LEADER 06277oam 22014294 450 001 9910825683803321 005 20240402051731.0 010 $a1-4623-4870-X 010 $a1-4527-6721-1 010 $a1-283-51370-6 010 $a9786613826152 010 $a1-4519-1772-4 035 $a(CKB)3360000000443607 035 $a(EBL)1608822 035 $a(SSID)ssj0000943309 035 $a(PQKBManifestationID)11479832 035 $a(PQKBTitleCode)TC0000943309 035 $a(PQKBWorkID)10994228 035 $a(PQKB)11374517 035 $a(OCoLC)469983835 035 $a(IMF)WPIEE2009203 035 $a(IMF)WPIEA2009203 035 $a(MiAaPQ)EBC1608822 035 $a(EXLCZ)993360000000443607 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Drivers of Housing Cycles in Spain /$fPau Rabanal, Oriol Aspachs-Bracons 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (63 p.) 225 1 $aIMF Working Papers 300 $a"September 2009." 311 $a1-4518-7350-6 327 $aCover Page; Title Page; Copyright Page; Contents; Figures; Tables; I. Introduction; 1. Residential Investment (y-o-y real growth rate); 2. House Price Indices (y-o-y percent growth rate); 3. 3-Month T-Bill Rates in Spain and in the EMU; 4. Number of Households and Population. Annual Growth Rates; II. The Model; A. Households; B. Producers; B.1 Final Goods Producers; B.2 Intermediate Goods Producers; C. Closing the Model; C.1 Market Clearing Conditions; C.2 Monetary Policy Rule; III. Bayesian Estimation; A. Data; B. Priors and Posteriors; 1. Calibrated parameters 327 $a2a. Prior and Posterior Disributions5. Priors (black solid line) and Posteriors (red dashed line); 6. Priors (black solid line) and Posteriors (red dashed line); 2b. Prior and Posterior Disributions; C. Implications of the Model: Posterior Second Moments and Impulse Responses; C.1 Second Moments; 3a. Second Moments in Spain; 3b. Second Moments in the rest of EMU; 4. Variance Decomposition (in percent); C.2 Model Simulation; 7. Model Simulation with Smoothed Shocks. Percent Contribution of Each Shock to Overall Volatility; C.3 Impulse Responses 327 $a8. Posterior Impulse Responses (mean and 95% C.I.) to a Technology Shock in the Housing Sector9. Posterior Impulse Responses (mean and 95% C.I.) to a Preference Shock in the Housing Sector; 10. Posterior Impulse Responses (mean and 95% C.I.) to a Monetary Policy Shock in the Euro Area; IV. Robustness: The Role of Financial Frictions and Labor Market Rigidities; 5. Model Comparison; V. Conclusions; References; Footnotes 330 3 $aSince Spain joined the EMU, two main important factors behind the housing boom appear to be the decrease of nominal interest rates and demographic factors. In this paper we estimate a New Keynesian model of a currency area, using data for Spain and the rest of the EMU to study the importance of those factors. We also examine the role of different rigidities and find that labor market frictions are crucial to explain main features of the data. On the other hand, financial frictions that impose a collateral constraint on borrowing do not appear to be relevant. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/203 606 $aGlobal Financial Crisis, 2008-2009 606 $aMonetary policy 606 $aRisk 606 $aInfrastructure$2imf 606 $aInvestments: General$2imf 606 $aMacroeconomics$2imf 606 $aReal Estate$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aMonetary Policy$2imf 606 $aInternational Conflicts$2imf 606 $aNegotiations$2imf 606 $aSanctions$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aEconomic Development: Urban, Rural, Regional, and Transportation Analysis$2imf 606 $aHousing$2imf 606 $aHousing Supply and Markets$2imf 606 $aLabor Economics: General$2imf 606 $aInvestment$2imf 606 $aCapital$2imf 606 $aIntangible Capital$2imf 606 $aCapacity$2imf 606 $aProperty & real estate$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aConsumption$2imf 606 $aHousing prices$2imf 606 $aLabor$2imf 606 $aReturn on investment$2imf 606 $aNational accounts$2imf 606 $aPrices$2imf 606 $aSaving and investment$2imf 606 $aEconomics$2imf 606 $aLabor economics$2imf 607 $aSpain$2imf 615 0$aGlobal Financial Crisis, 2008-2009. 615 0$aMonetary policy. 615 0$aRisk. 615 7$aInfrastructure 615 7$aInvestments: General 615 7$aMacroeconomics 615 7$aReal Estate 615 7$aFinancial Markets and the Macroeconomy 615 7$aMonetary Policy 615 7$aInternational Conflicts 615 7$aNegotiations 615 7$aSanctions 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aEconomic Development: Urban, Rural, Regional, and Transportation Analysis 615 7$aHousing 615 7$aHousing Supply and Markets 615 7$aLabor Economics: General 615 7$aInvestment 615 7$aCapital 615 7$aIntangible Capital 615 7$aCapacity 615 7$aProperty & real estate 615 7$aLabour 615 7$aincome economics 615 7$aConsumption 615 7$aHousing prices 615 7$aLabor 615 7$aReturn on investment 615 7$aNational accounts 615 7$aPrices 615 7$aSaving and investment 615 7$aEconomics 615 7$aLabor economics 676 $a363.5 700 $aRabanal$b Pau$01627816 701 $aAspachs-Bracons$b Oriol$01685887 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910825683803321 996 $aThe Drivers of Housing Cycles in Spain$94058376 997 $aUNINA