In the recent financial crisis, macroeconomic stimuli produced mixed results across developed economies. In contrast, China's stimulus boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 trough to 11.9% in the first quarter of 2010. Amidst this phenomenal response, land...

This paper analyzes the impact of a tax policy shock on the macroeconomics of the housing market. I develop a structural search and matching model of the housing market with heterogeneous demand, which is solved numerically. I show that after a negative demand shock there is a composition effect...

This paper studies whether the fiscal stimulus programs during the 2020-2021 COVID-19 pandemic contributed to the sharp rise in house prices during the same period. Exploiting the variation in the share of local population eligible for the historic $900 billion economic impact payments and...

In the recent financial crisis, macroeconomic stimuli produced mixed results across developed economies. In contrast, China's stimulus boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 trough to 11.9% in the first quarter of 2010. Amidst this phenomenal response, land...