BOOMS and BUSTS in A HOUSING MARKET with HETEROGENEOUS AGENTS

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

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6 Citazioni (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.
Lingua originaleEnglish
pagine (da-a)1808-1824
Numero di pagine17
RivistaMacroeconomic Dynamics
Volume22
DOI
Stato di pubblicazionePubblicato - 2018

Keywords

  • Boom-Bust
  • Heterogeneous Expectations
  • Housing market

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