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Property Markets and Policies in an Intertemporal General Equilibrium Model

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  • K K Tang

Abstract

This paper presents a theoretical simulation model to examine the interaction between property markets and the rest of the economy. The model is a rational expectation, intertemporal general equilibrium model, with multiple sectors and real estate markets. The model emphasizes the interdependence between sectors as well as the government’s role in the property markets. It is demonstrated that a resource boom in a durable nontradable sector can improve the current account balance of the home economy in the short run. Secondly, when there is production interdependency between sectors, resource booms in one sector does not necessarily cause contraction in other sectors.

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File URL: https://crawford.anu.edu.au/acde/publications/publish/papers/wp1999/Tang%201999.01.pdf
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Bibliographic Info

Paper provided by The Australian National University, Arndt-Corden Department of Economics in its series Departmental Working Papers with number 1999-01.

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Date of creation: Nov 1998
Date of revision: Jan 1999
Handle: RePEc:pas:papers:1999-01

Note: Length (pages): 36 pages
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  1. Okumura, Tsunao, 1997. "Housing Investment and Residential Land Supply in Japan: An Asset Market Approach," Journal of the Japanese and International Economies, Elsevier, vol. 11(1), pages 27-54, March.
  2. W. E. G. Salter, 1959. "Internal And External Balance: The Role Op Price And Expenditure Effects," The Economic Record, The Economic Society of Australia, vol. 35(71), pages 226-238, 08.
  3. Treadway, Arthur B, 1969. "On Rational Entrepreneurial Behaviour and the Demand for Investment," Review of Economic Studies, Wiley Blackwell, vol. 36(106), pages 227-39, April.
  4. Warwick J. McKibbin, 1987. "Numerical Solution of Rational Expectations Models With and Without Strategic Behaviour," RBA Research Discussion Papers rdp8706, Reserve Bank of Australia.
  5. Corden, W Max & Neary, J Peter, 1982. "Booming Sector and De-Industrialisation in a Small Open Economy," Economic Journal, Royal Economic Society, vol. 92(368), pages 825-48, December.
  6. Robert E. Lucas & Jr., 1967. "Adjustment Costs and the Theory of Supply," Journal of Political Economy, University of Chicago Press, vol. 75, pages 321.
  7. McKibbin, Warwick J. & Wilcoxen, Peter J., 1998. "The theoretical and empirical structure of the G-Cubed model," Economic Modelling, Elsevier, vol. 16(1), pages 123-148, January.
  8. Oskar R. Harmon & Michael J. Potepan, 1988. "Housing Adjustment Costs: Their Impact on Mobility and Housing Demand Elasticities," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 459-478.
  9. Ray C. Fair & John B. Taylor, 1980. "Solution and Maximum Likelihood Estimation of Dynamic Nonlinear Rational Expectations Models," Cowles Foundation Discussion Papers 564, Cowles Foundation for Research in Economics, Yale University.
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