BOOMS and BUSTS in A HOUSING MARKET with HETEROGENEOUS AGENTS

G. Ascari; Guido Ascari; Nicolo' Pecora; Alessandro Spelta

doi:10.1017/S1365100516000882

BOOMS and BUSTS in A HOUSING MARKET with HETEROGENEOUS AGENTS

G. Ascari
, Guido Ascari
, Nicolo' Pecora
, Alessandro Spelta

University of Oxford

Research output: Contribution to journal › Article › peer-review

7 Citations (Scopus)

Abstract

We develop a dynamic partial equilibrium model of the housing market, in which the dynamics of the house price is determined by the interaction between chartists and fundamentalists. The model endogenously generates episodes of boom and bust in the house price and can replicate the recent US house price dynamics, and points to endogenous and exogenous behavioral factors as the main determinants of such dynamics.

Original language	English
Pages (from-to)	1808-1824
Number of pages	17
Journal	Macroeconomic Dynamics
Volume	22
DOIs	https://doi.org/10.1017/S1365100516000882
Publication status	Published - 2018

Keywords

Boom-Bust
Heterogeneous Expectations
Housing market

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10.1017/S1365100516000882

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title = "BOOMS and BUSTS in A HOUSING MARKET with HETEROGENEOUS AGENTS",

abstract = "We develop a dynamic partial equilibrium model of the housing market, in which the dynamics of the house price is determined by the interaction between chartists and fundamentalists. The model endogenously generates episodes of boom and bust in the house price and can replicate the recent US house price dynamics, and points to endogenous and exogenous behavioral factors as the main determinants of such dynamics.",

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author = "G. Ascari and Guido Ascari and Nicolo' Pecora and Alessandro Spelta",

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AU - Ascari, G.

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AU - Pecora, Nicolo'

AU - Spelta, Alessandro

PY - 2018

Y1 - 2018

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AB - We develop a dynamic partial equilibrium model of the housing market, in which the dynamics of the house price is determined by the interaction between chartists and fundamentalists. The model endogenously generates episodes of boom and bust in the house price and can replicate the recent US house price dynamics, and points to endogenous and exogenous behavioral factors as the main determinants of such dynamics.

KW - Boom-Bust

KW - Heterogeneous Expectations

KW - Housing market

KW - Boom-Bust

KW - Heterogeneous Expectations

KW - Housing market

UR - http://hdl.handle.net/10807/126449

UR - http://uk.cambridge.org/journals/mdy

U2 - 10.1017/S1365100516000882

DO - 10.1017/S1365100516000882

M3 - Article

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VL - 22

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EP - 1824

JO - Macroeconomic Dynamics

JF - Macroeconomic Dynamics

ER -

BOOMS and BUSTS in A HOUSING MARKET with HETEROGENEOUS AGENTS

Abstract

Keywords

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