| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20426 |
| 来源ID | Working Paper 20426 |
| Housing Bubbles | |
| Edward L. Glaeser; Charles G. Nathanson | |
| 发表日期 | 2014-08-28 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | Housing markets experience substantial price volatility, short term price change momentum and mean reversion of prices over the long run. Together these features, particularly at their most extreme, produce the classic shape of an asset bubble. In this paper, we review the stylized facts of housing bubbles and discuss theories that can potentially explain events like the boom-bust cycles of the 2000s. One set of theories assumes rationality and uses idiosyncratic features of the housing market, such as intensive search and short selling constraints, to explain the stylized facts. Cheap credit provides a particularly common rationalization for price booms, but temporary periods of low interest rates will not explain massive price swings in simple rational models. An incorrectly under-priced default option is needed to explain the formation of rational bubbles. Many non-rational explanations for real estate bubbles exist, but the most promising theories emphasize some form of trend-chasing, which in turn reflects boundedly rational learning. |
| 主题 | Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w20426 |
| 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/578099 |
| 推荐引用方式 GB/T 7714 | Edward L. Glaeser,Charles G. Nathanson. Housing Bubbles. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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