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Money illusion and housing frenzies
Brunnermeier, Markus K.; Julliard, Christian - London School of Economics (LSE) - 2006
A reduction in inflation can fuel run-ups in housing prices if people suffer from money illusion. For example …
Persistent link: https://www.econbiz.de/10011071404
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Reflections on the nature and policy implications of planning restrictions on housing supply. Discussion of 'Planning policy, planning practice, and housing supply' by Kate Barker
Cheshire, Paul - London School of Economics (LSE) - 2008
but independently of prices or any market information. In analysing the effects this allocative mechanism has on housing … British case, our planning system does not operate on the supply of housing directly, but indirectly via the constraint …
Persistent link: https://www.econbiz.de/10010745894
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Optimal expectations
Brunnermeier, Markus K.; Parker, Jonathan A. - London School of Economics (LSE) - 2002
This paper introduces a tractable, structural model of subjective beliefs. Since agents that plan for the future care about expected future utility flows, current felicity can be increased by believing that better outcomes are more likely. On the other hand, expectations that are biased towards...
Persistent link: https://www.econbiz.de/10010746723