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The relationship between housing starts and mortgage availability

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  • Rodney Thom

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 in fluenced 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.
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Suggested Citation

  • Rodney Thom, 1984. "The relationship between housing starts and mortgage availability," Working Papers 198425, School of Economics, University College Dublin.
    • Handle: RePEc:ucn:wpaper:198425
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    File URL: http://hdl.handle.net/10197/1414
    File Function: First version, 1984
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    1. repec:rre:publsh:v:35:y:2005:i:3:p:311-35 is not listed on IDEAS
    2. McDonald, John F. & McMillen, Daniel P., 2000. "Residential Building Permits in Urban Counties: 1990-1997," Journal of Housing Economics, Elsevier, vol. 9(3), pages 175-186, September.

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