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the presence and development of speculative bubbles in the financial and real estate markets. The analysis is extended in …
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This paper analyzes the boom–bust cycle driven by rational bubbles in an overlapping generations economy that is … rate. Bubbles are more likely to crowd investment in, the stronger is the intertemporal substitution in consumption, and … of dynamic efficiency and the occurrence of bubbles. We characterize the global dynamics of a stochastically bubbly …
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We infer the role of price expectations in forming the U.S. housing boom in the early-2000s from examining housing inventories. We use a reduced form model to show that agents invest in vacant homes when they anticipate prices will increase. Empirically, vacancy can discriminate between price...
Persistent link: https://www.econbiz.de/10012104647
The main aim of this paper is to identify the underlying reasons for the cyclical nature of the Hungarian housing market, in particular the business cycles, the construction, and market participants' expectations. Our research was conducted based on analysis of statistical data and of the...
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