We study sources and consequences of fluctuations in the housing market. The upward trend in real housing prices of the … last 40 years can be explained by slow technological progress in the housing sector. Over the business cycle, housing … demand and housing technology shocks explain one-quarter each of the volatility of housing investment and housing prices …

We study sources and consequences of fluctuations in the housing market. The upward trend in real housing prices of the … last 40 years can be explained by slow technological progress in the housing sector. Over the business cycle, housing … demand and housing technology shocks explain one-quarter each of the volatility of housing investment and housing prices …

Using U.S. data and Bayesian methods, we quantify the contribution of the housing market to business fluctuations. The …, what shocks drive the housing market? We find that the upward trend in real housing prices of the last 40 years can be … explained by slow technological progress in the housing sector. Over the business cycle instead, housing demand and housing …

The ability of a two-sector model to quantify the contribution of the housing market to business fluctuations is … constraints, displays the following features: first, a large fraction of the upward trend in real housing prices over the last 40 … years can be accounted for by slow technological progress in the housing sector; second, residential investment and housing …

the rather strong assumption that debt is independent of the policy rate, conditional on housing prices. The policy …

the rather strong assumption that debt is independent of the policy rate, conditional on housing prices. The policy …

In this paper our main aim is to quantify the role that housing collateral plays for the monetary transmission …-to-value ratio, in the last two decades. We set up a two sector DSGE model with production of goods and housing. Households can only …. We quantify the reinforcement of the monetary transmission mechanism that housing used as collateral implies in the …

the rather strong assumption that debt is independent of the policy rate, conditional on housing prices. The policy …

This paper investigates the importance of including data on new housing supply in Dynamic Stochastic General … financial sector and real estate sector, they have largely overlooked housing supply. I develop an extended DSGE model that … includes both the financial sector and endogenous housing supply and show that forecasting accuracy significantly improves when …

This paper investigates the importance of including data on new housing supply in Dynamic Stochastic General … financial sector and real estate sector, they have largely overlooked housing supply. I develop an extended DSGE model that … includes both the financial sector and endogenous housing supply and show that forecasting accuracy significantly improves when …