Explaining recent changes in home prices
The increase in housing prices in the past ten years can largely be explained by falling mortgage interest rates and changes in household income. This article offers some projections of what might happen to housing prices if mortgage rates increase.
National, regional and metro-specific factors of the U.S. housing market
We build a dynamic latent factor model to decompose housing prices in major U.S. metropolitan areas into national, regional, and metro-specific idiosyncratic factors, in order to distinguish the different dynamics behind housing price movements. We find that there is a distinctive national factor that has contributed about one-fourth of the individual metropolitan's housing price volatility. The regional factor accounts for another one-fourth and the idiosyncratic factor explains about half of housing price fluctuations. However, at the regional level, the factors' contributions vary across a fairly wide range. Although it only has modest explanatory power of housing price volatility, the national factor seems to account for much of the price increase in the current housing boom. Interestingly, the regional factor exerts negative influence on housing prices in a fairly large number of metros lately, only to be outweighed by the national factor's positive contribution. We also explore the possible forces influencing the national factor of housing price movements, including monetary policy, population growth, real economic activity, general inflation and other asset prices.
Same Same But Different - also in Europe! A New Methodological Approach in Cross-Country Analysis of Communication Structuresapplied to five EU member states
The EU still lacks a truly European public sphere. On this level, there is still a clear lack of integration between individual member states. This means that national public spheres and cultures are still of great importance for European communication and media professionals. Comparative research into the similarities and differences between different nations is therefore valuable for cross-border PR communication activities. This paper lays out the methodological foundation for such research, discussing possible approaches and difficulties associated with comparative research. The author then introduces a potential heuristic framework for comparative analysis: the International Corporate Communication Compass. This framework is applied to five case-study EU countries (Denmark, Germany, France, Poland and the UK), showing the differences and similarities in a range of different contexts that affect public communication in all its forms. The conclusion examines how the results of such studies could be used in order to compare communication identities of different countries. This can potentially help in the development of a European public identity on the long run and in a first step can led towards a better, more adapted communication structure about European citizenship. Ultimately, communication structures within the EU might become more Europeanized than they