Movements in real estate uncertainty in the United States : the role of oil shocks
dc.contributor.author | Gupta, Rangan | |
dc.contributor.author | Sheng, Xin | |
dc.contributor.author | Ji, Qiang | |
dc.date.accessioned | 2020-10-19T07:44:13Z | |
dc.date.issued | 2021 | |
dc.description.abstract | In this paper, we analyse the role played by disaggregated oil shocks in driving real estate uncertainty (REU) over the monthly period of 1975:02 to 2017:12, based on impulse response functions generated from the local projection method. We find that the oil-specific consumption demand shock is statistically the strongest predictor of higher future REU, followed by the significant negative impact from the aggregate supply shock, especially for long-run REU. While the oil inventory demand shock has a short-lived positive impact on REU, global economic activity shock virtually plays no role in driving the same. Our results have important implications for policymakers and investors. | en_ZA |
dc.description.department | Economics | en_ZA |
dc.description.embargo | 2021-01-21 | |
dc.description.librarian | hj2020 | en_ZA |
dc.description.sponsorship | The National Natural Science Foundation of China | en_ZA |
dc.description.uri | http://www.tandfonline.com/loi/rael20 | en_ZA |
dc.identifier.citation | Gupta, R., Sheng, X. & Ji, Q. 2021, 'Movements in real estate uncertainty in the United States : the role of oil shocks', Applied Economics Letters, vol. 28, no. 13, pp. 1059-1065, doi: 10.1080/13504851.2020.1796911. | en_ZA |
dc.identifier.issn | 1350-4851 (print) | |
dc.identifier.issn | 1466-4291 (online) | |
dc.identifier.other | 10.1080/13504851.2020.1796911 | |
dc.identifier.uri | http://hdl.handle.net/2263/76532 | |
dc.language.iso | en | en_ZA |
dc.publisher | Routledge | en_ZA |
dc.rights | © 2020 Informa UK Limited, trading as Taylor & Francis Group. This is an electronic version of an article published in Applied Economics Letters, vol. 28, no. 13, pp. 1059-1065, 2021. doi : 10.1080/13504851.2020.1796911. Applied Economics Letters is available online at : http://www.tandfonline.com/loi/rael20. | en_ZA |
dc.subject | Real estate uncertainty (REU) | en_ZA |
dc.subject | Oil shocks | en_ZA |
dc.subject | Local projection model | en_ZA |
dc.subject | Impulse response functions | en_ZA |
dc.title | Movements in real estate uncertainty in the United States : the role of oil shocks | en_ZA |
dc.type | Postprint Article | en_ZA |