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dc.contributor.authorHillebrand, Martenen
dc.contributor.authorKikuchi, Tomooen
dc.date.accessioned2012-05-23-
dc.date.accessioned2012-06-04T11:26:37Z-
dc.date.available2012-06-04T11:26:37Z-
dc.date.issued2012-
dc.identifier.pidoi:10.5445/IR/1000028302en
dc.identifier.piurn:nbn:de:swb:90-283023en
dc.identifier.urihttp://hdl.handle.net/10419/58244-
dc.description.abstractWe study an exchange economy with overlapping generations of consumers who derive utility from consuming a non-durable commodity and housing. A banking sector offers loans to finance housing. We provide a complete characterization of the equilibrium dynamics which alternates between an expansive regime where housing prices increase and banks expand loans and a contractive regime associated with decreasing housing values and shrinking credit volume. Regime switches occur even under small but persistent income changes giving rise to large and recurrent booms and busts in housing prices not reflecting changes in fundamentals.en
dc.language.isoengen
dc.publisher|aKarlsruher Institut für Technologie (KIT), Institut für Volkswirtschaftslehre (ECON) |cKarlsruheen
dc.relation.ispartofseries|aKIT Working Paper Series in Economics |x40en
dc.subject.jelC62en
dc.subject.jelE32en
dc.subject.jelG21en
dc.subject.ddc330en
dc.subject.keywordOLGen
dc.subject.keywordHousing pricesen
dc.subject.keywordCredit volumeen
dc.subject.keywordBoom-bust scenariosen
dc.subject.keywordRegime switchingen
dc.subject.stwImmobilienpreisen
dc.subject.stwWohnimmobilienen
dc.subject.stwKrediten
dc.subject.stwImmobilienfinanzierungen
dc.subject.stwKonjunkturen
dc.subject.stwOverlapping Generationsen
dc.subject.stwDynamisches Gleichgewichten
dc.subject.stwTheorieen
dc.titleA mechanism for booms and busts in housing prices-
dc.typeWorking Paperen
dc.identifier.ppn716007320en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:kitwps:40en

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