Impact of House Price on Economic Stability: Some Lessons from OECD Countries.

Despite having abundant literature blaming a faulty financial system and exuberant price expectations as the primary causes of housing bubbles, there is a lack of research that looks at the impact of house price instability on the economy. This study aims to fill this gap by thoroughly examining the connection between house prices and economic output, and the effect of house price volatility on economic stability. Drawing from long-spanning quarterly data from 17 OECD countries from 1970 to 2019, the study develops and tests economic growth and volatility models to uncover significant insights. The empirical results show that house price returns have a significant asymmetric impact on economic growth, with negative returns having twice the effect of positive ones. Moreover, the results indicate that house price volatility significantly contributes to economic instability. In light of these findings, the paper concludes with valuable policy recommendations to enhance the housing market and improve overall economic stability. This study provides a compelling argument for the importance of closely monitoring and regulating the real estate market in order to maintain a healthy and stable economy.

Quota sampling method in online household surveys.

The Covid-19 pandemic has transformed people's activities in many aspects of human life, including how to conduct field surveys as part of research projects. The pandemic could substantially increase research expenses because the execution of surveys is limited by the activity restrictions imposed by the government. Field surveys during the pandemic are no longer flexible because for safety reasons, both the surveyor and the surveyed participant should be negative for Covid-19 by taking PCR tests. This condition could be problematic because research involving household samples is usually characterized by large sample sizes and wide coverage areas. The survey is also usually conducted directly in households to provide better and more accurate results. This article describes an alternative method for obtaining a representative sample of households using an internet-based survey at an affordable cost without ignoring the validity of the survey. This method can be widely implemented in social and economic field studies.•The sampling method proposed for household research is quota sampling, with the strict application of proportions or controlled quotas.•Recruiting local enumerators and selecting respondents based on the criteria is a tool to ease the validation process and quota control of respondents.