| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7953 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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