Cover IMF Working Papers
Buy Book in Print
Three Cycles: Housing, Credit, and Real Activity
Author:
Ms. Natalia T. Tamirisa
Search for other papers by Ms. Natalia T. Tamirisa in
Current site
Google Scholar Close
,
Alain N. Kabundi null

Search for other papers by Alain N. Kabundi in
Current site
Google Scholar Close
,
Ms. Deniz O Igan
Search for other papers by Ms. Deniz O Igan in
Current site
Google Scholar Close
https://orcid.org/0000-0002-9501-1807
,
Mr. Francisco d Nadal De Simone
Search for other papers by Mr. Francisco d Nadal De Simone in
Current site
Google Scholar Close
, and
Marcelo Pinheiro null

Search for other papers by Marcelo Pinheiro in
Current site
Google Scholar Close
Series:
IMF Working Papers
Volume/Issue:
Volume 2009: Issue 231
Language:
English
Publication Date:
01 Oct 2009
DOI:
https://doi.org/10.5089/9781451873788.001
ISBN:
9781451873788
ISSN:
1018-5941
Pages:
32
Keywords:
WP; house price; price
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
Download PDF (444.3 KB) Download Epub
We examine the characteristics and comovement of cycles in house prices, credit, real activity and interest rates in advanced economies during the past 25 years, using a dynamic generalized factor model. House price cycles generally lead credit and business cycles over the long term, while in the short to medium term the relationship varies across countries. Interest rates tend to lag other cycles at all time horizons. While global factors are important, the U.S. business cycle, house price cycle and interest rate cycle generally lead the respective cycles in other countries over all time horizons, while the U.S. credit cycle leads mainly over the long term.
  • Collapse
  • Expand
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund