This paper explores the impact of demographic changes on the housing market in the US, 1st by reviewing the facts about the Baby Boom, 2nd by linking age and housing demand using census data for 1970 and 1980, 3rd by computing the effect of demand on price of housing and on the quantity of residential capital, and last by constructing a theoretical model to plot the predictability of the jump i...

Existing homes are sold at lower average prices than comparable new homes. Buyers search less intensively among existing homes than new housing projects, but buy more frequently after initial inspections. These and other properties of housing search are predicted in this paper by a model with the following properties. Buyers screen listings on electronic sites and search only among acceptable m...

This paper examines the equilibrium price effects of the privatization of housing assets that were previously owned and allocated by the state. I develop a theoretical framework that shows that privatization can have ambiguous effects on prices in the private market, and that the degree of misallocation of the assets prior to privatization determines the subsequent price effects. I test the pre...

LAURIE BALL COOPER & ANA VOHRYZEK INTRODUCTION ......................................................................................................................................... 308 I. A BRIEF OVERVIEW OF THE D.C. HOMELESS POPULATION ........................................................ 312 A. Characteristics of D.C.’s Homeless Population Based on the 2015 Point-in-Time Survey ..... 3...

In the paradigm of the search theory, we established the search model applicable to the characteristics of China's resale housing market, by modeling the search behavior for buyer and seller, respectively. Setting the parameters based on the Beijing housing market survey in August 2012, we implemented agentbased simulation to study the dynamics of the search behavior measured by search intensit...

The goal of this paper is to evaluate the level and examine the dynamics of housing consumption and residential crowding in urban China almost a decade after the housing reform was launched. I argue that housing consumption and residential crowding are affected not only by demographic and socioeconomic factors, as they are in market economies, but also by institutional factors that are unique t...

Many local governments are adopting inclusionary zoning (IZ) as a means of producing affordable housing without direct public subsidies. In this paper, panel data on IZ in the San Francisco metropolitan area and suburban Boston are used to analyse how much affordable housing the programmes produce and how IZ affects the prices and production of market-rate housing. The amount of affordable hous...

In this paper we study a general equilibrium model with a housing market, and use stability under adaptive learning as a criterion to evaluate monetary policy rules. An important feature of the model is that there exist credit-constrained borrowers who use their housing assets as collateral to finance purchases. We evaluate both conventional Taylor rules and rules that incorporate other targets...

In the residential housing market, home owners are reluctant to sell in a declining market. We build a model which focuses on the embedded call option associated with home ownership that allows owners to delay the (irreversible) sale. When prices are low, the (opportunity) cost of a sale, i.e., a higher implied gain from a future sale, likely exceeds its immediate trade benefit and an owner is ...

It is generally conceded that dividend pricing models are poor predictors of asset prices. This finding is sometimes attributed to excess volatility or to a dividend process manipulated by firm managers. In this paper, we present rather powerful panel tests of the dividend pricing relation using a unique data set in which dividends are set by market forces independent of managers’ preferences. ...