Long-run Supply and Demand Elasticities in the Spanish Housing Market
Arrazola, María (Universidad Rey Juan Carlos)
Romero Jordán, Desiderio (Universidad Rey Juan Carlos)
Sanz Sanz, José Félix (Universidad Complutense de Madrid)
Hevia, José de (Universidad Rey Juan Carlos)

Data: 2015
Resum: In this paper, we analyze housing supply and demand in Spain. Using data for 1975 to 2009, reduced form and structural models are estimated. The results show that faced with situations of disequilibrium, prices adjust more rapidly than stocks. Similarly, they demonstrate that demand shows low sensitivity to variations in prices and real interest rates. By contrast, it is highly sensitive to demographic changes and the evolution of the labor market. The evidence confirms that permanent income has greater weight than prices as a determinant of demand. On the contrary, supply is highly sensitive to variations in prices and interest rates.
Ajuts: Ministerio de Economía y Competitividad ECO2012-37572
Drets: Tots els drets reservats.
Llengua: Anglès
Document: Article ; recerca ; Versió publicada
Publicat a: Journal of real estate research, Vol. 37 Núm. 3 (2015) , p. 371-404, ISSN 0896-5803

Adreça alternativa: https://aresjournals.org/doi/abs/10.5555/0896-5803.37.3.371

34 p, 1.1 MB

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