of housing bubbles that predicts that places with more elastic housing supply have fewer and shorter bubbles, with … going to understand boom-bust housing cycles, we must incorporate housing supply. In this paper, we present a simple model … smaller price increases. However, the welfare consequences of bubbles may actually be higher in more elastic places because …

In this essay, we review the basic economics of housing supply and the functioning of US housing markets to better …

of housing demand. Our model generalizes previous applied econometric work by incorporating realistic features of the … for capturing salient features of housing demand observed in the PSID. After estimating the model we use it to simulate …

bubble. In this paper, we review the stylized facts of housing bubbles and discuss theories that can potentially explain … bubbles. Many non-rational explanations for real estate bubbles exist, but the most promising theories emphasize some form of …

). Second, we show that increases in out-of-town second house buyer demand predict increases in future house price appreciation … well as out-of-town second house buyer demand, we would expect to see large jumps in house price and IAR appreciation rates … preceded by increases in out-of-town second house buyer demand from across the country. The data do not display this symmetric …

, abound. While the role of investor contagion in asset bubbles has been explored extensively in the theoretical literature …

-loan collateral values may have affected both the demand and the supply of mortgages. Standard time series models using repeat … the loan level substantiates both supply and demand effects of past price trends in housing markets, particularly with …

raise house prices, reduce construction, reduce the elasticity of housing supply, and alter urban form. Other research has …

We present a new framework to identify demand and supply elasticities of agricultural commodities using yield shocks … - deviations from a time trend of output per area, which are predominantly caused by weather fluctuations. Demand is identified … using current-period shocks that give rise to exogenous shifts in supply. Supply is identified using past shocks, which …

demand estimates. We study a new dataset from a wireless inventory system installed on 54 vending machines to track product … availability every four hours. The data allow us to account for product availability when estimating demand, and provides a … availability even when availability is only observed periodically. We find significant differences in demand estimates, with the …