Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/95253
Authors: 
Spelta, Alessandro
Ascari, Guido
Pecora, Nicolò
Year of Publication: 
2012
Series/Report no.: 
Quaderni di Dipartimento 177
Abstract: 
We study the housing market using a partial “dis”-equilibrium model in which the rational expectations hypothesis is relaxed in favor of an agent-based approach. The chartist-fundamentalist mechanism allows for the behavioral foundation of the expectations, the endogenous development of bubbles and contributes to replicate the recent house price dynamics. We also analyze the role of the interest rate during the boom and, anchoring the interest rate to the change in house price, we investigate the possibility to reduce the volatility and the distortion in the price dynamics.
Document Type: 
Working Paper

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