Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/82754
Authors: 
Berg, Lennart
Berger, Tommy
Year of Publication: 
2005
Series/Report no.: 
Working Paper, Department of Economics, Uppsala University 2005:19
Abstract: 
We argue that major changes in economic policy have resulted in a more market driven demand for housing investment in Sweden as a result of changes in policy during the end of the 1980s and beginning of the 1990s. The used investment theory is Tobin’s transparent Q theory. Our results indicate, for the last period of the sample (1993-2003 quarterly data) that a high degree of correlation between the Q ratio and the (logarithm of) two different variables for housing investment exist. An error correction regression model, controlling for structural breaks, indicates also a stable long run relationship could be detected for the logarithm of building starts and the Q ratio between 1993-2003 but not between 1981-1992.
Subjects: 
Tobin's Q
housing investment
error correction model
structural break
JEL: 
E22
R21
Document Type: 
Working Paper

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