Housing Markets in Europe A Macroeconomic Perspective
During the recession in the years 2008-2009, the most severe for mature economies in the post-war period, housing markets were often mentioned as having a special responsibility. The objective of this book is to shed light on the cyclical behaviour of the
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Olivier de Bandt • Thomas Knetsch • Juan Peñalosa Francesco Zollino Editors
Housing Markets in Europe A Macroeconomic Perspective
Editors Olivier de Bandt Banque de France 46-1405 DCPM rue Croix des Petits Champs 39 75049 Paris France [email protected]
Juan Peñalosa Banco de España Servicio de Estudios Alcala 48 28014 Madrid Spain [email protected]
Thomas Knetsch Deutsche Bundesbank Economics Department Wilhelm-Epstein-Straße 14 60431 Frankfurt am Main Germany [email protected]
Francesco Zollino Banca d’Italia Servizio Studi di Congiuntura e Politica Monetaria Via Nazionale 91 00184 Rome Italy [email protected]
ISBN 978-3-642-15339-6 e-ISBN 978-3-642-15340-2 DOI 10.1007/978-3-642-15340-2 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2010936193 © Springer-Verlag Berlin Heidelberg 2010 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use.
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Acknowledgements
The articles published in this book were discussed by academics and economists from central banks or international organisations during the conference held in Paris on 3 and 4 December 2009 on ”The macroeconomics of housing markets”. The authors wish to express their sincere appreciation to them. This includes, in alphabetical order: C. Andr´e (OECD), J. Ayuso (Banco de Espa˜na), D. Beau (Banque de France), A. Benito (Bank of England), R. Br¨uggemann (University of Konstanz), A. Diaz (University Carlos III), S. Dubecq (Banque de France), G. Dufr´enot (University AixMarseille and Banque de France), S. Frappa (Banque de France), G. Ferri (University of Bari), I. Ghattassi (Banque de France), S. Gr´egoir (Edhec Business School), P. Jaillet (Banque de France), J.S. M´esonnier (Banque de France), P. Moutot (European Central Bank), J. Muellbauer (Oxford University), F. Panetta (Banca d’Italia), G. P´erez-Quir´os (Banco de Espa˜na), A.F Pozzolo (University of Campobasso), J.P. Redouin (Banque de France), T. Wollmersh¨auser (Ifo Institute), G. Ziebarth (Deutsche Bundesbank). In addition, they warmly thank L. Ferrara (Banque de France), B. Rouvreau (Banque de France) and F. Robert (Ban
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