Adams, Z., &; Füss, R. (2010). Macroeconomic Determi
nants of International Housing
Markets.
Journal of Housing Economics, 19
, 38-50.
Agnello, L., &; Schuknecht, L. (2011). Booms and Bus
ts in Housing Markets:
Determinants and Implications.
Journal of Housing Economics, 20
, 171-190.
Ahearne, A. G., Ammer, J., Doyle, B. M., Kole, L. S
., &; Martin, R. F. (2005).
Monetary Policy and House Prices: A Cross-Country S
tudy.
Board of
Governors of the Federal Reserve System Internation
al Finance Discussion
Papers, No. 841
.
Akram, Q. F. (2009). Commodity Prices, Interest rat
es and the Dollar.
Energy
Economics, 31
, 838-851.
Alessandri, P. (2006). Bubbles and Fads in the Stoc
k Market: Another Look at the
Experience of the US.
International Journal of Finance and Economics, 11
,
195-203.
Asmussen, J. (2012). The Irish Case from an ECB Per
spective, from
http://www.ecb.int
Awokuse, T. O., &; Yang, J. (2003). The Informationa
l Role of Commodity Prices in
Formulating Monetary Policy: A Reexamination.
Economic Letters, 79
, 219-
224.
Belke, A., Bordon, I. G., &; Volz, U. (2013). Effect
s of Global Liquidity on
Commodity and Food Prices.
World Development, 44
, 31-43.
BGS. (2012). Risk list 2012, from
http://www.bgs.ac.uk
BGS. (2013). World Mineral Production 2007-2011, fr
om
http://www.bgs.ac.uk
79
BIS. (2013a). Derivatives Statistics, from
http://www.bis.org
BIS. (2013b). Property Price Statistics, from
http://www.bis.org
Bjoerklund, K., &; Soederberg, B. (1999). Property C
ycles, Speculative Bubbles and
the Gross Income Multiplier.
Journal of Real Estate Research, 18
, 151-174.
Black, A., Fraser, P., &; Hoesli, M. (2006). House P
rices, Fundamentals and Bubbles.
Journal of Business and Accounting, 33
, 1535-1555.
Bordo, M. D., &; Landon-Lane, J. (2013). Does Expans
ionary Monetary Policy Cause
Asset Price Booms; Some Historical and Empirical Ev
idence.
NBER Working
Paper Series, No. 19585
.
Bordo, M. D., &; Wheelock, D. C. (2004). Monetary Po
licy and Asset Prices: A Look
at Past U.S. Stock Market Booms.
Federal Reserve Bank of St. Louis Review,
86
, 19-44.
Borio, C. (2012). The Financial Cycle and Macroecon
omics: What Have We Learnt?
BIS Working Papers, No. 395
.
Borio, C., English, W., &; Filardo, A. (2003). A Tal
e of Two Perspectives: Old or
New Challenges for Monetary Policy?
BIS Working Papers, No. 127
.
Borio, C., &; Lowe, P. (2002). Asset Prices, Financi
al and Monetary Stability:
Exploring the Nexus.
BIS Working Papers, No. 114
.
BP. (2013). BP Statistical Review of World Energy 2
013, from
http://www.bp.com
Byrne, J. P., Fazio, G., &; Fiess, N. (2013). Primar
y Commodity Prices: Co-
movements, Common Factors and Fundamentals.
Journal of Development
Economics, 101
, 16-26.
Chan, H. L., Lee, S. K., &; Woo, K. Y. (2001). Detec
ting Rational Bubbles in the
Residential Housing Markets of Hong Kong.
Economic Modelling, 18
, 61-73.
80
Ciccarelli, M., Maddaloni, A., &; Peydro, J.-L. (201
0). Trusting the Bankers: A New
Look at the Credit Channel of Monetary Policy.
ECB Working Paper Series,
No. 1228
.
Conefrey, T., &; Gerald, J. F. (2010). Managing Hous
ing Bubbles in Regional
Economies Under EMU: Ireland and Spain.
National Institute Economic
Review, No. 211
.
Detken, C., &; Smets, F. (2004). Asset Price Booms a
nd Monetary Policy.
ECB
Working Paper Series, No. 364
.
Dickey, D. A., &; Fuller, W. A. (1979). Distribution
of the Estimators for
Autoregressive Time Series With a Unit Root.
Journal of the American
Statistical Society, 75
, 427-431.
Dol, K., &; Haffner, M. (2010). Housing Statistics i
n the European Union 2010, from
http://www.housingeurope.eu
Domanski, D., &; Heath, A. (2007). Financial Investo
rs and Commodity Markets.
BIS
Quarterly Review, March 2007
, 53-67.
