| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16734 |
| 来源ID | Working Paper 16734 |
| Understanding Booms and Busts in Housing Markets | |
| Craig Burnside; Martin Eichenbaum; Sergio Rebelo | |
| 发表日期 | 2011-01-27 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Some booms in housing prices are followed by busts. Others are not. It is generally difficult to find observable fundamentals that are useful for predicting whether a boom will turn into a bust or not. We develop a model consistent with these observations. Agents have heterogeneous expectations about long-run fundamentals but change their views because of “social dynamics.” Agents with tighter priors are more likely to convert others to their beliefs. Boom-bust episodes typically occur when skeptical agents happen to be correct. The booms that are not followed by busts typically occur when optimistic agents happen to be correct. |
| 主题 | Macroeconomics ; Business Cycles ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w16734 |
| 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/574408 |
| 推荐引用方式 GB/T 7714 | Craig Burnside,Martin Eichenbaum,Sergio Rebelo. Understanding Booms and Busts in Housing Markets. 2011. |
| 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 | ||
| w16734.pdf（577KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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