The differential effects of exchange rate fluctuations on local housing price growth: evidence from Australia
研究了实际汇率波动如何通过移民构成差异对不同地方住房市场产生不同影响，发现地方实际汇率增长正向影响房价增长，且主要在城市大都市区。
We investigate whether real exchange rate fluctuations contribute to the fluctuations in housing prices differently across local housing markets through the differential compositions of immigrants. We first develop a new measure of the immigrant-weighted local real exchange rate, which varies across areas and over time within Australia. Using this measure and a fixed-effect instrumental variables approach, we find that the growth in local real exchange rate positively affects housing price growth. This positive relationship is mainly driven by urban metropolitan areas.