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This paper investigates the international spillovers of housing demand shocks on real economic activity. The global economy is modelled using a Global VAR, with a novel house price data set for both advanced and emerging economies. The impulse responses to an identified US housing demand shock...
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Some booms in housing prices are followed by busts. Others are not. In either case it is difficult to find observable fundamentals that are correlated with price movements. We develop a model consistent with these observations. Real estate agents have heterogeneous expectations about long-run...
Persistent link: https://www.econbiz.de/10013025835
The most recent boom-bust episode in the housing market and its unprecedented negative repercussions on the overall economy led to a debate on its possible causes. The common assumption underlying the debate is that interest rates were the main driver of the bubble in house prices. However the...
Persistent link: https://www.econbiz.de/10013038321
We introduce heterogeneous expectations in a standard housing market model linking housing rental levels to fundamental buying prices. Using quarterly data we estimate the model parameters for eight different countries, US, UK, NL, JP, CH, ES, SE and BE. We find that the data support...
Persistent link: https://www.econbiz.de/10013039728
This paper presents a simple disequilibrium model in the primary housing market, calibrated to the Warsaw market. Our aim is to point out that the primary housing market, due to the long construction process is always in disequilibrium, which has important policy implications. We discuss the...
Persistent link: https://www.econbiz.de/10012982718
The recession of 2007 to 2009 provided a textbook illustration of the ways in which government policies intended to expand credit and capital investment can engender perverse incentives and foster systematic malinvestment. This paper will examine how politically motivated efforts by government...
Persistent link: https://www.econbiz.de/10012917626
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...
Persistent link: https://www.econbiz.de/10014024264