Trend growth expectations and U.S. house prices before and after the crisis

We 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 pric...

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Veröffentlicht in:	Journal of economic behavior & organization 2012-08, Vol.83 (3), p.394-409
Hauptverfasser:	Hoffmann, Mathias, Krause, Michael U., Laubach, Thomas
Format:	Artikel
Sprache:	eng
Schlagworte:	Borrowing constraints Business cycles Business models Economic behaviour Economic crisis Economic models Economic organization House prices Housing prices Kalman filter Real estate market Real-time data Studies Trend growth U.S.A
Online-Zugang:	Volltext
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