House prices and labour productivity growth: Evidence from OECD countries

References

• Abdel-Wahab, M., and Vogl, B., 2011. Trends of productivity growth in the construction industry across Europe, US and Japan. Construction management and economics, 29 (6), 635–644.
   Google Scholar
• Atalay, K., Barrett, G., and Edwards, R., 2016. House prices, household debt and labour supply in Australia, AHURI Final Report No. 266. Melbourne: Australian Housing and Urban Research Institute.
   Google Scholar
• Baffes, J., Kabundi, A., and Nagle, P., 2022. The role of income and substitution in commodity demand. Oxford Economic Papers, 74 (2), 498–522.
   Web of Science ®Google Scholar
• Carbonara, E., et al., 2021. The impact of intellectual property rights on labor productivity: Do constitutions matter? Industrial and corporate change, 30 (4), 884–904.
   Web of Science ®Google Scholar
• Chancellor, W., 2015. Drivers of productivity: a case study of the Australian construction industry. Construction economics and building, 15 (3), 85–97.
   Google Scholar
• Cigdem-Bayram, M., Ong, R., and Wood, G., 2017. A new look at the channels from housing to employment decisions. AHURI Final Report No. 275. Melbourne: Australian Housing and Urban Research Institute.
   Google Scholar
• Colford, C. (2016). Productivity for prosperity: ‘In the long run, it is almost everything’. November 15, 2016. https://blogs.worldbank.org/psd/productivity-prosperity-long-run-it-almost-everything?cid=SHR_BlogSiteEmail_EN_EXT
   Google Scholar
• Coppedge, M., et al., 2023. V-Dem Codebook v13" Varieties of Democracy (V-Dem) Project.
   Google Scholar
• Corradin, S., and Popov, A., 2015. House prices, home equity borrowing and entrepreneurship. The review of financial studies, 28 (8), 2399–2428.
   Web of Science ®Google Scholar
• de Chaisemartin, C., and D’Haultfœuille, X., 2020. Two-way fixed effects estimators with heterogeneous treatment effects. American economic review, 110 (9), 2964–2996.
   Web of Science ®Google Scholar
• Dieppe, A., 2020. Global productivity: trends, drivers and policies. Washington, DC: World Bank.
   Google Scholar
• Dodson, J., et al., 2017. Housing, multi-level governance and economic productivity. AHURI Final Report No.284. Melbourne: Australian Housing and Urban Research Institute.
   Google Scholar
• Doerr, S., 2020. Housing booms, reallocation and productivity. BIS Working Papers No, 904, https://www.bis.org/publ/work904.pdf
   Google Scholar
• Duca, J.V., Muellbauer, J., and Murphy, A., 2011. House prices and credit constraints: Making sense of the US experience. The economic journal, 121 (552), 533–551.
   Web of Science ®Google Scholar
• Farzanegan, M.R., Gholipour, H.F., and Javadian, M., 2023. Air pollution and internal migration: evidence from an Iranian household survey. Empirical economics, 64, 223–247.
   Web of Science ®Google Scholar
• Gholipour, H.F., 2020. Urban house prices and investments in small and medium-sized industrial firms: Evidence from Provinces of Iran. Urban studies, 57 (16), 3347–3362.
   Web of Science ®Google Scholar
• Gholipour, H.F., et al., 2021. Urban House Prices and Business Establishment in Malaysia: A sectoral approach. International journal of strategic property management, 25 (6), 459–468.
   Web of Science ®Google Scholar
• Gholipour, H.F., and Tajaddini, R., 2017. Housing wealth, financial wealth and consumption expenditure: The role of consumer confidence. Journal of real estate finance and economics, 54, 216–236.
   Web of Science ®Google Scholar
• Gygli, S., et al., 2019. The KOF globalisation index – revisited. The review of international organizations, 14, 543–574.
   Web of Science ®Google Scholar
• Harrison, P., 2007. Can measurement error explain the weakness of productivity growth in the Canadian construction industry? Centre for the study of living standards. International productivity monitor, 14 (1), 53–70.
   Google Scholar
• Huang, A.L., Chapman, R.E., and Butry, D.T., 2009. Metrics and tools for measuring construction productivity: Technical and empirical considerations. Gaithersburg, MD: US Department of Commerce, National Institute of Standards and Technology.
   Google Scholar
• Imai, K., and Kim, I., 2021. On the use of two-way fixed effects regression models for causal inference with panel data. Polit anal, 29 (3), 405–415.
   Web of Science ®Google Scholar
• Jordà, Ò., et al., 2019. The rate of return on everything, 1870–2015. The quarterly journal of economics, 134 (3), 1225–1298.
   Web of Science ®Google Scholar
• Kose, M.A., Sugawara, N., and Terrones, M., 2020. Global recessions. Policy Research Working Paper 9172, Washington, DC: World Bank.
   Google Scholar
• Kose, M.A., and Terrones, M., 2015. Collapse and revival: Understanding global recessions and recoveries. Washington, DC: International Monetary Fund.
   Google Scholar
• Kropko, J., and Kubinec, R., 2020. Interpretation and identification of within-unit and cross-sectional variation in panel data models. PLoS one, 15 (4), e0231349.
   PubMed Web of Science ®Google Scholar
• Krugman, P., 1994. The age of diminished expectations. Boston: MIT Press.
