Commodity house prices

Leung, CKY; Shi, S; Ho Tang, EC

Commodity house prices

Leung, CKY Shi, S

Ho Tang, EC

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Publication Type:: Journal Article
Citation:: Regional Science and Urban Economics, 2013, 43 (6), pp. 875 - 887
Issue Date:: 2013-11-01

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Field	Value	Language
dc.contributor.author	Leung, CKY	en_US
dc.contributor.author	Shi, S https://orcid.org/0000-0003-4188-5151	en_US
dc.contributor.author	Ho Tang, EC	en_US
dc.date.issued	2013-11-01	en_US
dc.identifier.citation	Regional Science and Urban Economics, 2013, 43 (6), pp. 875 - 887	en_US
dc.identifier.issn	0166-0462	en_US
dc.identifier.uri	http://hdl.handle.net/10453/117335
dc.description.abstract	This paper studies how commodity price movements have affected the local house prices in commodity-dependent economies, Australia and New Zealand. We build a geographically hierarchical empirical model and find that the commodity prices influence local house prices directly and also indirectly through macroeconomic variables. The impacts of commodity price changes are analogous to "income shocks" rather than "cost shocks". 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. © 2013 Elsevier B.V.	en_US
dc.relation.ispartof	Regional Science and Urban Economics	en_US
dc.relation.isbasedon	10.1016/j.regsciurbeco.2013.09.005	en_US
dc.subject.classification	Economics	en_US
dc.title	Commodity house prices	en_US
dc.type	Journal Article
utslib.citation.volume	6	en_US
utslib.citation.volume	43	en_US
utslib.for	1205 Urban and Regional Planning	en_US
utslib.for	1402 Applied Economics	en_US
utslib.for	1403 Econometrics	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Design, Architecture and Building
pubs.organisational-group	/University of Technology Sydney/Faculty of Design, Architecture and Building/School of Built Environment
utslib.copyright.status	closed_access
pubs.issue	6	en_US
pubs.publication-status	Published	en_US
pubs.volume	43	en_US

Abstract:

This paper studies how commodity price movements have affected the local house prices in commodity-dependent economies, Australia and New Zealand. We build a geographically hierarchical empirical model and find that the commodity prices influence local house prices directly and also indirectly through macroeconomic variables. The impacts of commodity price changes are analogous to "income shocks" rather than "cost shocks". 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. © 2013 Elsevier B.V.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/117335