英文文献：Trends and Spectral Response: An Examination of the US Realty Market-趋势和光谱反应:对美国房地产市场的考察
英文文献作者：Patrick Wilson,Ralf Zurbruegg
英文文献摘要：
This paper sets out to consider whether changes in economic fundamentals in the United States can impact on international real estate markets. To this end a two-step approach is pursued. In the first step cointegration techniques are used to determine whether common trends exist in international property markets. Once common trends are identified amongst securitised property markets, a potential common driver is isolated by substituting US Gross Domestic Product for US property. The paper then uses a spectral response technique to examine the impulse response between shocks in the US economy and reactions in foreign real estate markets. The results support a linkage between the economic growth of an important member of the international economic community and international real estate performance.

本文将考虑美国经济基本面的变化是否会对国际房地产市场产生影响。为此，采取了两步办法。在第一步中，协整技术被用来确定在国际房地产市场中是否存在共同的趋势。一旦确定了证券化房地产市场的共同趋势，一个潜在的共同驱动力就会被孤立出来，即用美国国内生产总值(gdp)替代美国房地产。然后，本文使用光谱响应技术来检验美国经济冲击和外国房地产市场反应之间的脉冲响应。研究结果支持了国际经济社会中一个重要成员的经济增长与国际房地产表现之间的联系。