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Booms and busts in a housing market with heterogeneous agents

Abstract:
We develop a dynamic partial equilibrium model of the housing market, where the dynamics of the house price is determined by the interaction between chartists and fundamentalists. The model endogenously generates episodes of boom and bust in the house price and can replicate the recent US house price dynamics, and points to endogenous and exogenous behavioral factors as the main determinants of such dynamics.
Publication status:
Published
Peer review status:
Peer reviewed
Version:
Accepted manuscript

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Publisher copy:
10.1017/S1365100516000882

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Department:
Somerville College
Publisher:
Cambridge University Press Publisher's website
Journal:
Macroeconomic Dynamics Journal website
Volume:
22
Issue:
7
Pages:
1808-1824
Publication date:
2016-06-23
DOI:
ISSN:
1469-8056
Pubs id:
pubs:640180
URN:
uri:2cab1c30-f710-4548-8e85-626565609209
UUID:
2cab1c30-f710-4548-8e85-626565609209
Local pid:
pubs:640180

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