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- Title
THE RELATIONSHIP BETWEEN HOUSING STARTS AND MORTGAGE AVAILABILITY.
- Authors
Thom, Rodney
- Abstract
Abstract--Sims' innovation-accounting techniques are used to investigate the relationship between housing starts and mortgage availability using U.S. monthly data over 1967-1984 First, a four variable vector autoregression is employed to compute impulse response functions. The results suggest that housing starts are significantly influenced by both interest rates and mortgage availability. Second, the estimated vector autoregression is used to compute a historical decomposition of the starts series using 1979(12) as the base period. The decomposition suggests that deregulation and the evolution of more competitive financial markets has led to a significant weakening of availability effects.
- Subjects
UNITED States; HOUSING finance; HOUSING starts; MORTGAGE loans; MORTGAGES; AUTOREGRESSION (Statistics); INTEREST rate futures; FINANCIAL institutions
- Publication
Review of Economics & Statistics, 1985, Vol 67, Issue 4, p693
- ISSN
0034-6535
- Publication type
Article
- DOI
10.2307/1924817