Housing market spillovers in South Africa : evidence from an estimated small open economy DSGE model

dc.contributor.authorGupta, Rangan
dc.contributor.authorSun, Xiaojin
dc.date.accessioned2019-09-16T08:53:43Z
dc.date.issued2020-05
dc.description.abstractThis paper evaluates the impact of housing market spillovers on a small open economy, namely South Africa, using a small open economy new Keynesian dynamic stochastic general equilibrium model which explicitly incorporates a housing sector. Using quarterly data covering the period of 1971:Q1–2015:Q3, we obtain the following set of results: (a) over the business cycle, the housing preference shock and the technology shock in the consumption sector drive most of the fluctuations of real house price; (b) the spillover effects of the housing market to the boarder economy are not negligible; (c) the central bank of South Africa has actively responded to house price movements over the past 45 years; and (d) the flexible exchange rate policy has helped South Africa maintain the macroeconomic stability to a large extent.en_ZA
dc.description.departmentEconomicsen_ZA
dc.description.embargo2019-11-28
dc.description.librarianhj2019en_ZA
dc.description.urihttp://link.springer.com/journal/181en_ZA
dc.identifier.citationGupta, R. & Sun, X. Housing market spillovers in South Africa: evidence from an estimated small open economy DSGE model. Empirical Economics 58, 2309–2332 (2020). https://doi.org/10.1007/s00181-018-1613-6.en_ZA
dc.identifier.issn0377-7332 (print)
dc.identifier.issn1435-8921 (online)
dc.identifier.other10.1007/s00181-018-1613-6
dc.identifier.urihttp://hdl.handle.net/2263/71355
dc.language.isoenen_ZA
dc.publisherSpringeren_ZA
dc.rights© Springer-Verlag GmbH Germany, part of Springer Nature 2018. The original publication is available at http://link.springer.comjournal/181.en_ZA
dc.subjectHousing marketen_ZA
dc.subjectSpilloversen_ZA
dc.subjectMonetary policyen_ZA
dc.subjectDynamic stochastic general equilibrium (DSGE) modelen_ZA
dc.subjectSouth Africa (SA)en_ZA
dc.titleHousing market spillovers in South Africa : evidence from an estimated small open economy DSGE modelen_ZA
dc.typePostprint Articleen_ZA

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