Explaining the Boom–Bust Cycle in the U.S. Housing Market: A Reverse-Engineering Approach
We use a quantitative asset pricing model to “reverse-engineer” the sequences of shocks to housing demand and lending standards needed to replicate the boom–bust patterns in U.S. housing value and mortgage debt from 1993 to 2015. Conditional on the observed paths for U.S. real consumption growth, th...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Blackwell Publishing Inc.
2018
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| Subjects: | |
| Online Access: | View Fulltext in Publisher |