Housing Market Spillovers: Evidence from an Estimated DSGE Model
研究了美国住房市场波动的来源与后果，发现住房部门技术进步缓慢解释了房价长期上涨趋势，住房需求和住房技术冲击各解释了住房投资和房价波动的四分之一，住房市场溢出效应对消费影响显著且随时间增强。
We study sources and consequences of fluctuations in the US housing market. Slow technological progress in the housing sector explains the upward trend in real housing prices of the last 40 years. Over the business cycle, housing demand and housing technology shocks explain one-quarter each of the volatility of housing investment and housing prices. Monetary factors explain less than 20 percent, but have played a bigger role in the housing cycle at the turn of the century. We show that the housing market spillovers are nonnegligible, concentrated on consumption rather than business investment, and have become more important over time.