Ahamada, IbrahimDiaz Sanchez, Jose Luis2013-09-272013-09-272013-07https://hdl.handle.net/10986/15908This study provides empirical evidence on the strengthening of the impact of house prices on the US macroeconomy. The stability of the house prices macro-link is tested in a small-dimensional vector autoregressive model over the last fifty years. The estimated break-points are used to split the sample into different segments and a multivariate time series analysis is performed within subsamples. The paper finds a robust structural break in the mid-1980s. In addition, time series analysis across segments provides evidence that the effect of house prices, not only on private consumption, but also on economic activity, has intensified since the mid-1980s.en-USCC BY 3.0 IGOACCOUNTINGASSET PRICEBORROWINGBORROWING CONSTRAINTSCENTRAL BANKCONSUMER PRICECONSUMER PRICE INDEXCONSUMERSCREDIT CONSTRAINTSDEREGULATIONDEREGULATIONSDEVELOPMENT ECONOMICSDEVELOPMENT POLICYDISPOSABLE INCOMEECONOMETRICSECONOMIC ACTIVITYECONOMIC CRISISECONOMIC GROWTHENDOGENOUS VARIABLESEXPENDITUREEXPENDITURESFEDERAL NATIONAL MORTGAGE ASSOCIATIONFEDERAL RESERVEFINANCIAL INNOVATIONFINANCIAL SECTORFUTURE RESEARCHGDPGROSS DOMESTIC PRODUCTGROWTH RATEHOME EQUITYHOME PRICEHOUSEHOLD EXPENDITURESHOUSESHOUSINGHOUSING FINANCEHOUSING MARKETHOUSING MARKETSINFLATIONINFLATION RATEINTEREST RATESMACROECONOMICSMARGINAL PROPENSITY TO CONSUMEMARKET LIBERALIZATIONMONETARY POLICYMORTGAGEMORTGAGE CORPORATIONMORTGAGE LOANSMORTGAGE MARKETMORTGAGE MARKETSMORTGAGE ORIGINATORSPOLITICAL ECONOMYPRICE SERIESPRICE STABILITYPRICES INDEXPRIVATIZATIONREAL ESTATEREAL GROSS DOMESTIC PRODUCTSAVINGSSECONDARY MARKETSECONDARY MARKETSSTOCK MARKETSTRUCTURAL CHANGETRANSACTION COSTSWEALTHvector autoregressiveWorld Bank10.1596/1813-9450-6549