Determinants of Residential Investment Growth Rate in the US Economy (1992–2019)

References

• Arena, M., et al. 2020. Macroprudential Policies and House Prices in Europe. Working paper 20/03. IMF.
   Google Scholar
• Arestis, P., and A. R. González-Martínez. 2015. ‘Residential Construction Activity in OECD Economies.’ The Manchester School 83 (4): 451–474.
   Web of Science ®Google Scholar
• Baptista, R., et al. 2016. Macroprudential Policy in an Agent-Based Model of the UK Housing Market. Working Paper 619. Bank of England.
   Google Scholar
• Barba, A., and M. Pivetti. 2009. ‘Rising Household Debt: Its Causes and Macroeconomic Implications - A Long-Period Analysis.’ Cambridge Journal of Economics 33 (1): 113–137.
   Web of Science ®Google Scholar
• Bortis, H. 1997. Institutions, Behaviour and Economic Theory: A Contribution to Classical- Keynesian Political Economy. Cambridge: Cambridge University Press.
   Google Scholar
• Box, G. E. P., and D. R. Cox. 1964. ‘An Analysis of Transformations.’ Journal of the Royal Statistical Society Series B 26: 211–252.
   Google Scholar
• Braga, J. 2020. ‘Investment Rate, Growth, and the Accelerator Effect in the Supermultiplier Model: The Case of Brazil.’ Review of Keynesian Economics 8 (3): 454–466.
   Web of Science ®Google Scholar
• Brochier, L., and A. C. Macedo e Silva. 2017. ‘The Macroeconomics Implications of Consumption: State-of-art and Prospects for the Heterodox Future Research.’ Análise Econômica 35 (especial): 121–153.
   Google Scholar
• Brochier, L., and A. C. Macedo e Silva. 2019. “A Supermultiplier Stock-Flow Consistent Model: The “Return” of the Paradoxes of Thrift and Costs in the Long run?’ Cambridge Journal of Economics 43 (2): 413–442.
   Web of Science ®Google Scholar
• Castilho, P. A. F. 2020. ‘Desaceleração do crescimento, juros baixos e queda na parcela salarial na economia americana: Elementos para uma Interpretação Sraffiana’. PhD Dissertation, Universidade Federal do Rio de Janeiro.
   Google Scholar
• Cynamon, B. Z., and S. M. Fazzari. 2016. ‘Inequality, the Great Recession and Slow Recovery.’ Cambridge Journal of Economics 40 (2): 373–399.
   Web of Science ®Google Scholar
• Duesenberry, J. S. 1958. ‘Investment in Housing’. In Business Cycle and Economic Growth. New York: McGraw-Hill Book Co.
   Google Scholar
• Egebo, T., and P. Richardson. 1990. A model of housing investment for the major OECD economies. Working paper 63. OECD.
   Google Scholar
• Enders, W. 2014. Applied Econometric Time Series. Fourth Edition. Hoboken, NJ: John Wiley & Sons.
   Google Scholar
• Fair, R. 2018. ‘Macroeconometric Modeling’. url: https://fairmodel.econ.yale. edu/mmm2/mm.pdf (visited on 12/28/2018).
   Google Scholar
• Fiebiger, B. 2018. ‘Semi-autonomous Household Expenditures as the Causa Causans of Postwar US Business Cycles: The Stability and Instability of Luxemburg-Type External Markets.’ Cambridge Journal of Economics 42 (1): 155–175.
   Web of Science ®Google Scholar
• Fiebiger, B., and M. Lavoie. 2017. ‘Trend and Business Cycles with External Markets: Non- Capacity Generating Semi-Autonomous Expenditures and Effective Demand.’ Metroeconomica 70 (2): 247–262.
   Web of Science ®Google Scholar
• Freitas, F. N. P., and E. Dweck. 2013. ‘The Pattern of Economic Growth of the Brazil- ian Economy 1970–2005: A Demand-Led Growth Perspective.’ In Sraffa and the Reconstruction of Economic Theory: Volume Two: Aggregate Demand, Policy Analysis and Growth, edited by E. S. Levrero, A. Palumbo, and A. Stirati, 158–191. London: Palgrave Macmillan UK.
   Google Scholar
• Fuller, G. W., A. Johnston, and A. Regan. 2020. ‘Housing Prices and Wealth Inequality in Western Europe.’ West European Politics 43 (2): 297–320.
