Macroeconomics of Housing Markets Conference papers

SESSION 1A: Housing and Business Cycles – Domestic Features

G. Bulligan
Housing and the Macroeconomy: The Italian Case 

L. Ferrara, O. Vigna
Evidence of Relationships Between Macroeconomics and Housing Market in France 

L. Álvarez, A. Cabrero
Does Housing Really Lead the Business Cycle? 

SESSION 1B: Housing and Business Cycles – Cross-Country Analysis

L. Álvarez, G. Bulligan, A. Cabrero, L. Ferrara, H. Stahl
Housing Cycles in the Major Euro Area Countries 

L. Ferrara, S. J. Koopman
Common Business and Housing Market Cycles in the Euro Area from a Multivariate Decomposition 

O. de Bandt, K. Barhoumi, C. Bruneau
The International Transmission of House Price Shocks 

SESSION 2: Macroeconomic Models of Housing

R. Lecat, P. Antipa
The “Housing Bubble” and Financial Factors: Insights from a Structural Model of the French and Spanish Residential Markets 

O. Arce, J. M. Campa, Á. Gavilán
Asymmetric Collateral Requirements and Output Composition 

F. Scoccianti
Causes and Welfare Consequences of Real Estate Price Appreciation 

T. Knetsch
Trend and Cycle Features in German Residential Investment Before and After Unification 

C. Schalck, P. Antipa
Impact of Fiscal Policy on Residential Investment in France 

SESSION 3: Wealth Effects

V. Chauvin, O. Damette
Wealth Effects: The French Case 

A. Bassanetti, F. Zollino
The Effects of Housing and Financial Wealth on Personal Consumption: Aggregate Evidence for Italian Households 

S. Dubecq, I. Ghattassi
Consumption-Wealth Ratio and Housing Returns 

L. Arrondel, F. Savignac
Stockholding: Does Housing Wealth Matter? 

SESSION 4: Housing, Credit and Monetary Policy

V. Borgy, L. Clerc, J.-P. Renne
Asset Boom-Bust Cycles and Credit: What is the Scope of Macro Prudential Supervision? 

T. Duemmler, S. Kienle
User Costs of Housing When Households Face a Credit Constraint – Evidence for Germany 

S. Frappa, J.-S. Mésonnier
The Housing Price Boom of the Late ‘90s: Did Inflation Targeting Matter?