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EXPLAINING THE EVOLUTION OF THE US HOUSING MARKET

Title
EXPLAINING THE EVOLUTION OF THE US HOUSING MARKET
Author
유혜미
Keywords
Housing Market; Idiosyncratic Earnings Risks; Precautionary Savings
Issue Date
2019-03
Publisher
CAMBRIDGE UNIV PRESS
Citation
MACROECONOMIC DYNAMICS, v. 23, NO 2, Page. 568-589
Abstract
Over the past few decades, both the relative price of housing structures and housing services consumption relative to nondurables increased significantly in the United States. This paper explores demand-side factors such as an increase in idiosyncratic earnings risks and changes in housing institutions as potential explanations for the phenomenon. We build a general equilibrium incomplete markets model of housing and compare two steady states that correspond to the 1967 and 2000 U.S. economies. Our model can generate the simultaneous increase in the relative price of houses and housing services consumption relative to nondurables. We find that the increased earnings risks are crucial in replicating this pattern.
URI
https://www.cambridge.org/core/journals/macroeconomic-dynamics/article/explaining-the-evolution-of-the-us-housing-market/D487CBD48CFB72C76B0C901CB0CC63A7http://repository.hanyang.ac.kr/handle/20.500.11754/110457
ISSN
1365-1005; 1469-8056
DOI
10.1017/S1365100516001267
Appears in Collections:
COLLEGE OF ECONOMICS AND FINANCE[S](경제금융대학) > ECONOMICS & FINANCE(경제금융학부) > Articles
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