Long- and Short-Term Impact of News Messages on House Prices: A Comparative Study of Spain and the United States
نویسندگان
چکیده
This study adopts data mining methods to analyze the shortand long-term dynamic between news message content and property prices in Spain and the United States. We construct news sentiment indices based on various text mining methods which exhibit remarkable similarities to the respective property prices. Comparing dictionary-based and dynamic approaches, our results indicate that static methods produce the best estimators for investor sentiment in real estate markets. Using a Vector Error Correction Model framework, we analyze similarities between real estate markets both in the shortand long-run. The main finding of this study is a significant relationship between news messages and property prices in the long-run. Our results are stable, including a number of fundamental variables, and are underlined by forecast error variance decompositions and impulse response estimates, which additionally highlight the appropriateness of news sentiment as a crucial determinant for decision making.
منابع مشابه
An Analysis of Shocks Affecting House Prices in Iran and Its Convergence with the Housing Market in Selected Countries
The housing sector is one of the most important economic sectors in terms of household expenditure and GDP and its role in changing macroeconomic index such as economic growth and employment. Given the importance of the housing sector in the economy and there is a lot of volatility in this sector, in this study, the factors affecting the price of housing has been Including stock indices, liquid...
متن کاملPublic Spending on Health Services and Policy Research in Canada: A Reflection on Thakkar and Sullivan; Comment on “Public Spending on Health Service and Policy Research in Canada, the United Kingdom, and the United States: A Modest Proposal”
Vidhi Thakkar and Terrence Sullivan have done a careful and thought-provoking job in trying to establish comparable estimates of public spending on health services and policy research (HSPR) in Canada, the United Kingdom and the United States. Their main recommendation is a call for an international collaboration to develop common terms and categories of HSPR. This paper raises two additional q...
متن کاملپیشبینی دورههای رونق و رکود قیمت مسکن با استفاده از تجزیه موجک و شبکههای عصبی مصنوعی
Generally,some booms in housing prices are followed by busts. One common phenomenon relating these changes is that the house price cycle is generally believed to the product of the short-run deviations from the long-run upward trends. The long-term cyclical fluctuation in Iran’s housing market was periodically occurred about every 6 years. Furthermore, Movements in house prices have significant...
متن کاملNonlinearity Transmission of Monetary Policy Through the House Price Channel; MSVAR Approach
In the past decades, the discussions between economists have changed of impact or no impact of monetary policy to effective monetary policy channels. Since, The housing sector has a large share in the household consumption basket, gross domestic product and wealth of the private sector, Then this sector play very decisive role in transfer transfer of monetary policy effects on production. There...
متن کاملAsymmetric Impact of Oil Prices, Foreign Direct Investment and Economic Growth on Carbon Emissions in Iran: Evidence from the NARDL Approach
The amount of environmental pollution can be caused by several factors. These factors are not in the same position in terms of importance and impact, and not all of them can necessarily be seen together in one place or time. Therefore, the main purpose of this study is to investigate the asymmetric impact of oil prices, foreign direct investment and economic growth on carbon emissions in Iran d...
متن کامل