This chapter surveys the literature on housing in macroeconomics. We first collect facts on house prices and quantities in both the time series and the cross section of households and housing markets. We then present a theoretical model of frictional housing markets with heterogeneous agents...

The purpose of this chapter is to survey recent research on housing markets and policy in what used to be called the “second” and “third” worlds. We adopt the labels “transition” economies to refer to countries as disparate as Russia and Vietnam, and “developing” to refer to...

This paper investigates the housing and mortgage markets by means of an agent-based macroeconomic model of a credit network economy. A set of computational experiments have been carried out in order to explore the effects of different households’ creditworthiness conditions required by banks...

Standard models used for monetary policy analysis rely on sticky prices. Recently, the literature started to explore also nominal debt contracts. Focusing on mortgages, this paper compares the two channels of transmission within a common framework. The sticky price channel is dominant when...

The objective of this study is two-fold: first, to conceptualize key causal relationships between housing price cycle and mortgage credit cycle based on relevant literature and, second, to present cases of two countries - Korea and the U.S. - in terms of evolution of, and recent milestone events...