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作者

来源

JOURNAL OF HOUSING ECONOMICS,Vol.41,P.85-92

语言

英文

关键字

Business cycles; Comovement; Sector-specific capital; AGGREGATE FLUCTUATIONS; COMOVEMENT; PRICES; TIME

作者单位

[Quoc Hung Nguyen] Univ Hyogo, Sch Econ, Nishi Ku, 8-2-1 Gakuen Nshimachi, Kobe, Hyogo 6512197, Japan. Nguyen, QH (reprint author), Univ Hyogo, Sch Econ, Nishi Ku, 8-2-1 Gakuen Nshimachi, Kobe, Hyogo 6512197, Japan. E-Mail: nguyenhung@econ.u-hyogo.ac.jp

摘要

This paper revisits the interactions between housing dynamics and the business cycle in a two-sector model developed and calibrated from the multi-sector neoclassical growth model originally envisioned by Davis and Heathcote in 2005. A two-sector model with housing sector specific capital and productivity shocks can successfully predict a correct positive correlation between housing prices and residential investment. The model can also replicate the fact observed in the United States that housing prices are more volatile than output.