Reconstructing the Great Recession
This paper uses a simple general equilibrium models with residential investment and input-output structure to illustrate the effects of demand shocks in the productive economy. A decline in the demand for homes generates a readjustment of the portfolio, and a decline in the demand of intermediate inputs, this depreoves the real side of the economy and generates a significant decline in employment and real activity. The effects are significant even when the shock is transitory.
|Date of creation:||2012|
|Contact details of provider:|| Postal: Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA|
Web page: http://www.EconomicDynamics.org/
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7953, C.E.P.R. Discussion Papers.
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- Carlos Garriga & Rodolfo E. Manuelli & Adrian Peralta-Alva, 2012. "A model of price swings in the housing market," Working Papers 2012-022, Federal Reserve Bank of St. Louis.
- Nobuhiro Kiyotaki & Alexander Michaelides & Kalin Nikolov, 2007. " Winners and Losers in Housing Markets," CDMA Conference Paper Series 0705, Centre for Dynamic Macroeconomic Analysis.
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