• norsk
    • English
  • norsk 
    • norsk
    • English
  • Logg inn
Vis innførsel 
  •   Hjem
  • Norges Handelshøyskole
  • Thesis
  • Master Thesis
  • Vis innførsel
  •   Hjem
  • Norges Handelshøyskole
  • Thesis
  • Master Thesis
  • Vis innførsel
JavaScript is disabled for your browser. Some features of this site may not work without it.

The Q theory model of housing : a macroeconomic analysis of the dynamics in the Norwegian housing market

Skjeggedal, Eli
Master thesis
Thumbnail
Åpne
Skjeggedal 2012.PDF (940.0Kb)
Permanent lenke
http://hdl.handle.net/11250/169551
Utgivelsesdato
2012
Metadata
Vis full innførsel
Samlinger
  • Master Thesis [4657]
Sammendrag
This thesis develops a q theory model of housing, where the value of Norwegian housing, q,

is defined as the ratio of housing prices to the construction costs of new housing and housing

is defined as the aggregate housing stock in Norway’s national accounts. This thesis analyzes

the development in q during the period 1992-2011 and show that q is positively and

significantly related to housing investment when assuming that shocks in the economy are

both absent and present. In the assumption that shocks are present in the economy,

developments in income, debt, population, initiation of new housing construction, interest

rates and taxes where analyzed. Empirical estimates show that the developments in

population and interest rates in particular may explain the variance in q. The positive

relationship between the value of housing and the aggregate housing stock suggests that

there may be a presence of bubbles in the Norwegian housing market and that the dynamics

in the housing market may be influenced by non-fundamental variables such as animal

spirits and irrational exuberance. This finding must however be interpreted with caution

since it is difficult to measure bubbles before they have burst. In addition, the empirical

estimates have not accounted for all the variables that may impact the dynamics of the

housing market and it is discussed that land prices in particular may have contributed to the

rising housing prices. Thus it can neither be proved nor disproved that a bubble may exist in

the Norwegian housing market. Nevertheless, this does not alter the main result in this thesis,

that the value of housing is significantly related to housing investment according to the q

theory model of housing.

Kontakt oss | Gi tilbakemelding

Personvernerklæring
DSpace software copyright © 2002-2019  DuraSpace

Levert av  Unit
 

 

Bla i

Hele arkivetDelarkiv og samlingerUtgivelsesdatoForfattereTitlerEmneordDokumenttyperTidsskrifterDenne samlingenUtgivelsesdatoForfattereTitlerEmneordDokumenttyperTidsskrifter

Min side

Logg inn

Statistikk

Besøksstatistikk

Kontakt oss | Gi tilbakemelding

Personvernerklæring
DSpace software copyright © 2002-2019  DuraSpace

Levert av  Unit