Miao, Jianjun; Wang, Pengfei; Zha, Tao - 2014
characterize these observations by showing the tight connection between price-rent fluctuation and the liquidity constraint faced … equilibrium model to assess the empirical importance of the role the price-rent fluctuation plays in the business cycle. According … to our estimation, a shock that drives most of the price-rent fluctuation explains 30 percent of output fluctuation over …