| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8232 |
| DP8232 Understanding Booms and Busts in Housing Markets | |
| Martin Eichenbaum; Sérgio Rebelo; Craig Burnside | |
| 发表日期 | 2011-02-08 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Some booms in housing prices are followed by busts. Others are not. In either case it is difficult to find observable fundamentals that are correlated with price movements. We develop a model that is consistent with these observations. Agents have heterogeneous expectations about long-run fundamentals but change their views because of "social dynamics". Agents meet randomly and those with tighter priors are more likely to convert other agents to their beliefs. The model generates a "fad": the fraction of the population with a particular view rises and then falls. Depending on which agent is correct about fundamentals, these fads generate boom-busts or protracted booms. |
| 主题 | International Macroeconomics |
| 关键词 | Housing prices Real estate |
| URL | https://cepr.org/publications/dp8232 |
| 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/537070 |
| 推荐引用方式 GB/T 7714 | Martin Eichenbaum,Sérgio Rebelo,Craig Burnside. DP8232 Understanding Booms and Busts in Housing Markets. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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