—both qualitatively and quantitatively—the large low-frequency changes in housing price trends. In particular, the model shows how housing … governs the relationship between productivity growth and home price appreciation. Combined with a realistic model of learning … about the productivity process, the model is able to capture the medium- and low-frequency fluctuations of both price and …

Separate identification of the price and quantity of human capital has important implications for understanding key … issues in economics. Price and quantity series are derived for four education levels. The price series are highly correlated … be driven more by relative quantity than relative price changes, life-cycle wage profiles are readily interpretable as …