- Melbourne Institute of Applied Economic and Social Research - Research Publications
Melbourne Institute of Applied Economic and Social Research - Research Publications
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ItemInterest Rates, Local Housing Markets and House Price Over-reactionsLim, GC ; Tsiaplias, S (WILEY, 2018-06)Understanding the effects of interest rates on city‐specific house price to household income ratios is important for managing local housing markets. In particular, there is concern that keeping interest rates at sufficiently low levels can distort the relationship between local house prices and fundamentals. We use house price to income ratios across capital cities in Australia to investigate this issue and show that there is a national interest rate ‘transition’ point below which housing dynamics can become unstable. This result lends support to the presence of a duration‐dependent threshold effect (hitherto mainly explored in theoretical models).
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ItemNo Preview AvailableThe Australian Economy in 2020–21: The COVID‐19 Pandemic and Prospects for Economic RecoveryLim, G ; Nguyen, V ; Robinson, T ; Tsiaplias, S ; Wang, J (Wiley, 2021)This article summarises developments in the Australian economy in 2020. It describes the economic growth and labour market ramifications associated with COVID-19, and the fiscal and monetary policies implemented to help counter its effects. COVID-19 has resulted in considerable slack in an economy that was weak pre-pandemic. While current policies are appropriately focused on stimulating demand and supporting employment, existing challenges such as weak growth in productivity, gross domestic product and real wages are also likely to remain relevant post-pandemic.