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Housing and macroeconomics

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  • Piazzesi, Monika
  • Schneider, Martin

Abstract

This paper surveys the literature on housing in macroeconomics. We fi rst 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.

Suggested Citation

  • Piazzesi, Monika & Schneider, Martin, 2016. "Housing and macroeconomics," CEPR Discussion Papers 11519, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:11519
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    Cited by:

    1. Miles, David K & Sefton, James, 2017. "Houses across time and across place," CEPR Discussion Papers 12103, C.E.P.R. Discussion Papers.
    2. repec:eee:jmacro:v:56:y:2018:i:c:p:152-171 is not listed on IDEAS
    3. Steger, Thomas Michael & Grossmann, Volker, 2016. "Das House-Kapital: A Theory of Wealth-to-Income Ratios," Annual Conference 2016 (Augsburg): Demographic Change 145936, Verein für Socialpolitik / German Economic Association.
    4. Funke, Michael & Kirkby, Robert & Mihaylovski, Petar, 2018. "House prices and macroprudential policy in an estimated DSGE model of New Zealand," Journal of Macroeconomics, Elsevier, vol. 56(C), pages 152-171.
    5. Robert J. Shiller & Rafal M. Wojakowski & M. Shahid Ebrahim & Mark B. Shackleton, 2017. "Continuous Workout Mortgages: Efficient Pricing and Systemic Implications," Cowles Foundation Discussion Papers 3016, Cowles Foundation for Research in Economics, Yale University.
    6. Alberto Martin & Enrique Moral-Benito & Tom Schmitz, 2018. "The financial transmission of housing bubbles: evidence from Spain," Economics Working Papers 1613, Department of Economics and Business, Universitat Pompeu Fabra.
    7. repec:eee:juecon:v:105:y:2018:i:c:p:54-69 is not listed on IDEAS
    8. Oikarinen, Elias & Bourassa, Steven C. & Hoesli, Martin & Engblom, Janne, 2018. "U.S. metropolitan house price dynamics," Journal of Urban Economics, Elsevier, vol. 105(C), pages 54-69.
    9. Robert J. Shiller & Rafal M. Wojakowski & M. Shahid Ebrahim & Mark B. Shackleton, 2017. "Continuous Workout Mortgages: Efficient Pricing and Systemic Implications," Cowles Foundation Discussion Papers 2116, Cowles Foundation for Research in Economics, Yale University.
    10. Alpanda, Sami & Zubairy, Sarah, 2017. "Addressing household indebtedness: Monetary, fiscal or macroprudential policy?," European Economic Review, Elsevier, vol. 92(C), pages 47-73.
    11. Grossmann, Volker & Schäfer, Andreas & Steger, Thomas & Fuchs, Benjamin, 2017. "Reversal of migration flows: A fresh look at the German reunification," Journal of International Economics, Elsevier, vol. 109(C), pages 1-15.
    12. Luigi Bonatti, 2017. "Land, Housing, Growth and Inequality," DEM Working Papers 2017/01, Department of Economics and Management.
    13. Alberto Martín & Enrique Moral-Benito & Tom Schmitz, 2018. "The financial transmission of housing bubbles: evidence from Spain," Working Papers 1823, Banco de España;Working Papers Homepage.
    14. Juan Carlos Cuestas & Merike Kukk, 2017. "Asymmetries in the interaction between housing prices and housing credit in Estonia," Bank of Estonia Working Papers wp2017-2, Bank of Estonia, revised 25 May 2017.
    15. Alberto Martín & Enrique Moral-Benito & Tom Schmitz, 2018. "The Financial Transmission of Housing Bubbles: Evidence from Spain," Working Papers 625, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    16. Cozzi, Guido, 2017. "Depreciation: a Dangerous Affair," MPRA Paper 77796, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • G1 - Financial Economics - - General Financial Markets
    • R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis
    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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