Expectations-driven cycles in the housing market

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• 作者：Luisa Lambertini^a ; ^{luisa.lambertini@epfl.ch} ; Caterina Mendicino^b ; ^{caterina.mendicino1@ecb.int} ; Maria Teresa Punzi^c ; ^{Maria.Teresa.Punzi@wu.ac.at}
• 关键词：E32 ; E44 ; E52
• 刊名：Economic Modelling
• 出版年：2017
• 出版时间：January 2017
• 年：2017
• 卷：60
• 期：Complete
• 页码：297-312
• 全文大小：1988 K
• 卷排序：60

文摘

This paper explores the transmission of news shocks in a model of the housing market. The model includes financial frictions in the form of collateralized household debt. Expectations related to different sectors of the economy can generate booms in the housing market. Only news shocks related to the behavior of nominal variables also causes a burst. Credit conditions play an important role as a source of housing market fluctuations.