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Author/Editor:
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Bracke, Philippe
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Publication Date:
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October 01, 2011
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Electronic Access:
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Free Full text
(PDF file size is 1,132KB).
Use the free
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
This paper analyzes the duration of house price upturns and downturns in the last 40 years for 19 OECD countries. I provide two sets of results, one pertaining to the average length and the other to the length distribution. On average, upturns are longer than downturns, but the difference disappears once the last house price boom is excluded. In terms of length distribution, upturns (but not downturns) are more likely to end as their duration increases. This duration dependence is consistent with a boom-bust view of house price dynamics, where booms represent departures from fundamentals that are increasingly difficult to sustain.
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Order a print copy
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Series:
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Working Paper No. 11/231
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Subject(s):
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Business cycles | Cross country analysis | Housing prices | OECD | Price adjustments | Price increases
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Author's Keyword(s):
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Housing Cycles | House Prices | Duration Dependence |
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English
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Publication Date:
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October 01, 2011
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Format:
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Paper
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Stock No:
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WPIEA2011231
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Pages:
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29
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Price:
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US$18.00 )
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Please address any questions about this title to
publications@imf.org
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