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Can recent property price dynamics still be justified by fundamentals or are they indicating house price bubbles?
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| 1.22 MB | Adobe PDF |
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have fueled the analysis of property price determinants. Using a Fixed Effects model, we
analyze to what extent fundamental factors, such as macroeconomic, demographic or real
estate market conditions, influence the evolution of housing prices in 15 OECD economies over
the period 1970-2016. In the second part of this work, a Rolling Augmented Dickey-Fuller test
was applied with the objective of providing evidence for potential bubbles in these OECD
countries.
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Housing bubbles Fixed effects model Right tailed augmented dickey-fuller test Rolling augmented dickey-fuller