In the U.S. real estate market, around 30 percent of listed properties remain unsold. We examine whether unsold property listings exert externalities in the housing market. Our study builds on a comprehensive dataset that encompasses residential property listings in Orange County (California)...

The macroeconomic implications of asset price flucuations have received increasing attention in academic and policy circles recently, in large part due to the recent boom-bust bubbles in the equity and now housing markets. This book aims to investigate the role of asset prices for various...