   Web of Science ®Google Scholar
• Gauger, J., and T. Coxwell Snyder. 2003. ‘Residential Fixed Investment and the Macroeconomy: Has Deregulation Altered Key Relationships?' The Journal of Real Estate Finance and Economics 27 (3): 335–354.
   Web of Science ®Google Scholar
• Girardi, D., and R. Pariboni. 2016. ‘Long-run Effective Demand in the US Economy: An Empirical Test of the Sraffian Supermultiplier Model.’ Review of Political Economy 28 (4): 523–544.
   Web of Science ®Google Scholar
• Girardi, D., and R. Pariboni. 2020. ‘Autonomous Demand and the Investment Share.’ Review of Keynesian Economics 8 (3): 428–453.
   Google Scholar
• Green, R. K. 2014. ‘International Comparisons of Mortgages.’ In Introduction to Mortgages & Mortgage Backed Securities, 107–122. Academic Press.
   Google Scholar
• Green, R. K., and S. M. Wachter. 2005. ‘The American Mortgage in Historical and International Context.’ Journal of Economic Perspectives 19 (4): 93–114.
   Web of Science ®Google Scholar
• Green, R. K. 1997. ‘Follow the Leader: How Changes in Residential and Non-Residential Investment Predict Changes in GDP.’ Real Estate Economics 25 (2): 253–270.
   Web of Science ®Google Scholar
• Guttmann, R. 2016. Finance-Led Capitalism. New York: Palgrave Macmillan US.
   Google Scholar
• Haluska, G., J. Braga, and R. Summa. 2020. ‘Growth, Investment Share and the Stability of the Sraffian Supermultiplier Model in the U.S. Economy (1985–2017).’ Metroeconomica 72 (2): 345–364.
   Web of Science ®Google Scholar
• Hamilton, J. D. 2017. Why You Should Never Use the Hodrick-Prescott Filter. Working Paper 23429. National Bureau of Economic Research: National Bureau of Economic Research.
   Google Scholar
• Huang, Y., et al. 2020. ‘Is Housing the Business Cycle? A Multiresolution Analysis for OECD Countries.’ Journal of Housing Economics 49: 1–23.
   Web of Science ®Google Scholar
• HUD. 2020. New Residential Constructions. Technical report. Washington, DC: Department of Housing and Urban Development.
   Google Scholar
• Johansen, S. 1991. ‘Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models.’ Econometrica 59 (6): 1551–1580.
   Web of Science ®Google Scholar
• Johnston, A., and A. Regan. 2017. ‘Global Finance, Labor Politics, and the Political Economy of Housing Prices.’ Politics & Society 45 (3): 327–358.
   Web of Science ®Google Scholar
• Jordà, Ò, M. Schularick, and A. M. Taylor. 2016. ‘The Great Mortgaging: Housing Finance, Crises and Business Cycles.’ Economic Policy 31 (85): 107–152.
   Web of Science ®Google Scholar
• Keynes, J. M. 1937. ‘The General Theory of Employment.’ The Quarterly Journal of Economics 51 (2): 209.
   Google Scholar
• Keynes, J. M. 1978. ‘The Collected Writings of John Maynard Keynes.’ In edited by E. Johnson, and D. Moggridge. First Edition. Vol. XXI, 434–439. Cambridge: Cambridge University Press.
   Google Scholar
• Kindleberger, C. P., and R. Z. Aliber. 2005. Manias, Panics, and Crashes: A History of Financial Crises. Fifth Edition. London: Palgrave Macmillan UK.
   Google Scholar
• Kohl, S. 2018. ‘More Mortgages, More Homes? The Effect of Housing Financialization on Homeownership in Historical Perspective.’ Politics & Society 46 (2): 177–203.
   Web of Science ®Google Scholar
• Kohlscheen, E., A. Mehrotra, and D. Mihaljek. 2018. Residential Investment and Economic Activity: Evidence from the Past Five Decades. Working paper 726. BIS: BIS.
   Google Scholar
• Kydland, F. E., P. Rupert, and R. Šustek. 2016. ‘Housing Dynamics Over the Business Cycle.’ International Economic Review 57 (4): 1149–1177.
   Web of Science ®Google Scholar
• Leamer, E. E. 2007. Housing IS the Business Cycle. Working Paper 13428. National Bureau of Economic Research.
