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Housing and Macroeconomics

M. Piazzesi and M. Schneider

Chapter Chapter 19 in Handbook of Macroeconomics, 2016, vol. 2, pp 1547-1640 from Elsevier

Abstract: This chapter 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.

Keywords: Booms and busts in housing markets; land prices; market segmentation; mortgages; residential investment; expectations; collateral constraints; illiquidity; transaction costs; R2; R3; E2; E3; E4; G1 (search for similar items in EconPapers)
Date: 2016
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