TY  - BOOK
AU  - Tamirisa,Natalia T.
AU  - Igan,Deniz
AU  - Kabundi,Alain N.
AU  - Nadal De Simone,Francisco
AU  - Pinheiro,Marcelo
AU  - Tamirisa,Natalia T.
TI  - Three Cycles: Housing, Credit, and Real Activity 
T2  - IMF Working Papers; Working Paper
SN  - 1451873786 :
SN  - 1018-5941
PY  - 2009///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Business Cycle
KW  - imf
KW  - House Prices
KW  - Lead
KW  - Macro-Financial Linkages
KW  - Spillovers
KW  - Germany
KW  - Japan
KW  - Norway
KW  - Spain
KW  - United States
N2  - We examine the characteristics and comovement of cycles in house prices, credit, real activity and interest rates in advanced economies during the past 25 years, using a dynamic generalized factor model. House price cycles generally lead credit and business cycles over the long term, while in the short to medium term the relationship varies across countries. Interest rates tend to lag other cycles at all time horizons. While global factors are important, the U.S. business cycle, house price cycle and interest rate cycle generally lead the respective cycles in other countries over all time horizons, while the U.S. credit cycle leads mainly over the long term
UR  - http://elibrary.imf.org/view/IMF001/10513-9781451873788/10513-9781451873788/10513-9781451873788.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451873788
ER  -