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Overvaluation in Australian housing and equity markets: wealth effects or monetary policy?

Fry, Renee A; Martin, Vance L; Voukelatos, Nicholas


A structural vector autoregression model is used to identify overvaluation in house prices in Australia from 2002 to 2008. An important feature is the development of a housing sector where long-run restrictions are derived from theory to identify housing demand and supply shocks. The results show strong evidence of overvaluation in real house prices, reaching a peak of just over 15 per cent by the end of 2003. Factors driving overvaluation are housing demand shocks before 2006 and post-2006...[Show more]

CollectionsANU Research Publications
Date published: 2010-12
Type: Journal article
Source: Economic Record 86.275 (2010): 465-485
DOI: 10.1111/j.1475-4932.2010.00639.x


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