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Federal Reserve Bank of Dallas
Globalization Institute Working Papers
Commodity house prices
This paper studies how commodity price movements have affected local house prices in commodity-dependent economies, Australia and New Zealand. We build a geographically hierarchical empirical model and find that commodity prices influence local house prices directly and also indirectly through macroeconomic variables. While commodity price changes function more like “income shocks” rather than “cost shocks” in both Australia and New Zealand, regional heterogeneity is also observed in terms of differential dynamic responses of local house prices to energy versus non-energy commodity price movements. The results are robust to alternative approaches. Directions for future research are also discussed.
Cite this item
Charles Ka Yui Leung & Song Shi & Edward Tang, Commodity house prices, Federal Reserve Bank of Dallas, Globalization Institute Working Papers 154, 2013.
Note: Published as: Leung, Charles Ka Yui, Song Shi and Edward Tang (2013), "Commodity House Prices," Regional Science and Urban Economics 43 (6): 875-887.
- F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
- R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General
This item with handle RePEc:fip:feddgw:154
is also listed on EconPapers
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