标 题：Commodity House Prices
报告人：Charles Ka Yui Leung, City University of Hong Kong
主持人： Yan Dong, Associate Professor, RIEM
时 间：2013年4月26日(星期五)下午13:55--15:30
地 点：颐德楼 H505，Yide Hall, Liulin Campus
主办单位：经济与管理研究院 科研处
演讲人简介：
Charles Ka Yui Leung received his B.S.Sc. at the Chinese University of Hong Kong in 1991 and Ph.D. atUniversity of Rochester in 1996. He has taught at the Chinese University of Hong Kong (Department of Economics). He received the Fulbright Scholarship (Research) in year 2004-5 and has been a visiting scholar at both Fisher Center for Real Estate and Urban Economics at Haas School of Business, University of California, Berkeley; and Hoover Institution, Stanford University.
摘要: This paper studies how commodity price movements have affected the local house prices in commodity-dependent economies, Australia and New Zealand. Using a simple and geographically hierarchical empirical model, we find the commodity prices influence local house prices directly and also indirectly through macroeconomic variables. While commodity price changes function more like “income shocks” rather than “cost shocks” in both Australia and New Zealand, regional heterogeneity is also observed in terms of differential dynamic responses of local house prices to energy versus non-energy commodity price movements. The results are robust to alternative approaches. Directions for future research are also discussed.
