These notes provide the derivations of results stated without proof in Hornstein (2009). For a simple model of the demand for housing, it is shown that on a balanced growth path, the rate at which the relative price of housing changes over time is determined by the relative productivity growth...

This chapter surveys the literature on housing in macroeconomics. We first collect facts on house prices and quantities in both the time series and the cross section of households and housing markets. We then present a theoretical model of frictional housing markets with heterogeneous agents...

Cover -- Title Page -- Contents -- Acknowledgments -- Part I: Platform of Understanding -- Prologue "Peasants Always Starve" -- [1] The Silent Emergency -- [2] The Framework of Understanding -- Lessons from the Great Irish Famine [1845-1850] The Causes of Starvation -- Part II:The Crisis of...