Gete, Pedro - Volkswirtschaftliche Fakultät, … - 2009
the empirical side, I provide different types of evidence to support that housing demand shocks (shocks to the aggregate … marginal rate of substitution between housing and tradables) help to explain the global imbalances. On the theory side, I show … that shocks to the demand for housing generate trade deficits without need for the standard ingredients used by others to …