Liu, Zheng; Wang, Pengfei; Zha, Tao - 2019
to generate a highly volatile price-to-rent ratio that comoves with the house price observed in the data (the "price …. The model predicts that a credit supply shock can generate large comovements between the house price and the price-to-rent … ratio. We provide empirical evidence from cross-country and cross-MSA data to support this theoretical prediction. …