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- W2169073536 abstract "We study the housing market using a partial dis-equilibrium dynamic model in which the rational expectations hypothesis is relaxed in favor of chartist-fundamentalist mechanism to allows for the endogenous development of bubbles. Our model is able to replicate the recent house price dynamics in the US, with the preference shock being the main forcing variable. We also analyze the role of the interest rate policy. Our model supports the view that anchoring the interest rate to the change in house price would have reduced the volatility and the distortion in the price dynamics." @default.
- W2169073536 created "2016-06-24" @default.
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- W2169073536 date "2013-03-01" @default.
- W2169073536 modified "2023-10-15" @default.
- W2169073536 title "Boom and Burst in Housing Market with Heterogeneous Agents (New Version)" @default.
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