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Heterogeneous expectations, boom-bust housing cycles, and supply conditions : a nonlinear dynamics approach
Dieci, Roberto; Westerhoff, Frank H. - 2015
supply conditions, interact with expectations-driven housing market fluctuations. …
Persistent link: https://www.econbiz.de/10010517701
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Booms and busts in house prices explained by constraints in housing supply
Bulusu, Narayan; Duarte, Jefferson; Vergara-Alert, Carles - 2013
in supply constraints and determinants of housing demand. Our empirical analysis shows that supply constraints play an …We study the importance of supply constraints in explaining the heterogeneity in house price cycles across geographies … in the United States. Comparing the equilibrium house price generated with and without supply constraints in a …
Persistent link: https://www.econbiz.de/10009751696
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The Beveridge Curve in the Housing Market : Supply and Disequilibrium
Peterson, Brian Michael - 2009
prices drive supply at short time horizons, permitting bubbles and oversupplies of housing to form … total market for housing irrespective of ownership status. The Beveridge Curve represents a long-run supply condition that … curve represent a measurement of oversupply. Using a years of supply metric, for the total housing market irrespective of …
Persistent link: https://www.econbiz.de/10014204818
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Housing market bubbles and business cycles in an agent-based credit economy
Erlingsson, Einar Jon; Cincotti, Silvano; Stefansson, Hlynur - 2013
In this paper the authors present an agent-based model of a credit network economy. The artificial economy includes different economic agents that interact using simple behavioral rules through various markets, i.e., the consumption goods market, the labor market, the credit market and the...
Persistent link: https://www.econbiz.de/10009751106
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Housing market bubbles and business cycles in an agent-based credit economy
Erlingsson, Einar Jon; Teglio, Andrea; Cincotti, Silvano; … - 2014
This paper investigates the housing and mortgage markets by means of an agent-based macroeconomic model of a credit network economy. A set of computational experiments have been carried out in order to explore the effects of different households’ creditworthiness conditions required by banks...
Persistent link: https://www.econbiz.de/10010248859
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Heterogeneous Expectations, Boom-Bust Housing Cycles, and Supply Conditions : A Nonlinear Dynamics Approach
Dieci, Roberto - 2015
supply conditions, interact with expectations-driven housing market fluctuations …
Persistent link: https://www.econbiz.de/10013020760
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Prices, Rents and Rational Speculative Bubbles in the Sydney Housing Market
Hatzvi, Eden; Otto, Glenn - 2009
We examine whether asset pricing theory can explain residential property prices. Using quarterly data for Local Government Areas in Sydney from 1991 to 2006, we find little evidence that variations in price: rent ratios anticipate future real rent growth. Instead changes in price: rent ratios...
Persistent link: https://www.econbiz.de/10014212346
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Chapter 11. Housing Bubbles
Glaeser, Edward L.; Nathanson, Charles G. - In: Handbook of regional and urban economics : volume 5, (pp. 701-751). 2015
bubble. In this chapter, we review the stylized facts of housing bubbles and discuss theories that can potentially explain … swings in simple rational models. An incorrectly underpriced default option can make rational bubbles more likely. Many … nonrational explanations for real estate bubbles exist, but the most promising theories emphasize some form of trend chasing …
Persistent link: https://www.econbiz.de/10014025304
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Macroprudential Policy and Housing Market Expectations
Kuang, Pei; Mitra, Kaushik; Tang, Li; Xie, Shihan - 2023
Using a large-scale online survey experiment, we study the effects of changes in three borrower-based macroprudential policy tools, residential loan-to-value (LTV), debt-to-income, and buy-to-let LTV ratio, on British consumers’ housing market expectations. A policy loosening generally leads...
Persistent link: https://www.econbiz.de/10014350636
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Heterogeneous expectations, housing bubbles and tax policy
Martin, Carolin; Schmitt, Noemi; Westerhoff, Frank H. - 2020
We integrate a plausible expectation formation and learning scheme of boundedly rational investors into a standard user cost housing market model, involving a rental and a housing capital market. In particular, investors switch between heterogeneous expectation rules according to an evolutionary...
Persistent link: https://www.econbiz.de/10012164832