publications new

 

Abstract

This articel examines the link between the population structure and housing prices. We use a panel of 23 countries from 1976 to 2013 in our empirical analysis. We find statistically significant impacts of the proportion of the economically active population aged 15-64 to the total population on housing-price growth. Our study supports a policy for stable population growth to moderate housing-price growth and economic cylces.

Abstract

This articel proposes power transformation of absolute returns as a new proxy of latent volatility in the stochastic model. We generalize Giles´(2008) reuslts in that we place no restriction on the power of absolute returns. An empirical investigation on the bias, mean square error, and relative bias is carried out for the proposed proxy. Simulation resutls show that the new estimator exhibiting negligible bias appears to be more efficient than the unbiased estimator with high variance.