International Capital Flows and House Prices: Theory and Evidence

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The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk Sharing in General Equilibrium (2017, unknown): “Econometric evidence from the United States and other developed nations finds that declining real interest rates do not provide a plausible explanation for the housing boom that occurred at the dawn of the twenty-first century (Favilukis et al. 2013; Glaeser, Gottlieb, and Gyourko 2013).”
Domestic Credit Growth and International Capital Flows (2013, unknown): “Finally, a related strand of research examines the connections between house prices and international capital flows, with a primary emphasis on the current account (see, amongst others, Aizenman and Jinjarik 2009, Adam et al 2011, Favilukis et al 2012a).”
An Extrapolative Model of House Price Dynamics (2017, background): “Time-varying interest rates do a better job of explaining price volatility (Campbell et al., 2009; Favilukis et al., 2013) but typically have trouble explaining positive serial correlation.”