Rental market and macroeconomics: evidence for the US
PurposeThe aim of this paper is to assess whether the inclusion of the rental housing market affect the dynamics of the real business cycles (RBCs).Design/methodology/approachFor this investigation, the authors model and estimate two dynamic stochastic general equilibrium (DSGE) versions for the US...
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| Veröffentlicht in: | Journal of economic studies (Bradford) 2021-04, Vol.48 (3), p.587-603 |
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| creator | de Albuquerquemello, Vinicius Phillipe Besarria, Cássio |
| description | PurposeThe aim of this paper is to assess whether the inclusion of the rental housing market affect the dynamics of the real business cycles (RBCs).Design/methodology/approachFor this investigation, the authors model and estimate two dynamic stochastic general equilibrium (DSGE) versions for the US economy, one with and one without the presence of residential rent.FindingsThe findings provide evidence that the inclusion of the rental housing market can improve the assessment of public policies and the projection of scenarios in the face of sudden macroeconomic shocks. The addition of this secondary housing market augments the effect of total factor productivity (TFP) shock on output and consumption. In addition, it increases the effect of the credit shock on the demand for housing. The latter highlights the role of credit for the real estate market. Therefore, the authors recommend that analysts and macro-prudential authorities consider adding it to their models.Originality/valueThe findings provide evidence that the inclusion of the rental housing market can improve the assessment of public policies and the projection of scenarios in the face of sudden macroeconomic shocks. |
| doi_str_mv | 10.1108/JES-01-2020-0003 |
| format | Article |
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The addition of this secondary housing market augments the effect of total factor productivity (TFP) shock on output and consumption. In addition, it increases the effect of the credit shock on the demand for housing. The latter highlights the role of credit for the real estate market. 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The addition of this secondary housing market augments the effect of total factor productivity (TFP) shock on output and consumption. In addition, it increases the effect of the credit shock on the demand for housing. The latter highlights the role of credit for the real estate market. 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Besarria, Cássio</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c344t-47b7f69ae056f6a9cc11bd92784878ad65f35c67ee641300ff5efb40e8dd5b513</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2021</creationdate><topic>Business cycles</topic><topic>Collateral</topic><topic>Consumer goods</topic><topic>Consumption</topic><topic>Economic analysis</topic><topic>Economic policy</topic><topic>Economics</topic><topic>Eurozone</topic><topic>Households</topic><topic>Housing</topic><topic>Housing market</topic><topic>Housing prices</topic><topic>Investigations</topic><topic>Investments</topic><topic>Loans</topic><topic>Macroeconomics</topic><topic>Monetary policy</topic><topic>Productivity</topic><topic>Real estate</topic><topic>Rentals</topic><topic>Subsidies</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>de Albuquerquemello, Vinicius Phillipe</creatorcontrib><creatorcontrib>Besarria, Cássio</creatorcontrib><collection>CrossRef</collection><collection>Global News & ABI/Inform Professional</collection><collection>Trade PRO</collection><collection>ABI/INFORM Collection</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ProQuest Pharma Collection</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>Hospital Premium Collection</collection><collection>ProQuest Central UK/Ireland</collection><collection>ProQuest Central</collection><collection>Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central Korea</collection><collection>International Bibliography of the Social Sciences</collection><collection>Health Research Premium Collection</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>International Bibliography of the Social Sciences</collection><collection>ProQuest Business Collection</collection><collection>DELNET Management Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Professional Standard</collection><collection>ABI/INFORM Global</collection><collection>Healthcare Administration Database</collection><collection>ProQuest One Business</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central Basic</collection><jtitle>Journal of economic studies (Bradford)</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>de Albuquerquemello, Vinicius Phillipe</au><au>Besarria, Cássio</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Rental market and macroeconomics: evidence for the US</atitle><jtitle>Journal of economic studies (Bradford)</jtitle><date>2021-04-09</date><risdate>2021</risdate><volume>48</volume><issue>3</issue><spage>587</spage><epage>603</epage><pages>587-603</pages><issn>0144-3585</issn><eissn>1758-7387</eissn><abstract>PurposeThe aim of this paper is to assess whether the inclusion of the rental housing market affect the dynamics of the real business cycles (RBCs).Design/methodology/approachFor this investigation, the authors model and estimate two dynamic stochastic general equilibrium (DSGE) versions for the US economy, one with and one without the presence of residential rent.FindingsThe findings provide evidence that the inclusion of the rental housing market can improve the assessment of public policies and the projection of scenarios in the face of sudden macroeconomic shocks. 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| subjects | Business cycles Collateral Consumer goods Consumption Economic analysis Economic policy Economics Eurozone Households Housing Housing market Housing prices Investigations Investments Loans Macroeconomics Monetary policy Productivity Real estate Rentals Subsidies |
| title | Rental market and macroeconomics: evidence for the US |
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