G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7953
DP7953 Winners and Losers in Housing Markets
Nobuhiro Kiyotaki; Alexander Michaelides; Kalin Nikolov
发表日期2010-08-01
出版年2010
语种英语
摘要This paper is a quantitatively-oriented theoretical study into the interaction between housing prices, aggregate production, and household behavior over a lifetime. We develop a life-cycle model of a production economy in which land and capital are used to build residential and commercial real estates. We find that, in an economy where the share of land in the value of real estates is large, housing prices react more to an exogenous change in expected productivity or the world interest rate, causing a large redistribution between net buyers and net sellers of houses. Changing financing constraints, however, has limited effects on housing prices.
主题International Macroeconomics
关键词Collateral constraints. Housing prices Land Life cycle Real estate
URLhttps://cepr.org/publications/dp7953
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/536788
推荐引用方式
GB/T 7714
Nobuhiro Kiyotaki,Alexander Michaelides,Kalin Nikolov. DP7953 Winners and Losers in Housing Markets. 2010.
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