Movements in real estate uncertainty in the United States : the role of oil shocks

dc.contributor.authorGupta, Rangan
dc.contributor.authorSheng, Xin
dc.contributor.authorJi, Qiang
dc.date.accessioned2020-10-19T07:44:13Z
dc.date.issued2021
dc.description.abstractIn 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.departmentEconomicsen_ZA
dc.description.embargo2021-01-21
dc.description.librarianhj2020en_ZA
dc.description.sponsorshipThe National Natural Science Foundation of Chinaen_ZA
dc.description.urihttp://www.tandfonline.com/loi/rael20en_ZA
dc.identifier.citationGupta, 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.issn1350-4851 (print)
dc.identifier.issn1466-4291 (online)
dc.identifier.other10.1080/13504851.2020.1796911
dc.identifier.urihttp://hdl.handle.net/2263/76532
dc.language.isoenen_ZA
dc.publisherRoutledgeen_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.subjectReal estate uncertainty (REU)en_ZA
dc.subjectOil shocksen_ZA
dc.subjectLocal projection modelen_ZA
dc.subjectImpulse response functionsen_ZA
dc.titleMovements in real estate uncertainty in the United States : the role of oil shocksen_ZA
dc.typePostprint Articleen_ZA

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