Das house-kapital : a long term housing & macro model / by Volker Grossmann and Thomas Steger.

By:

Grossmann, Volker [author.]

Contributor(s):

Steger, Thomas [author.]

Material type: Text

TextSeries: IMF working paper ; WP/17/80.Publisher: Washington, District of Columbia : International Monetary Fund, 2017Copyright date: ©2017Publisher: [Washington, D.C.] : International Monetary Fund, [2017]Description: 1 online resource (81 pages) : illustrations, tablesContent type:

text

Media type:

computer

Carrier type:

online resource

ISBN:

1475590482
9781475590487

ISSN:

1018-5941

Subject(s):

Genre/Form:

Electronic books.

Additional physical formats: Print version:: Das House-Kapital: A Long Term Housing & Macro ModelDDC classification:

363.5 23

LOC classification:

HD7287

Online resources:

Click here to access online

Abstract: There are, by now, several long term, time series data sets on important housing & macro variables, such as land prices, house prices, and the housing wealth-to-income ratio. However, an appropriate theory that can be employed to think about such data and associated research questions has been lacking. We present a new housing & macro model that is designed specifically to analyze the long term. As an illustrative application, we demonstrate that the calibrated model replicates, with remarkable accuracy, the historical evolution of housing wealth (relative to income) after World War II and suggests a further considerable increase in the future. The model also accounts for the close connection of house prices to land prices in the data. We also compare our framework to the canonical housing & macro model, typically employed to analyze business cycles, and highlight the main differences.

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Electronic-Books	OPJGU Sonepat- Campus	E-Books EBSCO			Available

There are, by now, several long term, time series data sets on important housing & macro variables, such as land prices, house prices, and the housing wealth-to-income ratio. However, an appropriate theory that can be employed to think about such data and associated research questions has been lacking. We present a new housing & macro model that is designed specifically to analyze the long term. As an illustrative application, we demonstrate that the calibrated model replicates, with remarkable accuracy, the historical evolution of housing wealth (relative to income) after World War II and suggests a further considerable increase in the future. The model also accounts for the close connection of house prices to land prices in the data. We also compare our framework to the canonical housing & macro model, typically employed to analyze business cycles, and highlight the main differences.

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