文档介绍：I. Distributed Lag Models
The construction industry has long been viewed as sensitive to interest rates and the credit market. In this exercise we will investigate the sensitivity of housing starts to interest rates. The secondary market yields on 30 year FHA mortgages is available monthly since January 1949. For example, see Survey of Current Business Vol. 76, No. 1/2, January/February 1996, p. c-25 or/fred/. The difficulty is a number of months are missing for the FHA rate, especially before 1981. As a consequence, we also examine the Yield on New Issues of High-Grade Corporate Bonds, available from January 1948 through December 1994, in the Survey of Current Business Vol. 76, No. 1/2, January/February 1996, p. c-25 . More recent months are available in Business Cycle Indicators.
Open EViews
File Menu/Open: FHA CORP ( in the Lab Seven Folder)
Workfile Window: Sample: 1949:01 1999:12
Workfile Window: Select: corprate fha
Workfile Menu: VIEW: • open selection
Group Window: VIEW: • graph
Group Window: VIEW: • multiple graphs
Quick menu: graph: corprate fha/ scatter diagram scatter diagram
Note: It would appear we could use the corporate rate as a proxy for the rate in the mortgage market.
File Menu/Open: Housing Starts II ( in the Lab Seven Folder)
Workfile Window: Sample: 1946:01 1999:12
Workfile Window: Select: corprate starts
Workfile Menu: