We present a framework for studying the relation between the distribution of income and the distribution of housing … distribution of quality from the joint distribution of income and housing prices, and use it to generate counterfactual price …

-adjusted housing price data. Price dynamics is modelled as a combination of a country-specific component and a cyclical component. The … cyclical variable captures previously undocumented changes in the volatility of real housing price increases. These volatility … line with previous studies, the mean of real housing price increases can be predicted to be larger when lagged values of …

This paper is a quantitatively-oriented theoretical study into the interaction between housing prices, aggregate … value of real estates is large, housing prices react more to an exogenous change in expected productivity or the world …, however, has limited effects on housing prices. …

Some booms in housing prices are followed by busts. Others are not. In either case it is difficult to find observable … heterogeneous expectations about long-run fundamentals but change their views because of "social dynamics". Agents meet randomly and …