Housing Markets in Europe

A Macroeconomic Perspective

  • Olivier de Bandt
  • Thomas Knetsch
  • Juan Peñalosa
  • Francesco Zollino

Table of contents

  1. Front Matter
    Pages i-xix
  2. Introductory Lecture

    1. Front Matter
      Pages 1-1
  3. Housing and the Business Cycles

    1. Front Matter
      Pages 17-17
    2. Luis J. Álvarez, Alberto Cabrero
      Pages 61-84
    3. Luis J. Álvarez, Guido Bulligan, Alberto Cabrero, Laurent Ferrara, Harald Stahl
      Pages 85-103
    4. Olivier de Bandt, Karim Barhoumi, Catherine Bruneau
      Pages 129-158
  4. Macroeconomic Models of Housing

  5. Wealth Effects

    1. Front Matter
      Pages 261-261
    2. Valerie Chauvin, Olivier Damette
      Pages 263-282
    3. Luc Arrondel, Frédérique Savignac
      Pages 337-356
  6. Housing, Economic Policy and Financial Stability

    1. Front Matter
      Pages 357-357
    2. Vladimir Borgy, Laurent Clerc, Jean-Paul Renne
      Pages 359-383
    3. Pamfili Antipa, Christophe Schalck
      Pages 385-406

About this book


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 housing markets, its fundamental determinants in terms of supply and demand characteristics, and its relationship with the overall business cycle. The co-movements of house prices across countries are also considered, as well as the channel of transmission of house price changes to the rest of the economy. Particular attention is paid to the effects on private consumption, through possible wealth effects. The book is a compilation of original papers produced by economists and researchers from the four main national central banks in the euro area, also with the participation of leading academics.


Euro Euro area Housing Market Real Estate applied quantitative macroeconomics business cycles economic policy fiscal policy housing markets real estate economics wealth effects

Editors and affiliations

  • Olivier de Bandt
    • 1
  • Thomas Knetsch
    • 2
  • Juan Peñalosa
    • 3
  • Francesco Zollino
    • 4
  1. 1., 46-1405 DCPMBanque de FranceParisFrance
  2. 2., Economics DepartmentDeutsche BundesbankFrankfurt am MainGermany
  3. 3., Servicio de EstudiosBanco de EspañaMadridSpain
  4. 4., Servizio Studi di Congiuntura e PoliticaBanca d'ItaliaRomeItaly

Bibliographic information

  • DOI
  • Copyright Information Springer-Verlag Berlin Heidelberg 2010
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Business and Economics
  • Print ISBN 978-3-642-15339-6
  • Online ISBN 978-3-642-15340-2
  • Buy this book on publisher's site