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The Drivers of Housing Cycles in Spain

The Drivers of Housing Cycles in Spain by Pau Rabanal
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Since Spain joined the EMU, two main important factors behind the housing boom appear to be the decrease of nominal interest rates and demographic factors. In this paper we estimate a New Keynesian model of a currency area, using data for Spain and the rest of the EMU to study the importance of those factors. We also examine the role of different rigidities and find that labor market frictions are crucial to explain main features of the data. On the other hand, financial frictions that impose a collateral constraint on borrowing do not appear to be relevant.
International Monetary Fund; September 2009
39 pages; ISBN 9781452767215
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Title: The Drivers of Housing Cycles in Spain
Author: Pau Rabanal; Oriol Aspachs-Bracons