supply conditions, interact with expectations-driven housing market fluctuations. …

Although the volatility of house prices is often ascribed to demand-side factors, constraints on housing supply have … the volatility of house prices and the regulation of new housing supply. I then employ a dynamic structural model of … housing investment to estimate the effect of supply constraints on both the level of new construction and the responsiveness …

total market for housing irrespective of ownership status. The Beveridge Curve represents a long-run supply condition that … curve represent a measurement of oversupply. Using a years of supply metric, for the total housing market irrespective of … ownership, in 2007-2008 there were 0.995 years of supply, more than three times the previous peak of 0.285 years of supply in …

This paper presents a flexible-price small open economy model with a "peso problem" in productivity states. Agents … rationally adjust their beliefs about future productivity growth after the arrival of news. A downward revision of expectations … actual change in productivity growth to generate large fluctuations. Quantitatively, the model goes a long way in matching …