How to order
IMF Publications

Working Papers in full text
2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 All


Other research-related activities and publications of the IMF can be found at IMF Research

Free Email Notification

Receive emails when we post new items of interest to you.

Subscribe or Modify your profile



The Drivers of Housing Cycles in Spain

Author/Editor: Aspachs-Bracons, Oriol | Rabanal, Pau
Authorized for Distribution: September 1, 2009
Electronic Access: Free Full Text (PDF file size is 919KB)
Use the free Adobe Acrobat Reader to view this PDF file.
 
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.

Summary: Since Spain joined the EMU, two main important factors behind the housing boom appear to be the decrease of nominal interest rates and demographic factors. In this paper we estimate a New Keynesian model of a currency area, using data for Spain and the rest of the EMU to study the importance of those factors. We also examine the role of different rigidities and find that labor market frictions are crucial to explain main features of the data. On the other hand, financial frictions that impose a collateral constraint on borrowing do not appear to be relevant.
 
Order a print copy
Series: Working Paper No. 09/203
Subject(s): Cross country analysis | Demand | Economic models | European Union | Household credit | Housing | Housing prices | Labor markets | Monetary policy | Private consumption | Private investment | Private savings | Private sector | Spain
Author's keyword(s): Housing | Monetary Policy | Financial Constraints
 
English  
    Published:   September 1, 2009        
            Format:   Paper
    Stock No:   WPIEA2009203   Pages:   39
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
Please address any questions about this title to publications@imf.org.