Econometric evidence suggests the existence of two dynamics in the postwar U.S. housing market: (i) housing rental and …

rational expectations equilibrium criteria within a dynamic stochastic general equilibrium framework. Incorporating housing … to investigate whether responding to housing prices affects determinacy and learnability of rational expectations … equilibrium. For this purpose, we work with a New Keynesian model in which housing plays an accelerator role in business cycles as …

This paper analyzes housing market boom-bust cycles driven by changes in households'expectations. We explore the role … of expectations not only on productivity but on several other shocks that originate in the housing market, the credit … conduct of monetary policy and future productivity can generate housing market boom-bust cycles in accordance with the …

to 20 percent of output fluctuations and around 10 to 20 percent of price fluctuations can be traced back to the housing … demand shock. Moreover, we find that these housing demand shocks are a key driver of money market rates. We conclude that …

-to-build phenomenon in the housing construction sector. Adding construction sector delays significantly improves business cycle properties … of the model relative to the versions with no time-to-build delays or with permanently fixed housing stock. We also find … that in the presence of construction lags adding housing prices to the central bank policy function increases aggregate …

This paper empirically investigates cointegrating relation between housing prices and economic fundamental variables in … the US housing market. Employing simple yet rigorous econometric techniques, the present paper finds strong evidence in … relation of housing prices with mostly demand-side fundamental variables, which may have a misspecification problem. Further …

. While the literature on geographic cost-of-living differentials is well developed, the literature on geographic housing … price differentials is much less so. Given the relatively large impact of housing prices on overall living costs, this … research seeks to address this issue and shed light on specific factors influencing the real median price of housing across …

This study has two objectives. First, it seeks to apply a hedonic pricing model to determine whether property taxes … Savannah, Georgia. A total of 593 home sales over the 2000-2005 period are considered, with the housing prices and the property … semi-log form, after allowing for a variety of housing characteristics, reveals that the natural log of the real sales …

We use annual, quarterly and monthly data from the US to show that the correlation between housing prices and … the way of causality in housing market goes from transactions to housing prices. Our findings provide a litmus test for … the existing theories that are proposed to explain the positive correlation between housing prices and transaction volume. …