Registro completo de metadatos
Campo DC | Valor |
---|---|
dc.contributor.author | Ayuso, Juan |
dc.contributor.author | Blanco, Roberto |
dc.contributor.author | Restoy, Fernando |
dc.coverage.spatial | España |
dc.date.accessioned | 2019-08-10T17:05:14Z |
dc.date.available | 2019-08-10T17:05:14Z |
dc.date.issued | 2006-12-07 |
dc.identifier.issn | ISSN: 1696-2222 (en papel) |
dc.identifier.issn | ISSN: 1696-2230 (en línea) |
dc.identifier.uri | https://repositorio.bde.es/handle/123456789/6319 |
dc.description.abstract | This paper analyses the contribution of interest rates to explain recent house price developments in Spain trying to reconcile different pieces of evidence. On the one hand, empirical evidence supports the view that interest rates are a key variable to explain house price developments. As a matter of fact, using simple asset pricing relations recent changes in house prices could be fully explained by movements in ex-post real interest rates. However, more refined asset pricing models show that the changes in the discount factor cannot fully explain the recent course of house prices in Spain. To resolve this puzzle we provide evidence that shows that the actual real cost of financing might have decreased significantly less than what the course of ex-post real rates would suggest. [resumen de autor] |
dc.format.extent | 37 p. : gráf., tab. |
dc.language.iso | en |
dc.publisher | Banco de España |
dc.relation.ispartof | Documentos Ocasionales / Banco de España, 0608 |
dc.rights | Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0) |
dc.rights | In Copyright - Non Commercial Use Permitted |
dc.rights.uri | https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES |
dc.rights.uri | http://rightsstatements.org/vocab/InC-NC/1.0/ |
dc.subject | House prices |
dc.subject | Real interest rates |
dc.subject | Intertemporal marginal rate of substitution |
dc.subject | Stochastic discount factor |
dc.title | House prices and real interest rates in Spain |
dc.type | Documento de trabajo |
dc.identifier.bdebib | 000188988 |
dc.identifier.bdepub | DOCA-200608-eng |
dc.subject.bde | Economía urbana y vivienda |
dc.subject.bde | Instituciones financieras no bancarias |
dc.publisher.bde | Madrid : Banco de España, 2006 |
dc.subject.jel | E43 |
dc.subject.jel | G12 |