Iacoviello, Matteo; Neri, Stefano - Banca d'Italia - 2008
The ability of a two-sector model to quantify the contribution of the housing market to business fluctuations is … constraints, displays the following features: first, a large fraction of the upward trend in real housing prices over the last 40 … years can be accounted for by slow technological progress in the housing sector; second, residential investment and housing …