US housing prices strongly influenced by news, says Bank of Portugal paper
News shocks emerge as relevant sources of macroeconomic fluctuations in the US housing market, and significantly contributed to the two boom and bust periods since the 1970s, according to a Bank of Portugal paper published on January 23.
Sandra Gomes and Caterina Mendicino, the paper's authors, use US survey data to quantify the role of expectation-driven cycles for housing market fluctuations in the US economy. The authors say news shocks related to these sectors of the economy could
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