@article{ART001407029},
author={Hee-Gab Choi and Byeong-Jun Rhim},
title={Role of the Housing Price Forecast in Housing Price and Business Cycle},
journal={The Korea Spatial Planning Review},
issn={1229-8638},
year={2009},
volume={63},
pages={141-158},
doi={10.15793/kspr.2009.63..008}
TY - JOUR
AU - Hee-Gab Choi
AU - Byeong-Jun Rhim
TI - Role of the Housing Price Forecast in Housing Price and Business Cycle
JO - The Korea Spatial Planning Review
PY - 2009
VL - 63
IS - null
PB - 국토연구원
SP - 141
EP - 158
SN - 1229-8638
AB - We tested two hypothesis on the role of the housing price forecast for housing price in housing price and economic fluctuations from March 2003 to May 2008. Lagged indices of housing price forecast were found to have significant explanatory power for housing price. In addition, the efficient market hypothesis was not supported by the data. Lagged indices of housing price forecast has significant explanatory power for the excess return of housing price over market interest rate represented by the yield on the 3-year Treasury bond. Furthermore, our results showed that the investor sentiment for housing price does Granger-causes not only consumption, but also industrial production. These results hold regardless of whether we included other control variables such as industrial production and sales of consumer goods, or not.
KW - Housing Price Forecast;Housing Price;Economic Fluctuations
DO - 10.15793/kspr.2009.63..008
ER -
Hee-Gab Choi and Byeong-Jun Rhim. (2009). Role of the Housing Price Forecast in Housing Price and Business Cycle. The Korea Spatial Planning Review, 63, 141-158.
Hee-Gab Choi and Byeong-Jun Rhim. 2009, "Role of the Housing Price Forecast in Housing Price and Business Cycle", The Korea Spatial Planning Review, vol.63, pp.141-158. Available from: doi:10.15793/kspr.2009.63..008
Hee-Gab Choi, Byeong-Jun Rhim "Role of the Housing Price Forecast in Housing Price and Business Cycle" The Korea Spatial Planning Review 63 pp.141-158 (2009) : 141.
Hee-Gab Choi, Byeong-Jun Rhim. Role of the Housing Price Forecast in Housing Price and Business Cycle. 2009; 63 141-158. Available from: doi:10.15793/kspr.2009.63..008
Hee-Gab Choi and Byeong-Jun Rhim. "Role of the Housing Price Forecast in Housing Price and Business Cycle" The Korea Spatial Planning Review 63(2009) : 141-158.doi: 10.15793/kspr.2009.63..008
Hee-Gab Choi; Byeong-Jun Rhim. Role of the Housing Price Forecast in Housing Price and Business Cycle. The Korea Spatial Planning Review, 63, 141-158. doi: 10.15793/kspr.2009.63..008
Hee-Gab Choi; Byeong-Jun Rhim. Role of the Housing Price Forecast in Housing Price and Business Cycle. The Korea Spatial Planning Review. 2009; 63 141-158. doi: 10.15793/kspr.2009.63..008
Hee-Gab Choi, Byeong-Jun Rhim. Role of the Housing Price Forecast in Housing Price and Business Cycle. 2009; 63 141-158. Available from: doi:10.15793/kspr.2009.63..008
Hee-Gab Choi and Byeong-Jun Rhim. "Role of the Housing Price Forecast in Housing Price and Business Cycle" The Korea Spatial Planning Review 63(2009) : 141-158.doi: 10.15793/kspr.2009.63..008
