EconStor >
Deutsche Bundesbank, Forschungszentrum, Frankfurt am Main >
Discussion Papers, Deutsche Bundesbank >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/57777
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorHoffmann, Mathiasen_US
dc.contributor.authorKrause, Michael U.en_US
dc.contributor.authorLaubach, Thomasen_US
dc.date.accessioned2012-05-03en_US
dc.date.accessioned2012-05-09T09:58:31Z-
dc.date.available2012-05-09T09:58:31Z-
dc.date.issued2012en_US
dc.identifier.isbn978-3-86558-813-5en_US
dc.identifier.urihttp://hdl.handle.net/10419/57777-
dc.description.abstractWe provide an analysis that might help distinguish rationally justified movements in house prices from potentially non-rational movements, using a two-sector business cycle model, in which investment in housing is subject to collateral constraints. A large portion of the evolution of U.S. house prices during the past 20 years can be reproduced when expectations of future income growth as published in surveys are used as an input into the model. Changes in growth expectations translate into corresponding changes in house prices, since the value of housing must be linked to expected aggregate income. Only since about 2005 do actual and model-implied house prices clearly diverge, calling for explanations not based on economic fundamentals.en_US
dc.language.isoengen_US
dc.publisherDt. Bundesbank Frankfurt, M.en_US
dc.relation.ispartofseriesDiscussion Paper, Deutsche Bundesbank 12/2012en_US
dc.subject.jelE13en_US
dc.subject.jelE32en_US
dc.subject.jelD83en_US
dc.subject.jelO40en_US
dc.subject.ddc330en_US
dc.subject.keywordHouse pricesen_US
dc.subject.keywordtrend growthen_US
dc.subject.keywordKalman filteren_US
dc.subject.keywordreal-time dataen_US
dc.subject.keywordborrowing constraintsen_US
dc.titleTrend growth expectations and US house prices before and after the crisisen_US
dc.typeWorking Paperen_US
dc.identifier.ppn715127160en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:bubdps:122012-
Appears in Collections:Discussion Papers, Deutsche Bundesbank

Files in This Item:
File Description SizeFormat
715127160.pdf350.68 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.