Endogenous housing market cycles
نویسندگان
چکیده
منابع مشابه
Endogenous Labor Market Cycles
In a perfectly stationary physical environment of the labor market, moral hazard and optimal termination in long-term contracts can generate two-period and much longer cycles in employment and output, and in other aggregate activities, including the creation and destruction of jobs, and the flows of workers entering and exiting employment. This theory sheds light on the unemployment volatility ...
متن کاملThe Business Cycles of Urban Housing Market (Case Study: Urban Housing Market of Isfahan, 1980-2014)
H ousing is a commodity with unique features and its market, especially in urban areas, is characterized by unique business cycles that differentiate it from other commodities. On one hand, housing market can be deeply influenced by economic shocks, and on the other hand, the sheer size of housing investments makes the economy particularly vulnerable to any shock in this market. Henc...
متن کاملModeling and Simulation of the Endogenous Dynamics of Housing Market Cycles
The purpose of this study is to model and analyze by simulation the dynamics of endogenously created oscillations in real estate (housing) prices. A system dynamics simulation model is built to understand some of the structural sources of cycles in the key housing market variables, from the perspective of construction companies. The model focuses on the economic balance dynamics between supply ...
متن کاملOptimal life cycle portfolio choice with housing market cycles
During the last decades households in the U.S. have experienced that residential house prices move in a persistent manner, i.e. that returns are positively serially correlated. Since an owner-occupied home is usually the largest investment of a household it is important to understand how households act when they base their consumption and investment decisions on this experience. We show in a se...
متن کاملEndogenous Price Volume Correlation in the Housing Market
Housing market cycles are featured by correlation of prices and trading volume, which is conventionally attributed to a causal relation between prices and volume. This paper relies on a large panel dataset of housing markets in 127 metropolitan statistic areas from 1990:1 to 2002:2, treats both the price and volume as endogenous variables in housing markets, and studies how exogenous shocks cau...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Banking & Finance
سال: 2010
ISSN: 0378-4266
DOI: 10.1016/j.jbankfin.2009.08.021