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Housing Bubbles: A Survey

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  • Christopher Mayer

    ()
    (Columbia Business School, Columbia University, New York, NY 10027; NBER, Cambridge, Massachusetts 02138; and Visiting Scholar, Federal Reserve Bank of New York, New York, NY 10005)

Abstract

The past 25 years have represented two periods of extreme movements in U.S. and global house prices that appear to be much larger than can be easily explained by changes in fundamentals. These episodes spurred research on housing bubbles that focused attention on the role of outsized expectations in excessive house price appreciation. By contrast, some economists pointed to alternative explanations for excess volatility, including liquidity constraints, lending cycles, search externalities, and zoning delays. Empirical work supports the role of these factors in explaining at least some of the cyclical variation of house prices and inventories of homes for sale. Existing research does not yet provide a crisp definition of a housing bubble nor does it allow researchers to predict where or when bubbles can occur.

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Bibliographic Info

Article provided by Annual Reviews in its journal Annual Review of Economics.

Volume (Year): 3 (2011)
Issue (Month): 1 (09)
Pages: 559-577

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Handle: RePEc:anr:reveco:v:3:y:2011:p:559-577

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Related research

Keywords: housing cycles; housing market efficiency;

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Cited by:
  1. Christian A. L. Hilber & Tracy M. Turner, 2010. "The mortgage interest deduction and its impact on homeownership decisions," LSE Research Online Documents on Economics 31759, London School of Economics and Political Science, LSE Library.
  2. Kerwin Kofi Charles & Erik Hurst & Matthew J. Notowidigdo, 2013. "Manufacturing Decline, Housing Booms, and Non-Employment," NBER Working Papers 18949, National Bureau of Economic Research, Inc.
  3. Jiaqi Ge, 2013. "Endogenous Formation and Collapse Of Housing Bubbles," Staff General Research Papers 36277, Iowa State University, Department of Economics.
  4. Nichols, Joseph B. & Oliner, Stephen D. & Mulhall, Michael R., 2013. "Swings in commercial and residential land prices in the United States," Journal of Urban Economics, Elsevier, vol. 73(1), pages 57-76.
  5. Marcelo M. de Oliveira & Alexandre C. L. Almeida, 2014. "Testing for rational speculative bubbles in the Brazilian residential real-estate market," Papers 1401.7615, arXiv.org.
  6. Escobari, Diego & Damianov, Damian & Bello, Andres, 2012. "A time series test to identify housing bubbles," MPRA Paper 44360, University Library of Munich, Germany.
  7. Ge, Jiaqi, 2013. "Endogenous Rise and Collapse of Housing Prices," Staff General Research Papers 36279, Iowa State University, Department of Economics.

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