Abstract

https://ssrn.com/abstract=2896439
 


 



Importance of Demographics for Housing in the OECD Economies


Philip Arestis


University of Cambridge - Department of Land Economy; Universidad del País Vasco (UPV/EHU)

Ana Rosa Gonzalez‐Martinez


Cambridge Econometrics

January 2017

Bulletin of Economic Research, Vol. 69, Issue 1, pp. 1-22, 2017

Abstract:     
The aim of this contribution is to study the role of demographics in the explanation of house prices in the last few decades. Special attention is paid to the role, which has been played by three groups of population that have different necessities in terms of the amount of housing services that they wish to consume: (a) population aged between 25 and 44 years old; (b) population aged between 45 and 64 years old; and (c) retirees. Following our discussion of recent trends in demographics and relevant stylized facts, the construction of a theoretical framework ensues; finally we provide empirical evidence in the case of 17 OECD economies over the period 1970–2013, discuss it in relation to our theoretical framework before we summarize and conclude.

Number of Pages in PDF File: 22

Keywords: cointegration, demographics, house prices, OECD economies

JEL Classification: C22, R31


Date posted: January 10, 2017  

Suggested Citation

Arestis, Philip and Gonzalez‐Martinez, Ana Rosa, Importance of Demographics for Housing in the OECD Economies (January 2017). Bulletin of Economic Research, Vol. 69, Issue 1, pp. 1-22, 2017. Available at SSRN: https://ssrn.com/abstract=2896439 or http://dx.doi.org/10.1111/boer.12072

Contact Information

Philip Arestis (Contact Author)
University of Cambridge - Department of Land Economy ( email )
19 Silver Street
Cambridge, CB3 9EP
United Kingdom
Universidad del País Vasco (UPV/EHU)
Barrio Sarriena s/n
Leioa, Bizkaia 48940
Spain
Ana Rosa Gonzalez‐Martinez
Cambridge Econometrics
Reuben House
Covent Garden
Cambridge, CB1 2HT
United Kingdom
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