Does TFP Drive Housing Prices? A Growth Accounting Exercise for Four Countries
University of Cagliari
European Central Bank (ECB)
December 5, 2011
Banco de Espana Working Paper No. 1133
Housing prices diverge from construction prices after 1997 in four major countries. Besides, TFP differences between construction and the general economy account for the evolution of construction prices in the U.S. and Germany, but not in the U.K. and Spain.
Number of Pages in PDF File: 15
Keywords: housing prices, TFP, growth accounting, Cobb-Douglas
JEL Classification: E01, E23, E25, E32
Date posted: December 5, 2011
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