《Dynamic interdependencies among the housing market, stock market,
policy uncertainty and the macroeconomy in the United Kingdom》

此篇论文发表在2016年International Review of Financial Analysis上。作者分析了英国房屋市场，股票市场，经济政策不确定性，以及宏观经济形势之间的相互依赖性。

简介

In this study, we examine the dynamic interdependencies among the housing market, stock market, policy uncertainty and the macroeconomy in the United Kingdom, over the period 1997 M1–2015 M02. The findings of this study suggest the following empirical regularities. First, the transmission of various types of shocks contributes significantly to economic fluctuations in the United Kingdom. Second, spillovers show large variations over time. Third, in the wake of the global financial crisis, spillovers have reached unprecedented levels. Specifically, we find large spillovers of shocks from the housing market, stock market and economic policy uncertainty to inflation, economic growth and monetary policy stance. These results illustrate the contagion from the housing and financial crisis to the real economy and the policy reaction to stabilize the economy.