The Contribution of Housing Markets to Cyclical Resilience [E-Book] / Pietro Catte ... [et al]
Catte, Pietro.
Girouard, Nathalie. / Price, Robert. / André, Christophe.
Paris : OECD Publishing, 2005
44 p.
Full Text
This paper examines the linkages between housing markets and the business cycle in OECD countries, focusing on how differences in the degree of resilience to economic shocks can be affected by the structural characteristics of housing and mortgage markets. The paper focuses specifically on: the transmission channel from housing wealth to consumption and on the factors behind house price variability, which help to determine whether the housing sector plays a stabilising role or not.