{"id":3906,"date":"2023-11-08T06:25:19","date_gmt":"2023-11-07T22:25:19","guid":{"rendered":"http:\/\/www.gssinst.org\/irer\/?p=3906"},"modified":"2025-12-03T02:26:20","modified_gmt":"2025-12-02T18:26:20","slug":"housing-market-dynamics-in-kazakhstan-an-estimated-dsge-model","status":"publish","type":"post","link":"https:\/\/www.gssinst.org\/irer\/2023\/11\/08\/housing-market-dynamics-in-kazakhstan-an-estimated-dsge-model\/","title":{"rendered":"Housing Market Dynamics in Kazakhstan: An Estimated DSGE Model"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3906\" class=\"elementor elementor-3906\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6b084dbc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6b084dbc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-47d15be8\" data-id=\"47d15be8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-73767d13 elementor-widget elementor-widget-text-editor\" data-id=\"73767d13\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><div class=\"article_label\">Article<\/div><p class=\"article_title\">Housing Market Dynamics in Kazakhstan: An Estimated DSGE Model<\/p><div><p class=\"title_label_large\">Author<\/p><p class=\"title_label_large\">Start Page \/ End Page<\/p><p class=\"title_label\">Volume<\/p><p class=\"title_label\">Issue Number<\/p><p class=\"title_label\">Year<\/p><p class=\"title_label_large\">Publication<\/p><\/div><div><p><!-- Author \/ StartEndPage \/ Volume \/ IssueNumber \/ Year \/ Publication --><\/p><p class=\"title_text_large\">Akbobek Akhmedyarova<\/p><p class=\"title_text_large\">421 \/ 464<\/p><p class=\"title_text\">26<\/p><p class=\"title_text\">3<\/p><p class=\"title_text\">2023<\/p><p class=\"title_text_large\">International Real Estate Review<\/p><\/div><div class=\"empty\">\u00a0<\/div><p class=\"abstract_label\">Abstract<\/p><p>This study investigates the drivers of housing price fluctuations in Kazakhstan by using a dynamic stochastic general equilibrium (DSGE) model with the housing market. We estimate the model by using Bayesian methods with data for the period of 2010Q1 to 2020Q4. We find that housing preference shocks play a crucial role in explaining for housing market fluctuations. These shocks account for a substantial portion of housing price and consumption behavior variations. Surprisingly, monetary policy, government spending, productivity and markup shocks show limited explanatory power for housing price fluctuations. Our findings suggest the importance of monitoring potential housing bubbles, as well as the impact of housing market fluctuations on the broader economy, thus highlighting the housing wealth effect. Additionally, our analysis indicates that the pension withdrawal policy has a minor long-term effect on business-cycle fluctuations in Kazakhstan. Overall, technology shocks are key drivers of gross domestic product (GDP) variance, while inflation rate variation is mainly explained by monetary policy and foreign demand shocks.<\/p><p>\u00a0<\/p><p><!-- PDF DownloadLink --><\/p><p class=\"download\"><a href=\"http:\/\/www.gssinst.org\/irer\/wp-content\/uploads\/2024\/07\/vol26-no3_5-Housing-Market-Dynamics-in-Kazakhstan.pdf\" target=\"_blank\"><strong>View PDF -https:\/\/doi.org\/10.53383\/100369<\/strong><\/a><\/p><p>\u00a0<\/p><p class=\"download\"><a href=\"http:\/\/www.gssinst.org\/irer\/wp-content\/uploads\/2023\/11\/vol26-no3_5-Appendix.pdf\"><strong>Download Online Appendix<\/strong><\/a><\/p><div class=\"empty\">\u00a0<\/div><div>\u00a0<\/div><div><p class=\"abstract_label\">Keywords<\/p><p>DSGE; Housing market; Bayesian estimation; Kazakhstan<\/p><\/div><div>\u00a0<\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Article Housing Market Dynamics in Kazakhstan: An Estimated DSGE Model Author Start Page \/ End Page Volume Issue Number Year&hellip;<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"article-template.php","format":"standard","meta":[],"categories":[262,261],"tags":[],"_links":{"self":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/3906"}],"collection":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/comments?post=3906"}],"version-history":[{"count":7,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/3906\/revisions"}],"predecessor-version":[{"id":4644,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/3906\/revisions\/4644"}],"wp:attachment":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/media?parent=3906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/categories?post=3906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/tags?post=3906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}