Brussels, 21 November 2005
The goal of the workshop was to bring together researchers, policy makers and market representatives in order to explore how housing and mortgage markets impact on economic performance in the EU and to derive possible implications for macro and microeconomic policies.
Programme(22 kB) (pdf file 25 kb)
The workshop was organised around three sessions and a panel discussion with a general discussion at the end of each session.
Session 1: Macro-linkages and transmission channels
Session 2: Determinants of house prices
Session 3: Evolving mortgage market structures
Session 4: Panel discussion on micro- and macroeconomic policy implications.
Contributions. Copyright with the authors
- Nathalie Girouard (OECD): Housing markets, wealth and the business cycle - presentation (77 kB) (pdf file 70 kb) and Paper (306 kB) (pdf file 300 kb)
- Joachim Keller (ECB): Estimating housing and financial wealth effects - presentation) (442 kB) (pdf files 423 kb) CESifo Working Paper No. 1443, April 2005 (842 kB) (pdf file 820 kb) and ECB Occasional Paper No. 29, June 2005
- Elmer Sterken (Professor of monetary economics, University of Groningen): A multi-country analysis on the response of the economies to shocks in housing and equity prices -presentation (403 kB) (pdf file 380 kb) and Paper (391 kB) (pdf file 380 kb)
- Marco Terrones (IMF): House prices, interest rates and macroeconomic fluctuations: international evidence - presentation (135 kB) (pdf file 120 kb)
- Kostas Tsatsaronis (BIS): What drives housing price dynamics: cross-country evidence - presentation (636 kB) (pdf file 610 kb) and paper in BIS Quarterly Review, March 2004 (external link)
- Michael Ball (Professor of urban and property economics, University of Reading Business School): Recent housing market performance in Europe: correlations, causes and consequences (presentation) (75 kB) (pdf file 46 kb)
- Patrick McGuire (BIS): Twin peaks in equity and housing prices -presentation (395 kB) (pdf file 375 kb) and paper in BIS Quarterly Review, March 2004 (external link)
- Debora Revoltella and Fabio Mucci (Unicredit Group): Household lending markets in the enlarged Europe - presentation (637 kB) (pdf file 615 kb)
- Michael Nadler (Assistant Professor of Real Estate Development and Real Estate Finance, University of Technology Kaiserslautern): Evaluating housing finance systems -presentation (846 kB) (pdf file 830 kb). Paper of January 2005 (158 kB) (pdf file 160 kb) and link to UNECE Study, 2005 (external link)
- Harsha Shewaram (DG MARKT): The Green Paper on Mortgage Credit in the EU (DG Markt)
- Richard Johnson (London Economics): The costs and benefits of EU mortgage market integration - presentation (56 kB) (pdf file 40 kb) and study (DG Markt)
- Hans-Joachim Duebel (Finpolconsult.de): Macro implications of structural idiosyncrasy of EU mortgage markets -presentation (381 kB) (pdf file 335 kb)