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作者

来源

HOUSING STUDIES,Vol.33,Issue3,P.408-432

语言

英文

关键字

House prices; regulations; the Netherlands; long-run equilibrium; COINTEGRATION VECTORS; ERROR-CORRECTION; RUN RELATIONSHIP; INCOME; FUNDAMENTALS; MODEL; CONSTRAINTS; INFLATION; PROPERTY; BUBBLES

作者单位

[Tu, Qi; de Haan, Jan; Boelhouwer, Peter] Delft Univ Technol, OTB Res Built Environm, Delft, Netherlands. [de Haan, Jan] Stat Netherlands, The Hague, Netherlands. Tu, Q (reprint author), Delft Univ Technol, OTB Res Built Environm, Delft, Netherlands. E-Mail: Q.Tu@tudelft.nl

摘要

This paper establishes a simple affordability model that implicitly incorporates the major Dutch market features to elucidate long-run house prices under a regulatory environment. The results reveal a long-run relationship for house prices under strict regulations. The association among house prices, income, interest rates, and inflation is verified using an aggregated dataset. In the long-run, incomes and interest rates function as the two prime forces driving price dynamics, whereas the role of inflation is limited.