Abstract
This study analyses the dynamic effects of specific macroeconomic variables (i.e. housing loan rates, inflation and employment) on the price of new houses sold in Greece. An error correction vector autoregressive (ECVAR) model is used to model the impact of the macroeconomic variables on real housing prices. Variance decompositions show that the housing loan rate is the variable with the highest explanatory power over the variation of real housing prices, followed by inflation and employment.
Publisher
Global Social Science Institute
Subject
Economics and Econometrics,Urban Studies,Finance,Accounting,Geography, Planning and Development,Demography
Cited by
12 articles.
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