household sector and the housing stock in a two-region DSGE model with out of sync subnational housing markets and compare four …

stochastic general equilibrium (DSGE) model tailored to New Zealand. We find that the main historical drivers of house prices are … shocks specific to the housing sector. While our estimates show that monetary policy has large spillover effects on house …

surveys. To explain the joint evolution of realized variables and expectations, we adopt a DSGE-VAR approach, which allows us … to estimate all models in the continuum between the extremes of an unrestricted VAR, on one side, and a DSGE model in … which the cross-equation restrictions are dogmatically imposed, on the other side. Moreover, the DSGE-VAR approach allows us …

newcomers. Second, homeownership adds to the volatility of the housing market. Third, homeownership may amplify the dispersion … housing gain the most from the ability to own their home. Newcomers to the city are the main losers. …

for the propagation of news shocks. A DSGE model enriched with a financial sector generates very similar quantitative …