02244cas a2200277 a 4500 AALejournalIMF013358 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475523621 1018-5941 BD-DhAAL BD-DhAAL Hirata, Hideaki. Global House Price Fluctuations : Synchronization and Determinants / Hideaki Hirata, Ayhan Kose, Christopher Otrok, Marco Terrones. Washington, D.C. : International Monetary Fund, 2013. 1 online resource (47 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We examine the properties of house price fluctuations across 18 advanced economies over the past 40 years. We ask two specific questions: First, how synchronized are housing cycles across these countries? Second, what are the main shocks driving movements in global house prices? To address these questions, we first estimate the global components in house prices and various macroeconomic and financial variables. We then evaluate the roles played by a variety of global shocks, including shocks to interest rates, monetary policy, productivity, credit, and uncertainty, in explaining house price fluctuations using a wide range of FAVAR models. We find that house prices are synchronized across countries, and the degree of synchronization has increased over time. Global interest rate shocks tend to have a significant negative effect on global house prices whereas global monetary policy shocks per se do not appear to have a sizeable impact. Interestingly, uncertainty shocks seem to be important in explaining fluctuations in global house prices. Mode of access: Internet Kose, Ayhan. Otrok, Christopher. Terrones, Marco. IMF Working Papers; Working Paper ; No. 2013/038 Full text available on IMF http://elibrary.imf.org/view/journals/001/2013/038/001.2013.issue-038-en.xml IMF e-Library