   Google Scholar
• Leamer, E. E. 2015. ‘Housing Really Is the Business Cycle: What Survives the Lessons of 2008–09?' Journal of Money, Credit and Banking 47 (S1): 43–50.
   Web of Science ®Google Scholar
• Lütkepohl, H. 2005. New Introduction to Multiple Time Series Analysis. Berlin: New York: Springer. 764 pp.
   Google Scholar
• Mandarino, G. V., C. H. Dos Santos, and A. C. Macedo e Silva. 2020. ‘Workers’ Debt- Financed Consumption: A Supermultiplier Stock–Flow Consistent Model.’ Review of Keynesian Economics 8 (3): 339–364.
   Web of Science ®Google Scholar
• Mason, J. W. 2018. Income Distribution, Household Debt, and Aggregate Demand: A Critical Assessment. Working Paper 901. Annandale-On-Hudson, New York: Levy Economics Institute of Bard College.
   Google Scholar
• McCarthy, J., and R. Peach. 2002. ‘Monetary Policy Transmission to Residential Investment.’ Economic Policy Review 8 (5): 139–158.
   Google Scholar
• Mian, A., A. Sufi, and E. Verner. 2017. ‘Household Debt and Business Cycles Worldwide.’ The Quarterly Journal of Economics 132 (4): 1755–1817.
   Web of Science ®Google Scholar
• Moysich, A. 1997. ‘The Savings and Loan Crisis and Its Relationship to Banking.’ In History of the Eighties: Lessons for the Future, edited by F. D. I. Corporation. Vol. 1, 167–188. Washington, DC: FDIC.
   Google Scholar
• Ozel, B., et al. 2019. ‘Macroeconomic Implications of Mortgage Loan Requirements: An Agent-Based Approach.’ Journal of Economic Interaction and Coordination 14 (1): 7–46.
   Web of Science ®Google Scholar
• Pariboni, R. 2016. ‘Household Consumer Debt, Endogenous Money and Growth: A Supermultiplier-Based Analysis.’ PSL Quarterly Review 69 (278): 211–233.
   Web of Science ®Google Scholar
• Pérez-Montiel, J. A., and R. Pariboni. 2021. ‘Housing is NOT ONLY the Business Cycle: A Luxemburg-Kalecki External Market Empirical Investigation for the United States.’ Review of Political Economy 34 (1): 1–22.
   Web of Science ®Google Scholar
• Poterba, J. M. 1984. ‘Tax Subsidies to Owner-Occupied Housing: An Asset-Market Approach.’ The Quarterly Journal of Economics 99 (4): 729–752.
   Web of Science ®Google Scholar
• Serrano, F. 1995. ‘Long Period Effective Demand and the Sraffian Supermultiplier.’ Contributions to Political Economy 14 (1): 67–90.
   Google Scholar
• Sraffa, P. 1932. ‘Dr. Hayek on Money and Capital.’ The Economic Journal 42 (165): 42–53.
   Google Scholar
• Stockhammer, E., and R. Wildauer. 2016. ‘Debt-driven Growth? Wealth, Distribution and Demand in OECD Countries.’ Cambridge Journal of Economics 40 (6): 1609–1634.
   Web of Science ®Google Scholar
• Teixeira, L., and G. Petrini. 2023. ‘Long-run Effective Demand and Residential Investment: A Sraffian Supermultiplier Based Analysis.’ Review of Keynesian Economics 11 (1).
   Google Scholar
• Teixeira, L. 2015. ‘Crescimento liderado pela demanda na economia norte-americana nos anos 2000: uma análise a partir do supermultiplicador sraffiano com inflação de ativos’. PhD Dissertation, Universidade Federal do Rio de Janeiro.
   Google Scholar
• Topel, R., and S. Rosen. 1988. ‘Housing Investment in the United States.’ Journal of Political Economy 96 (4): 718–740.
   Web of Science ®Google Scholar
• Wall, L. D. 2010. ‘Too-big-to-fail After FDICIA.’ Economic Review 95 (1): 1–16.
   Google Scholar
• Yeo, I.-K., and R. A. Johnson. 2000. ‘A New Family of Power Transformations to Improve Normality or Symmetry.’ Biometrika 87 (4): 954–959.
   Web of Science ®Google Scholar