   Google Scholar
• Leishman, C., et al., 2021. Relationships between metropolitan, satellite and regional city size, spatial context and economic productivity, AHURI Final Report No. 357. Melbourne: Australian Housing and Urban Research Institute Limited.
   Google Scholar
• Liu, G., Huang, Y., and Albitar, K., 2022. The impact of urban housing prices on labour mobility: evidence from cities in China. Economic Research-Ekonomska Istraživanja, 36 (2): 2106284.
   Google Scholar
• Maclennan, D., Ong, R., and Wood, G., 2015. Making connections: housing, productivity and economic development, AHURI Final Report No. 251, Australian Housing and Urban Research Institute Limited, Melbourne.
   Google Scholar
• Maclennan, D., et al., 2018. Making better economic cases for housing polices: report to the New South Wales Federation of Housing Associations.
   Google Scholar
• Maclennan, D., et al., 2019. Strengthening economic cases for housing policies. Sydney, Australia: UNSW City Futures Research Centre.
   Google Scholar
• Maclennan, D., Long, J., & Leishman, C. 2021. Housing and productivity: all or nothing at all? Sydney: UNSW City Futures Research Centre. https://cityfutures.be.unsw.edu.au/
   Google Scholar
• Mallick, J., 2015. Globalisation, structural change and labour productivity growth in BRICS Economy. Working paper no. 141. FIW-Research Centre for International Economics, Austria Institute of Economic Research (WIFO), Austria.
   Google Scholar
• Miao, J., and Wang, P., 2014. Sectoral bubbles, misallocation and endogenous growth. Journal of mathematical economics, 53, 153–163.
   Web of Science ®Google Scholar
• OECD 2022a. Labour productivity and utilisation (indicator). [Accessed 15 December 2022]
   Google Scholar
• OECD 2022b. Housing prices (indicator). [Accessed 15 December 2022].
   Google Scholar
• OECD 2022c. Investment (GFCF) (indicator). [Accessed 15 December 2022].
   Google Scholar
• Ong, R., & Leishman, C. (2020). Home truths: the role of housing in economic recovery. October 2020. Available from: https://cedakenticomedia.blob.core.windows.net/cedamediacontainer/kentico/media/researchcataloguedocuments/pdfs/housing-and-the-economy-oct2020-final.pdf
   Google Scholar
• Pawson, H., Randolph, B., Aminpour, F., & Maclennan, D. (2021). Housing and the economy: Interrogating Australian experts’ views. Sydney: UNSW City Futures Research Centre. https://cityfutures.ada.unsw.edu.au/documents/647/Delphi_report_v2.pdf
   Google Scholar
• Pawson, H., Randolph, B., Aminpour, F., & Maclennan, D., (2021). Housing and the economy: Interrogating Australian experts’ views. Sydney: UNSW City Futures Research Centre. https://cityfutures.be.unsw.edu.au/
   Google Scholar
• Pesaran, M.H., 1997. The role of economic theory in modelling the long run. The economic journal, 107 (440), 178–191.
   Web of Science ®Google Scholar
• Pesaran, M.H., Shin, Y., and Smith R.P., 1997. Estimating long-run relationships in dynamic heterogeneous panels. DAE Working Papers Amalgamated Series 9721.
   Google Scholar
• Pesaran, M.H., Shin, Y., and Smith, R.P., 1999. Pooled mean group estimation of dynamic heterogeneous panels. Journal of the american statistical association, 94 (446), 621–634.
   Web of Science ®Google Scholar
• RBA 2019. Statement on monetary policy, December 2019, Sydney, Australia: Reserve Bank of Australia.
   Google Scholar
• Rodríguez-Pose, A., and Ganau, R., 2022. Institutions and the productivity challenge for European regions. Journal of economic geography, 22 (1), 1–25.
   Web of Science ®Google Scholar
• Rojas, E.M., and Aramvareekul, P., 2003. Is construction labor productivity really declining? Journal of construction engineering and management, 129 (1), 41–46.
   Web of Science ®Google Scholar
• Rong, Z., Wang, W., and Gong, Q., 2016. Housing price appreciation, investment opportunity and firm innovation: Evidence from China. Journal of housing economics, 33, 34–58.
   Web of Science ®Google Scholar
• Schmalz, M.C., Sraer, D.A., and Thesmar, D., 2017. Housing collateral and entrepreneurship. The journal of finance, 72 (1), 99–132.
   Web of Science ®Google Scholar
• The Growth Lab at Harvard University. 2019. Growth Projections and Complexity Rankings, V2. [Data set].
   Google Scholar
• World Bank (2023a). GDP (constant 2015 US$). Available from: https://data.worldbank.org/indicator/NY.GDP.MKTP.KD
   Google Scholar
• World Bank (2023b). School enrollment, tertiary (% gross). Available from: https://data.worldbank.org/indicator/SE.TER.ENRR
   Google Scholar
• World Bank (2023c). Population ages 15-64 (% of total population). Available from: https://data.worldbank.org/indicator/SP.POP.1564.TO.ZS
   Google Scholar
• World Economic Forum (2019). The Global Competitiveness Report 2019. Available from: https://www3.weforum.org/docs/WEF_TheGlobalCompetitivenessReport2019.pdf
   Google Scholar