| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25667 |
| 来源ID | Working Paper 25667 |
| A Theory of Housing Demand Shocks | |
| Zheng Liu; Pengfei Wang; Tao Zha | |
| 发表日期 | 2019-03-18 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Aggregate housing demand shocks are an important source of house price fluctuations in the standard macroeconomic models, and through the collateral channel, they drive macroeconomic fluctuations. These reduced-form shocks, however, fail to generate a highly volatile price-to-rent ratio that comoves with the house price observed in the data (the “price-rent puzzle”). We build a tractable heterogeneous-agent model that provides a microeconomic foundation for housing demand shocks. The model predicts that a credit supply shock can generate large comovements between the house price and the price-to-rent ratio. We provide empirical evidence from cross-country and cross-MSA data to support this theoretical prediction. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w25667 |
| 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/583340 |
| 推荐引用方式 GB/T 7714 | Zheng Liu,Pengfei Wang,Tao Zha. A Theory of Housing Demand Shocks. 2019. |
| 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 | ||
| w25667.pdf（663KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
