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Booms and Busts in the UK Housing Market.

Abstract:

The often volatile behavior of U.K. house prices between 1957 and 1994 is analyzed in an annual econometric model. Theory suggests that financial liberalization of mortgage markets in the 1980s should have led to notable shifts in house price behavior. The evidence supports the predictions of theory, suggesting shifts took place in wealth effects, as in the consumption function, and that real interest rates and income expectations became more important. The presence of transactions costs sugg...

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Authors


John Muellbauer More by this author
Anthony Murphy More by this author
Journal:
Economic Journal
Volume:
107
Publication date:
1997
URN:
uuid:f6f16520-6c72-43c0-b9ed-c0c6fc5dc318
Local pid:
oai:economics.ouls.ox.ac.uk:10549
Language:
English

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