International Conference on Construction and Real Estate Management 2016
Application Research on a Correlation Analysis of Real Estate Price and Gross Domestic Product Based on Combined Measurement Models
Publication: ICCREM 2016: BIM Application and Off-Site Construction
ABSTRACT
As is known to all, real estate prices are closely related to the national economy, whereas it is worth exploring whether there is a similar interactive relationship between their corresponding representatives, residential commodity prices, and gross domestic product. Based on painstakingly preconditioning monthly data of Harbin from January 2002 to June 2015, this paper in perspectives of theoretical analysis and empirical examination will introduce a bivariate linear regression model combined with an autoregressive moving average model and apply a vector autoregressive model to thoroughly analyze the nexus between commercial housing price and GDP. The study’s result demonstrates that, in the long run, property price’s impact on GDP is stronger than GDP having an influence upon residential price. Moreover, it also points out that one side changes remarkably facing the other’s positive shock in the short term, but as time elapses, impulse responses will gradually vanish. Hence, the government should actively formulate secular and sustainable policies in order to achieve goals of stabilizing housing prices and controlling GDP’s growth rate.
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ACKNOWLEDGEMENTS
This study was sponsored by the National Science & Technology Pillar Program’s project (NO. 2012BAJ19B00).
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Information & Authors
Information
Published In
ICCREM 2016: BIM Application and Off-Site Construction
Pages: 1041 - 1047
Editors: Yaowu Wang, Ph.D., Professor, Harbin Institute of Technology, Mohamed Al-Hussein, Ph.D., Professor, University of Alberta, Geoffrey Q. P. Shen, Ph.D., Professor, The Hong Kong Polytechnic University, and Yimin Zhu, Ph.D., Professor, Louisiana State University
ISBN (Online): 978-0-7844-8027-4
Copyright
© 2017 American Society of Civil Engineers.
History
Published online: Aug 14, 2017
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