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SUMMARY:Residential construction activity in OECD economies - Dr  Ana Rosa
  González-Martínez
DTSTART:20141029T160000Z
DTEND:20141029T170000Z
UID:TALK53931@talks.cam.ac.uk
CONTACT:Clare Eaves
DESCRIPTION:The devastating consequences of the housing bubble\, which too
 k place in several OECD economies in 2007\, are still present in some of t
 hem\, thereby preventing economic revival. In this context\, it is importa
 nt to analyse the behaviour of investment in housing during the pre- and p
 ost-crisis period. This so since traditionally residential investment has 
 recovered quickly after an economic collapse. Moreover\, the dynamics of t
 he residential construction industry need to be analysed since this sector
  can be considered a strategic one\, due to its high impact on GDP\, emplo
 yment and the all important ‘pulling’ effects\, which arise from it. I
 n addition to that\, more research on residential investment is needed in 
 view of the lack of a consensus in the economic literature regarding the s
 pecification of an investment function for residential assets. The theoret
 ical framework\, which is developed in this contribution relates residenti
 al investment to a number of variables such as real disposable income\, re
 al house prices\, real interest rates for housing loans\, unemployment rat
 es and the volume of banking credit. This framework is subsequently estima
 ted in the case of 17 OECD economies over the period 1970-2013 employing t
 he Autoregressive Distributed Lag (ARDL) bounds cointegration technique. \
 n\nAna Rosa González-Martínez is a senior economist of the international
  modelling team\, Cambridge Econometrics. She was awarded her PhD at the U
 niversity of the Basque Country (Spain) in January 2014. An important part
  of the research which was carried out for her thesis “Modelling the Hou
 sing Market: Theoretical and Empirical Analyses of Some OECD Countries\, 1
 970-2011” was carried out while she was a visiting scholar at the Depart
 ment of Land Economy\, University of Cambridge\, from September 2011 until
  June 2013. Ana Rosa González-Martínez has co-authored several papers\, 
 which have been published in journals such as The Manchester School\, Inte
 rnational Review of Applied Economics\, Journal of Post Keynesian Economic
 s\, Panoeconomicus\, INTERVENTION: European Journal of Economics and Econo
 mic Policies\; Temas para el debate\; and Análise Econômica.
LOCATION:Mill Lane Lecture Room 4
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