—both qualitatively and quantitatively—the large low-frequency changes in housing price trends. In particular, the model shows how housing … governs the relationship between productivity growth and home price appreciation. Combined with a realistic model of learning … about the productivity process, the model is able to capture the medium- and low-frequency fluctuations of both price and …

Commodity price volatility is bad for macroeconomic performance. Virtually all empirical studies that document this … extraction to determine why commodity price volatility affects investment decisions, production levels, profitability, and … effects. Simulation exercises reveal that commodity price volatility shocks significantly reduce resource firms' equity prices …