Housing and Macroeconomics
Monika Piazzesi () and
Martin Schneider ()
No 22354, NBER Working Papers from National Bureau of Economic Research, Inc
This paper surveys the literature on housing in macroeconomics. We first collect facts on house prices and quantities in both the time series and the cross section of households and housing markets. We then present a theoretical model of frictional housing markets with heterogeneous agents that nests or provides background for many studies. Finally, we describe quantitative results obtained during the last 15 years on household behavior, business cycle dynamics and asset pricing, as well as boom bust episodes.
JEL-codes: E0 E44 G11 G12 R2 R3 (search for similar items in EconPapers)
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Note: AP CF EFG ME
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