House Price Appreciation, Transactions and Structural Change in the British Housing Market: A Macroeconomic Perspective
利用英国总量时间序列数据，发现房价与交易量在1990年代后关系发生结构性变化，交易量显著降低，并指出不平等加剧可能引发更多宏观结构变化。
This paper constitutes the first of two interrelated studies and is concerned with the relationship between house prices and transactions. Using aggregate time–series data, we find a strong relationship in Britain between the two variables, but the relationship changed during the 1990s. Transactions became much lower. We suggest that structural changes in macroeconomic relationships are increasingly likely to occur in a world of greater inequality and our results are one symptom. We argue that macroeconomic estimation needs to be complemented by careful microeconomic analysis. The second study, also appearing in this issue, therefore examines the microeconomic aspects of the issue.