15 Pages Posted: 5 Dec 2011
Date Written: December 5, 2011
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.
Keywords: housing prices, TFP, growth accounting, Cobb-Douglas
JEL Classification: E01, E23, E25, E32
Suggested Citation: Suggested Citation
Moro, Alessio and Nuño, Galo, Does TFP Drive Housing Prices? A Growth Accounting Exercise for Four Countries (December 5, 2011). Banco de Espana Working Paper No. 1133. Available at SSRN: https://ssrn.com/abstract=1968364 or http://dx.doi.org/10.2139/ssrn.1968364
By Jie Gan