| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12810 |
| 来源ID | Working Paper 12810 |
| Money Illusion and Housing Frenzies | |
| Markus K. Brunnermeier; Christian Julliard | |
| 发表日期 | 2006-12-29 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | A reduction in inflation can fuel run-ups in housing prices if people suffer from money illusion. For example, investors who decide whether to rent or buy a house by simply comparing monthly rent and mortgage payments do not take into account that inflation lowers future real mortgage costs. We decompose the price-rent ratio in a rational component -- meant to capture the proxy effect and risk premia -- and an implied mispricing. We find that inflation and nominal interest rates explain a large share of the time-series variation of the mispricing, and that the tilt effect is unlikely to rationalize this finding. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w12810 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570473 |
| 推荐引用方式 GB/T 7714 | Markus K. Brunnermeier,Christian Julliard. Money Illusion and Housing Frenzies. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12810.pdf（526KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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