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Booms And Busts In A Housing Market With Heterogeneous Agents

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  • Ascari, G.
  • Pecora, N.
  • Spelta, A.

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.

Suggested Citation

  • Ascari, G. & Pecora, N. & Spelta, A., 2018. "Booms And Busts In A Housing Market With Heterogeneous Agents," Macroeconomic Dynamics, Cambridge University Press, vol. 22(7), pages 1808-1824, October.
    • Handle: RePEc:cup:macdyn:v:22:y:2018:i:07:p:1808-1824_00
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    Cited by:

    1. Bolt, Wilko & Demertzis, Maria & Diks, Cees & Hommes, Cars & Leij, Marco van der, 2019. "Identifying booms and busts in house prices under heterogeneous expectations," Journal of Economic Dynamics and Control, Elsevier, vol. 103(C), pages 234-259.
    2. Martin, Carolin & Schmitt, Noemi & Westerhoff, Frank, 2022. "Housing Markets, Expectation Formation And Interest Rates," Macroeconomic Dynamics, Cambridge University Press, vol. 26(2), pages 491-532, March.
    3. Jengei Hong & Doojin Ryu, 2023. "Expectations and the housing market: A model of house price dynamics," Bulletin of Economic Research, Wiley Blackwell, vol. 75(4), pages 1242-1266, October.
    4. F. Cavalli & A. Naimzada & N. Pecora, 2022. "A stylized macro-model with interacting real, monetary and stock markets," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 17(1), pages 225-257, January.
    5. Gan-Ochir Doojav & Davaasukh Damdinjav, 2021. "Policy-Driven Boom and Bust in the Housing Market: Evidence from Mongolia," Asian Development Review (ADR), World Scientific Publishing Co. Pte. Ltd., vol. 38(02), pages 279-317, September.
    6. Alqaralleh, Huthaifa & Canepa, Alessandra, 2020. "Housing market cycles in large urban areas," Economic Modelling, Elsevier, vol. 92(C), pages 257-267.
    7. Hommes, Cars & Vroegop, Joris, 2019. "Contagion between asset markets: A two market heterogeneous agents model with destabilising spillover effects," Journal of Economic Dynamics and Control, Elsevier, vol. 100(C), pages 314-333.

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