Dornbusch, R. (1976). Expectations and Exchange Rat
e Dynamics.
The Journal of
Political Economy, 84
, 1161-1176.
ECB. (2003). Structural Factors in the EU Housing M
arkets.
European Central Bank
Structural Issues Report
.
ECB. (2009). Housing Finance in the Euro Area.
European Central Bank Structural
Issues Report
.
ECB. (2010). Asset Price Bubbles and Monetary Polic
y Revisted.
ECB Monthly
Bulletin, November 2010
, 71-83.
ECB. (2013a). Monetary Policy, from
http://www.ecb.europa.eu
81
ECB. (2013b). Statistical Data Warehouse, from
http://sdw.ecb.europa.eu
EIA. (2012). China Country Analysis, from
http://www.eia.gov
EMF. (2012). Hypostat 2011: A Review of Europe's Mo
rtgage and Housing Markets,
from
http://www.hypo.org
Enders, W. (2010).
Applied Econometric Time Series
: John Wiley &; Sons.
Engle, R. F., &; Granger, C. W. J. (1987). Co-Integr
ation and Error Correction:
Representation, Estimation, and Testing.
Econometrica, 55
, 251-276.
Eurostat. (2013). Eurostat Statistical Database, fr
om
http://www.epp.eurostat.ec.europa.eu
FAO. (2013). FAO Statistical Yearbook 2013- World F
ood and Agriculture, from
http://www.fao.org
Frankel, J. (1986). Expectations and Commodity Pric
e Dynamics: The Overshooting
Model.
American Journal of Agricultural Economics, 68
(2), 344-348.
Frankel, J. (2008). The Effect of Monetary Policy o
n Real Commodity Prices. In J. Y.
Campbell (Ed.),
Asset Prices and Monetary Policy
(pp. 291-327): University
of Chicago Press.
Friedman, M. (1970). The Counter-Revolution in Mone
tary Theory.
Institute of
Economic Affairs Occasional Paper, No. 33
.
Friedman, M., &; Schwartz, A. J. (1965). Money and B
usiness Cycles.
The Review of
Economics and Statistics, 45
, 32-64.
Gospodinov, N., Herrera, A. M., &; Pesavento, E. (20
13). Unit Roots, Cointegration,
and Pretesting in Var Models. In T. B. Fomby, L. Ki
lian &; A. Murphy (Eds.),
VAR Models in Macroeconomics - New Developments and
Applications:
82
Essays in Honor of Christopher A. Sims (Advances in
Econometrics, Volume
32)
(pp. 81-115): Emerald Group Publishing.
Hamilton, J. (2009). Causes and Consequences of the
Oil Shock of 2007-2008.
Brookings Papers on Economic Activity, Spring 2009
, 215-261.
Hamilton, J. D. (1985). Uncovering Financial Market
Expectations.
Journal of
Political Economy, 93
, 1224-1241.
Hatzvi, E., &; Otto, G. (2008). Prices, Rents and Ra
tional Speculative Bubbles in the
Sydney Housing Market.
The Economic Record, 84
, 405-420.
Hayek, F. A. (1935).
Prices and Production
(Second ed.). New York: Augustus M.
Kelly, Publishers.
He, Y., Wang, S., &; Lai, K. K. (2010). Global Econo
mic Activity and Crude Oil
Prices: A Cointegration Analysis.
Energy Economics, 32
, 868-876.
Hofmann, B. (2004). The Determinants of Private Sec
tor Credit in Industrialized
Countries: Do Property Prices Matter?
International Finance, 7
, 203-234.
Hui, E. C. M., &; Yue, S. (2006). Housing Price Bubb
les in Hong Kong, Beijing and
Shanghai: A Comparative Study.
Journal of Real Estate Finance and
Economics, 33
, 299-327.
Igan, D., &; Loungani, P. (2012). Global House Price
s Still Showing Down Trend.
IMF Survey Magazine: IMF Research
, from
http://www.imf.org
Johansen, S. (1995).
Likelihood-Based Inference in Cointegrated Vector
Autoregressive Models
: Oxford University Press.
Kilian, L. (2009). Not All Oil Price Shocks Are Ali
ke: Disentangling Demand and
Supply Shocks in the Crude Oil Market.
American Economic Review, 99
,
1053-1069.
83
Koop, G., Pesaran, M. H., &; Potter, S. M. (1996). I
mpulse Response Analysis in
Nonlinear Multivariate Models.
Journal of Econometrics, 74
, 119-147.
Li, H., &; Lin, S. X. (2011). Do Emerging Markets Ma
tter in the World Oil Pricing
System? Evidence of Imported Crude by China and Ind
ia.
Energy Policy, 39
,
4624-4630.
