Trend growth expectations and U.S. house prices before and after the crisis
نویسندگان
چکیده
منابع مشابه
Trend growth expectations and U.S. house prices before and after the crisis
We provide an analysis that might help distinguish rationally justified movements in house prices from potentially non-rational movements, using a two-sector business cycle model, in which investment in housing is subject to collateral constraints. A large portion of the evolution of U.S. house prices during the past 20 years can be reproduced when expectations of future income growth as publis...
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ژورنال
عنوان ژورنال: Journal of Economic Behavior & Organization
سال: 2012
ISSN: 0167-2681
DOI: 10.1016/j.jebo.2012.02.020