germany is vulnerable to asset price shocks. In this paper, we apply recently developed recursive unit root tests to detect the beginning and the end of potential speculative bubbles in Germany over the sample period 1987Q3 - 2012Q4. Overall, we find that actual house prices are not significantly disconnected from underlying economic fundamentals. Thus, there is no evidence of speculative house price bubbles in Germany.
Subjects: 
Germany
house price bubbles
right-tailed unit root tests
JEL: 
C22
C53
E52
R31
Document Type: 
Working Paper

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