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Revisiting housing and the business cycle.
- Source :
-
Journal of Housing Economics . Sep2018, Vol. 41, p85-92. 8p. - Publication Year :
- 2018
-
Abstract
- This paper revisits the interactions between housing dynamics and the business cycle in a two-sector model developed and calibrated from the multi-sector neoclassical growth model originally envisioned by Davis and Heathcote in 2005. A two-sector model with housing sector specific capital and productivity shocks can successfully predict a correct positive correlation between housing prices and residential investment. The model can also replicate the fact observed in the United States that housing prices are more volatile than output. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 10511377
- Volume :
- 41
- Database :
- Academic Search Index
- Journal :
- Journal of Housing Economics
- Publication Type :
- Academic Journal
- Accession number :
- 131252722
- Full Text :
- https://doi.org/10.1016/j.jhe.2018.05.004