| 来源类型 | Working Paper
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| 规范类型 | 报告
|
| DOI | 10.3386/w18059
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| 来源ID | Working Paper 18059
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| House Price Moments in Boom-Bust Cycles |
| Todd M. Sinai
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| 发表日期 | 2012-05-10
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| 出版年 | 2012
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| 语种 | 英语
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| 摘要 | This paper describes six stylized patterns among housing markets in the United States that potential explanations of the housing boom and bust should seek to explain. First, individual housing markets in the U.S. experienced considerable heterogeneity in the amplitudes of their cycles. Second, the areas with the biggest boom-bust cycles in the 2000s also had the largest boom-busts in the 1980s and 1990s, with a few telling exceptions. Third, the timing of the cycles differed across housing markets. Fourth, the largest booms and busts, and their timing, seem to be clustered geographically. Fifth, the cross sectional variance of annual house price changes rises in booms and declines in busts. Finally, these stylized facts are robust to controlling for housing demand fundamentals - namely, rents, incomes, or employment - although changes in fundamentals are correlated with changes in prices. |
| 主题 | Financial Economics
; Portfolio Selection and Asset Pricing
; Regional and Urban Economics
; Regional Economics
; Real Estate
; Other
|
| URL | https://www.nber.org/papers/w18059
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575735
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推荐引用方式
GB/T 7714 |
Todd M. Sinai. House Price Moments in Boom-Bust Cycles. 2012.
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文件名：
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w18059.pdf
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格式：
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Adobe PDF
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