Liu, Q., &; An, Y. (2011). Information Transmission
in Informationally Linked
Markets: Evidence from US and Chinese Commodity Fut
ures Markets.
Journal of International Money and Finance, 30
, 778-795.
Lombardi, M. J., &; Robays, I. V. (2011). Do Financi
al Investors Destabilize the Oil
Price.
ECB Working Paper Series, No. 1346
.
Mikhed, V., &; Zemcik, P. (2009). Testing for Bubble
s in Housing Markets: A Panel
Data Approach.
Journal of Real Estate Finance and Economics, 38
, 366-386.
Mises, L. v. (1912).
Theorie des Geldes und der Umlaufsmittel
. Muenchen und
Leipzig: Verlag von Duncker &; Humblot.
Nazlioglu, S., &; Soytas, U. (2011). World Oil Price
s and Agricultural Commodity
Prices: Evidence From an Emerging Market.
Energy Economics, 33
, 488-496.
Oikarinen, E. (2009). Interaction Between Housing P
rices and Household Borrowing:
The Finnish Case.
Journal of Banking &; Finance, 33
, 747-756.
Pesaran, H. H., &; Shin, Y. (1998). Generalized Impu
lse Response Analysis in Linear
Multivariate Models.
Econometric Letters, 58
, 17-29.
Pitfield, P. E. J., Brown, T. J., &; Idoine, N. E. (
2010). Mineral Information and
Statistics for the BRIC countries 1999-2008, from
http://www.bgs.ac.uk
Poterba, J. M. (1984). Tax Subsidies to Owner-Occup
ied Housing: An Asset-Market
Approach.
The Quarterly Journal of Economics, 99
, 729-752.
84
Praet, P. (2011). Housing Cycles and Financial Stab
ility - The Role of the
Policymaker, from
http://www.ecb.europa.eu
Radetzki, M. (2006). The Anatomy of Three Commodity
Booms.
Resources Policy,
31
, 56-64.
Reinhart, C., &; Borensztein, E. (1994). The Macroec
onomic Determinants of
Commodity Prices.
IMF Staff Papers, 41
, 236-261.
Roache, S. K. (2012). China's Impact on World Commo
dity Markets.
IMF Working
Paper WP/12/115
.
Saghaian, S. H., Reed, M. R., &; Marchant, M. A. (20
02). Monetary Impacts and
Overshooting of Agricultural Prices in an Open Econ
omy.
American Journal
of Agricultural Economics, 84
, 90-103.
Sims, C. (1980). Macroeconomics and Reality.
Econometrica, 48
, 1-48.
Sims, C. A., Stock, J. H., &; Watson, M. W. (1990).
Inference in Linear Time Series
Models With Some Unit Roots.
Econometrica, 58
, 113-144.
Smith, M. H., &; Smith, G. (2006). Bubble, Bubble, W
here's the Housing Bubble?
Brookings Papers on Economic Activity, 1:2006
.
Soytas, U., Sari, R., Hammoudeh, S., &; Hacihasanogl
u, E. (2009). World Oil Prices,
Precious Metal Prices and Macroeconomy in Turkey.
Energy Policy, 37
,
5557-5566.
Stiglitz, J. E. (1990). Symposium on Bubbles.
The Journal of Economic Perspectives,
4
, 13-18.
Tang, K., &; Xiong, W. (2010). Index Investment and
Financialisation of Commodites.
NBER Working Paper, No. 16385
.
85
Teng, H.-J., Chang, C.-O., &; Chau, K. W. (2013). Ho
using Bubbles: A Tale of Two
Cities.
Habitat International, 39
, 8-15.
Tobin, J. (1969). A General Equilibrium Approach To
Monetary Theory.
Journal of
Money, Credit and Banking, 1
, 15-29.
Toda, H. Y., &; Yamamoto, T. (1995). Statistical Inf
erence in Vector Autoregressions
with Possibly Integrated Processes.
Journal of Econometrics, 66
, 225-250.
Tsai, I. C., &; Peng, C.-W. (2011). Bubbles in the T
aiwan Housing Market: The
Determinants and Effects.
Habitat International, 35
, 379-390.
UNCTAD. (2011). Price Formation in Financialized Co
mmodity Markets: The Role
of Information.
United Nations Publication UNCTAD/GDS/2011/1
.
USITC. (2011). China's Agricultural Trade: Competit
ive Conditions and Effects on
U.S. Exports.
USITC Publication, No. 4219
.
WFE. (2013). World Federation of Exchanges Statisti
cs Database, from
http://www.world-exchanges.org
Xiao, Q., &; Tan, G. K. R. (2007). Signal Extraction
with Kalman Filter: A Study of
the Hong Kong Property Price Bubbles.
Urban Studies, 44
, 865-888.