• House Prices, fundamentals and Inflation 

    Black, Angela; Hoesli, Martin; Fraser, Patricia
    This paper studies actual house prices relative to fundamental house prices. Using UK data and a time-varying present value approach, we find that deviations of house prices from their fundamental value (as warranted by ...
  • US stock prices and macroeconomic fundamentals 

    Black, Angela; Fraser, Patricia; Groenewold, Nicolaas
    Using 54 years of US quarterly data and a VAR model underpinned by a theory of the relationship between stock prices and output, this paper considers the deviations of US stock prices from their fundamental value. To do ...