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EXPLAINING THE EVOLUTION OF THE U.S. HOUSING MARKET

Title
EXPLAINING THE EVOLUTION OF THE U.S. HOUSING MARKET
Authors
Seok B.H.You H.M.
Ewha Authors
석병훈
Issue Date
2017
Journal Title
Macroeconomic Dynamics
ISSN
1365-1005JCR Link
Citation
pp. 1 - 22
Keywords
Housing MarketIdiosyncratic Earnings RisksPrecautionary Savings
Publisher
Cambridge University Press
Indexed
SSCI; SCOPUS scopus
Abstract
Over the past few decades, both the relative price of housing structures and housing services consumption relative to nondurables increased significantly in the United States. This paper explores demand-side factors such as an increase in idiosyncratic earnings risks and changes in housing institutions as potential explanations for the phenomenon. We build a general equilibrium incomplete markets model of housing and compare two steady states that correspond to the 1967 and 2000 U.S. economies. Our model can generate the simultaneous increase in the relative price of houses and housing services consumption relative to nondurables. We find that the increased earnings risks are crucial in replicating this pattern. Copyright © Cambridge University Press 2017
DOI
10.1017/S1365100516001267
Appears in Collections:
사회과학대학 > 경제학전공 > Journal papers
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