Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/214657 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
BERG Working Paper Series No. 156
Verlag: 
Bamberg University, Bamberg Economic Research Group (BERG), Bamberg
Zusammenfassung: 
We integrate a plausible expectation formation and learning scheme of boundedly rational investors into a standard user cost housing market model, involving a rental and a housing capital market. In particular, investors switch between heterogeneous expectation rules according to an evolutionary fitness measure, given by the rules' past profitability. We analytically show that our housing market model may produce endogenous boom-bust dynamics. Furthermore, we demonstrate that policy makers may use our model as a tool to explore how different tax policies may affect the housing market's steady state, its stability and out-of-equilibrium behavior.
Schlagwörter: 
housing markets
bubbles and crashes
heterogeneous expectations
bounded rationality and learning
tax policy
steady state and stability analysis
JEL: 
D84
H24
R31
ISBN: 
978-3-943153-77-4
Dokumentart: 
Working Paper

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