Housing supply plays an important role in the volatility of macroeconomic cycles and the speed with which house prices … urban growth. This model shows that new housing construction is best described as a function of changes in house prices and … a permanent jump in new construction and thus an infinite increase in the stock of housing. The empirical tests of the …

This paper quantifies the importance of heterogeneity in regional housing markets for the conduct of monetary policy … using a new model called an aggregation VAR (AVAR). The model integrates a national financial market with regional housing … coastal housing booms on the efficacy of monetary policy. …

suggests that changes in the cross-sectional pattern of house prices are related to differences in manufacturing employment …

targeted toward first-time home purchases. The study of transfer behavior in the housing market is advantageous for a number of …

We study a model of portfolio choice, in which housing prices are predictable and adjustment costs must be paid when … there is a housing transaction. We show that two state variables affect the agent's decisions: (i) his wealth-house ratio …; and (ii) the time-varying expected growth rate of housing prices. The agent buys (sells) his housing assets only when the …