Does TFP drive housing prices? A growth accounting exercise for four countries

Series: Working Papers. 1133.

Author: Alessio Moro and Galo Nuño.

Full document

Does TFP drive housing prices? A growth accounting exercise for four countries (459 KB)

Abstract

Housing prices diverge from construction prices after 1997 in four major countries. Besides, TFP differences between construction and the general economy account for the evolution of construction prices in the U.S. and Germany, but not in the U.K. and Spain.