Autores
Chris Brooks, Sotiris Tsolacos
Fecha de publicación
1999/1/1
Revista
Journal of Property Research
Volumen
16
Número
2
Páginas
139-152
Editor
Taylor & Francis
Descripción
This paper employs a vector autoregressive model to investigate the impact of macroeconomic and financial variables on a UK real estate return series. The results indicate that unexpected inflation, and the interest rate term spread have explanatory powers for the property market. However, the most significant influence on the real estate series are the lagged values of the real estate series themselves. We conclude that identifying the factors that have determined UK property returns over the past twelve years remains a difficult task.
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