Glaeser, Edward L.; Gyourko, Joseph; Saiz, Albert - In: Journal of Urban Economics 64 (2008) 2, pp. 198-217
Like many other assets, housing prices are quite volatile relative to observable changes in fundamentals. If we are going to understand boom-bust housing cycles, we must incorporate housing supply. In this paper, we present a simple model of housing bubbles that predicts that places with more...
