Global House Price Fluctuations: Synchronization and Determinants

Hideaki Hirata, M. Ayhan Kose, Christopher Otrok, Marco E. Terrones

NBER Working Paper No. 18362
Issued in September 2012

---- Acknowledgments ----

We thank our discussants, Kirstin Hubrich and Leonardo Melosi, for their very useful suggestions. We are grateful for helpful comments from Stijn Claessens, Michael Fratantoni, Massimo Guidolin, Fabrizio Perri, Helen Rey, Barbara Rossi, Lars Svensson, Kenneth West, and participants at the 2012 NBER-ISOM Conference in Oslo, and at seminars at Indiana University, Purdue University and Emory University. An earlier version of this paper was circulated under the title "House Prices, Interest Rates and Macroeconomic Fluctuations: International Evidence." We thank Ezgi Ozturk for providing outstanding research assistance. The views expressed in this paper are those of the authors and do not necessarily represent those of the IMF or Federal Reserve Bank of St Louis. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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