Trend and cycle features in German residential investment before and after reunification

  title={Trend and cycle features in German residential investment before and after reunification},
  author={Thomas A. Knetsch},
Real residential investment in Germany is found to be cointegrated with population, real national income per capita and real house prices. This evidence is consistent with a model where the trend in housing demand is determined by demographic factors and economic well-being to which supply adjusts so slowly that real house prices are affected persistently. Reunification seems to have induced two structural changes in the empirical housing market model. First, the speed of equilibrium adjustment… CONTINUE READING

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