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The Price and Quantity of Residential Land in the United States
Davis, Morris; Heathcote, Jonathan - C.E.P.R. Discussion Papers - 2005
A house is a bundle comprising a physical structure and the plot of land upon which the house is built. Thus changes in house prices reflect changes in the cost of structures and value of land. In this paper we apply this insight to construct the first constant-quality price and quantity indexes...
Persistent link: https://www.econbiz.de/10005123787
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Asset Market Participation, Monetary Policy Rules and the Great Inflation
Bilbiie, Florin Ovidiu; Straub, Roland - C.E.P.R. Discussion Papers - 2011
This paper argues that limited asset market participation is crucial in explaining U.S. macroeconomic performance and monetary policy before the 1980s, and their changes thereafter. We develop an otherwise standard sticky-price DSGE model, whereby at low enough asset market participation,...
Persistent link: https://www.econbiz.de/10009293982
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Housing and the Macroeconomy: The Role of Bailout Guarantees for Government Sponsored Enterprises
Jeske, Karsten; Krueger, Dirk; Mitman, Kurt - C.E.P.R. Discussion Papers - 2011
heterogeneous, infinitely lived households and competitive housing and mortgage markets. Households have the option to default on … equilibrium mortgage origination and increases aggregate welfare, but has little effect on foreclosure rates and housing …
Persistent link: https://www.econbiz.de/10009351520
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Search and Matching in the Housing Market
Genesove, David; Han, Lu - C.E.P.R. Discussion Papers - 2010
Housing markets clear, in part, through the time that buyers and sellers spend on the market. We show that demand …
Persistent link: https://www.econbiz.de/10008468515
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The Effect of Housing on Portfolio Choice: A Reappraisal Using French Data
Fougère, Denis; Poulhes, Mathilde - C.E.P.R. Discussion Papers - 2012
Chetty and Szeidl (2012) propose to estimate the effect of housing on portfolio choice by distinguishing between the …
Persistent link: https://www.econbiz.de/10011083391
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Directed Search in the Housing Market
Albrecht, James; Gautier, Pieter A; Vroman, Susan - C.E.P.R. Discussion Papers - 2010
In this paper, we present a directed search model of the housing market. The pricing mechanism we analyze reflects the …. Our model offers a new way to look at the housing market from a search-theoretic perspective. In addition, we contribute …
Persistent link: https://www.econbiz.de/10008468683
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On the Political Economy of Urban Growth: Homeownership versus Affordability
Ortalo-Magné, François; Prat, Andrea - C.E.P.R. Discussion Papers - 2011
much housing to own, and city residents vote on the number of new building permits every period. Under-supply of housing … persists in equilibrium under conditions we characterize. City residents invest in housing because they expect their investment … local housing. This vicious cycle between ownership and urban growth generates a tension between the common housing policy …
Persistent link: https://www.econbiz.de/10008854490
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Heterogeneity in Wage Setting Behavior in a New-Keynesian Model
Eijffinger, Sylvester C W; Grajales, Anderson; Uras, … - C.E.P.R. Discussion Papers - 2015
In this paper we estimate a New-Keynesian DSGE model with heterogeneity in price and wage setting behavior. In a recent study, Coibion and Gorodnichenko (2011) develop a DSGE model, in which firms follow four different types of price setting schemes: sticky prices, sticky information, rule of...
Persistent link: https://www.econbiz.de/10011249376
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Imperfect information and the business cycle
Collard, Fabrice; Dellas, Harris; Smets, Frank - C.E.P.R. Discussion Papers - 2010
Imperfect information has played a prominent role in modern business cycle theory. This paper assesses its importance by estimating the New Keynesian (NK) model under alternative informational assumptions. One version focuses on confusion between temporary and persistent disturbances. Another,...
Persistent link: https://www.econbiz.de/10008468617
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The Diversity of Forecasts from Macroeconomic Models of the U.S. Economy
Wieland, Volker; Wolters, Maik H - C.E.P.R. Discussion Papers - 2010
This paper investigates the accuracy and heterogeneity of output growth and inflation forecasts during the current and the four preceding NBER-dated U.S. recessions. We generate forecasts from six different models of the U.S. economy and compare them to professional forecasts from the Federal...
Persistent link: https://www.econbiz.de/10008530347