Residential Construction Activity inOECDEconomies

Abstract

Six years after the burst of the housing bubble in some of the main world economies, the recovery does not follow a homogeneous pattern among them. In this context, it is necessary to pay attention to the evolution of residential investment, which traditionally has played an important role in the revival of the economy after previous episodes of bubbles in the housing market. In the second stage of our study, we test our conceptual framework by means of a sample of 17OECDcountries which spans the period 1970 to 2013.