منابع مشابه
Housing Bubbles: A Survey
The past 25 years have represented two periods of extreme movements in U.S. and global house prices that appear to be much larger than can be easily explained by changes in fundamentals. These episodes spurred research on housing bubbles that focused attention on the role of outsized expectations in excessive house price appreciation. By contrast, some economists pointed to alternative explanat...
متن کاملHousing Bubbles and Policy Analysis∗
This paper provides a theory of credit-driven housing bubbles in an infinite-horizon production economy. Entrepreneurs face idiosyncratic investment tax distortions and credit constraints. Housing is an illiquid asset and also serves as collateral for borrowing. A housing bubble can form because houses command a liquidity premium. The housing bubble can provide liquidity and relax credit constr...
متن کاملHousing Bubbles, Herds and Frenzies: Evidence from British Housing Markets
1 In a world of uncertainty, imperfect information and irreversible decision-making, speculation and information acquisition will generate bubbles, herding and frenzies in housing demand. The instability generated will be further exacerbated by liquidity constraints and institutional change. In this paper, the influence of herds, frenzies and bubbles on housing demand is assessed in the context...
متن کاملDo Housing Bubbles Affect Consumption?
Standard optimzing models of consumption postulate that consumption is a function of wealth and implicitly assume that wealth is comprised of assets whose market price coincides with the fundamental price, defined as the expected present value of future dividends. We use a simple theoretical framework to show that when the market price deviates from the fundamental price, consumption behavior w...
متن کاملUrban Growth and Housing Supply
Cities are physical structures, but the modern literature on urban economic development rarely acknowledges that fact. The elasticity of housing supply helps determine the extent to which increases in productivity will create bigger cities or just higher paid workers and more expensive homes. In this paper, we present a simple model that provides a framework for doing empirical work that integr...
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ژورنال
عنوان ژورنال: Journal of Urban Economics
سال: 2008
ISSN: 0094-1190
DOI: 10.1016/j.jue.2008.07.007