منابع مشابه
Understanding House-Price Dynamics
*The views expressed here are those of the author and do not necessarily represent the views of the Federal Reserve Bank of Philadelphia or the Federal Reserve System. or most homeowners, housing is the single most important component of their nonpension wealth. Therefore, a change in house prices greatly affects the total wealth of many households. Furthermore, movements in house prices can af...
متن کاملHouse Price Dynamics: an International Empirical Perspective
The paper compares the dynamics of housing prices in fifteen OECD countries. The data reveal a remarkable degree of similarity across countries and suggest rich dynamics for the first-differenced real annual house prices, with a significant structure of autocorrelation. We estimate a highly significant first-order autocorrelation coefficient at around .45 and obtain An earlier version of the pa...
متن کاملHouse Price Dynamics: Fundamentals and Expextations
Bank of Canada working papers are theoretical or empirical works-in-progress on subjects in economics and finance. The views expressed in this paper are those of the authors. No responsibility for them should be attributed to the Bank of Canada. ii Acknowledgements We are very grateful for comments received from seminar participants at the Bank of Canada and the Joint Central Bank Conference: B...
متن کاملHouse Price Dynamics: Fundamentals and Expectations
We investigate whether expectations that are not fully rational have the potential to explain the evolution of house prices and the price-to-rent ratio in the United States. First, a stylized asset-pricing model solved under rational expectations is used to derive a fundamental value for house prices and the price-rent ratio. Although the model can explain the sample average of the price-rent r...
متن کاملTrading Frictions and House Price Dynamics
We construct a model of trade with matching frictions. The model provides a simple characterization for the joint proces of prices, sales and inventory. We compare the implications of the model to certain properties of housing markets. The model can generate the large price changes and the positive correlation between prices and sales that we see in the data. Unlike the data, prices are negativ...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Urban Economics
سال: 2018
ISSN: 0094-1190
DOI: 10.1016/j.jue.2018.03.001