Securitised Real Estate and Private Dwellings: International and Domestic Linkages and Implications for the Macroeconomy.

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Cycles in the housing market and its interaction with other economic and financial market variables may have enormous effects on the Australian economy. Despite this there is little research on the interactions between housing and the macroeconomy. This project examines these issues. The implications of the research extend to three broad areas. The first is monetary policy by understanding housing prices, inflation and interest rates linkages. Second, constructing formal models including housing may provide a means of testing the implications of policies such as the first home owner grant or reductions in housing specific taxes. Finally, financial markets may benefit by understanding of the role of property in a diversified portfolio.