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- Title
Real Estate Returns, Money and Fiscal Deficits: Is the Real Estate Market Efficient?
- Authors
Darrat, Ali F.; Glascock, John L.
- Abstract
This research examines the causal relationship between several financial variables and a portfolio of real estate returns using monthly data from January 1965 to December 1986. The empirical analysis is based on multivariate Granger-causality tests in conjunction with Akaike's final prediction error criterion. The results indicate that measures approximating monetary policy and market returns play an important role in causing changes in real estate returns. In particular. our findings suggest that base money and market returns have had significant lagged effects on current real estate returns.
- Subjects
REAL property; ECONOMIC policy; PUBLIC spending; FISCAL policy; MONEY supply; MONETARY policy
- Publication
Journal of Real Estate Finance & Economics, 1989, Vol 2, Issue 3, p197
- ISSN
0895-5638
- Publication type
Article
- DOI
10.1007/BF00152348