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@article{ART001912888},
author={Jae-Ho Yoon and Lee,Joo-Hyung},
title={The Linked Movement of House Prices and GDP in the G7 Countries},
journal={The Korea Spatial Planning Review},
issn={1229-8638},
year={2014},
volume={82},
pages={49-60},
doi={10.15793/kspr.2014.82..004}

TY - JOUR
AU - Jae-Ho Yoon
AU - Lee,Joo-Hyung
TI - The Linked Movement of House Prices and GDP in the G7 Countries
JO - The Korea Spatial Planning Review
PY - 2014
VL - 82
IS - null
PB - 국토연구원
SP - 49
EP - 60
SN - 1229-8638
AB - In order to determine exactly when the housing bubble burst and to examine the co-movement of housing price and the real growth of output for individual G7 countries (U.S., U.K., Canada, Germany, France, Italy, and Japan), this study adopted Hamilton’s Markov-switching model (1989). This study found that the housing price for the individual countries showed procyclical movement with the real growth of output during the 1970s, 80s, and 90s and the financial shock in 2008. These findings suggest that the FIML Markov-switching model of Yoon (2006) is very useful for determining the common international business cycle between housing price and the real growth of output in the G7 countries. In addition, extremely large shocks, such as oil shocks, cause procyclical housing price movement with the real growth of output, including the burst housing bubble in 2008.
KW - Housing Bubble Burst;House Price;GDP;FIML;Hamilton’s Markov-Switching Model;Common Business Cycle;G7;U.S.;U.K.;Canada;Germany;France;Italy;Japan
DO - 10.15793/kspr.2014.82..004
ER -

Jae-Ho Yoon and Lee,Joo-Hyung. (2014). The Linked Movement of House Prices and GDP in the G7 Countries. The Korea Spatial Planning Review, 82, 49-60.

Jae-Ho Yoon and Lee,Joo-Hyung. 2014, "The Linked Movement of House Prices and GDP in the G7 Countries", The Korea Spatial Planning Review, vol.82, pp.49-60. Available from: doi:10.15793/kspr.2014.82..004

Jae-Ho Yoon, Lee,Joo-Hyung "The Linked Movement of House Prices and GDP in the G7 Countries" The Korea Spatial Planning Review 82 pp.49-60 (2014) : 49.

Jae-Ho Yoon, Lee,Joo-Hyung. The Linked Movement of House Prices and GDP in the G7 Countries. 2014; 82 49-60. Available from: doi:10.15793/kspr.2014.82..004

Jae-Ho Yoon and Lee,Joo-Hyung. "The Linked Movement of House Prices and GDP in the G7 Countries" The Korea Spatial Planning Review 82(2014) : 49-60.doi: 10.15793/kspr.2014.82..004

Jae-Ho Yoon; Lee,Joo-Hyung. The Linked Movement of House Prices and GDP in the G7 Countries. The Korea Spatial Planning Review, 82, 49-60. doi: 10.15793/kspr.2014.82..004

Jae-Ho Yoon; Lee,Joo-Hyung. The Linked Movement of House Prices and GDP in the G7 Countries. The Korea Spatial Planning Review. 2014; 82 49-60. doi: 10.15793/kspr.2014.82..004

Jae-Ho Yoon, Lee,Joo-Hyung. The Linked Movement of House Prices and GDP in the G7 Countries. 2014; 82 49-60. Available from: doi:10.15793/kspr.2014.82..004

Jae-Ho Yoon and Lee,Joo-Hyung. "The Linked Movement of House Prices and GDP in the G7 Countries" The Korea Spatial Planning Review 82(2014) : 49-60.doi: 10.15793/kspr.2014.82..004