BOOMS AND BUSTS IN A HOUSING MARKET WITH HETEROGENEOUS AGENTS

Guido Ascari, N. Pecora and A. Spelta

Macroeconomic Dynamics, 2018, vol. 22, issue 7, 1808-1824

Abstract: We develop a dynamic partial equilibrium model of the housing market, in which the dynamics of the house price is determined by the interaction between chartists and fundamentalists. The model endogenously generates episodes of boom and bust in the house price and can replicate the recent US house price dynamics, and points to endogenous and exogenous behavioral factors as the main determinants of such dynamics.

Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:cup:macdyn:v:22:y:2018:i:07:p:1808-1824_00

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