TY - JOUR ID - 69101 TI - The Business Cycles of Urban Housing Market (Case Study: Urban Housing Market of Isfahan, 1980-2014) JO - Iranian Economic Review JA - IER LA - en SN - 1026-6542 AU - Yarmohammadian, Naser AD - Faculty of Research Excellence in Art and Entrepreneurship, Art University of Isfahan, Isfahan, Iran Y1 - 2019 PY - 2019 VL - 23 IS - 1 SP - 109 EP - 128 KW - Keywords: Business Cycles KW - Urban Housing Market KW - Isfahan province KW - Markov Switching Vector Auto Regression. JEL Classification: R31 KW - O18 KW - E32 KW - E37 DO - 10.22059/ier.2018.69101 N2 - H ousing is a commodity with unique features and its market, especially in urban areas, is characterized by unique business cycles that differentiate it from other commodities. On one hand, housing market can be deeply influenced by economic shocks, and on the other hand, the sheer size of housing investments makes the economy particularly vulnerable to any shock in this market. Hence, analysis of housing markets and their boom and recession periods is of interest to the actors of housing sector as well as economists. This study aimed to investigate the business cycles of urban housing market of Isfahan province (Iran) over the period of 1980-2014, and analyze the trends of private investment in this market by the use of Markov Switching Vector Auto Regression (MS-VAR) model, which has shown great strength in differentiating boom and recession periods. The results show that the periods of boom and recession in Isfahan’s urban housing market both have an expected length of 10 years, and that the business cycles of this housing market run opposite to the business cycle of the national economy.   UR - https://ier.ut.ac.ir/article_69101.html L1 - https://ier.ut.ac.ir/article_69101_0604428adc042acd6498489229bb9ce0.pdf ER -