This paper investigates the forecasting content of real-estate-related stock prices for house prices. Using both in- and out-of-sample tests, this paper shows that real-estate-related stock price indices have extremely robust power in predicting US house prices. The empirical results are highly valuable for investors and policy makers because real-estate-related stock prices are shown to be a reliable predictor reflecting timely market information and are readily available to forecast real estate market movements.
|Translated title of the contribution||使用房地產相關股票之價格預測房價|
|Journal||Taiwan Economic Review|
|Publication status||Published - 2019 Jun 1|