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A Dynamic Model Of The Housing Market
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Book Synopsis A Dynamic Model of the Housing Market by : Jeffrey E. Zabel
Download or read book A Dynamic Model of the Housing Market written by Jeffrey E. Zabel and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: While the hedonic property value model and recently developed computable general equilibrium urban models assume the housing market is in equilibrium, recent years have witnessed extreme circumstances such as large changes in housing prices, high levels of mortgage default, and high levels of foreclosure that bring into question this assumption. This highlights the need for a better understanding of the dynamics of the housing market and the mechanisms that drive and sustain periods of disequilibrium. In this analysis, I develop and estimate a dynamic model of the housing market where vacancies naturally arise as the error correction mechanism.I estimate this model using annual U.S. panel data at the MSA level for 1990-2011. The results show that when there is excess demand, prices rise when vacancies fall but prices do not fall when there is excess supply and vacancies rise. This is consistent with the belief that prices are sticky downwards and hence prolong housing downturns. On the other hand, when there is excess supply, there is a relatively stronger decline in new housing in response to a rise in vacancies and much less of a new housing reaction when there is excess demand and vacancies fall. Furthermore, when I allow for a structural shift in the housing market brought on by the Great Recession (2006-2011), I find that the housing market became more responsive on both sides - excess supply and demand - during this period.
Book Synopsis A Dynamic Model of the Suburban Housing Market by : Ray Kujawski
Download or read book A Dynamic Model of the Suburban Housing Market written by Ray Kujawski and published by . This book was released on 1973 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Dynamic Model of Trade Frictions and Disequilibrium in the Housing Market by : Jörgen W. Weibull
Download or read book A Dynamic Model of Trade Frictions and Disequilibrium in the Housing Market written by Jörgen W. Weibull and published by . This book was released on 1982 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Dynamic General Equilibrium Model of the Housing Market by : Christopher John Erceg
Download or read book A Dynamic General Equilibrium Model of the Housing Market written by Christopher John Erceg and published by . This book was released on 1993 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Housing Boom and Bust by : Thomas Sowell
Download or read book The Housing Boom and Bust written by Thomas Sowell and published by Basic Books (AZ). This book was released on 2009-05-12 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.
Book Synopsis Choice and Allocation Models for the Housing Market by : J. Rouwendal
Download or read book Choice and Allocation Models for the Housing Market written by J. Rouwendal and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is generally agreed that food, clothing and shelter are the three basic material needs of all people. A simple test for the successfulness of any economic system may therefore be the extent to which it succeeds in providing the population with these commodities. One would conjecture that in the countries that are generally considered as highly developed there would be no problems at all with their availability. And although this conjecture is to a large extent, confirmed by the evidence, it is nevertheless surprising that in western economies with the high per capita incomes housing is still an important object for public concern. Food and clothing are abundantly available in these countries, but the provision of housing is often an object of serious policy concern. To mention one striking example : in the Netherlands there still exist official figures that mention housing shortages of ten thousends of dwellings. This state of affairs is not mentioned here to motivate an exaggerated view on housing problems in Western countries. The situation in the Netherlands and comparable countries is indeed much better than that in underdeveloped countries and a comparison with developing countries would presumably show figures which are comparable to those for food or clothing. The point I want to make is that even in highly developed market economies where the availability of food and clothing is quite satisfactory, the availability of dwellings often is not.
Book Synopsis Nonstandard House Price Theory by : Marko Hannonen
Download or read book Nonstandard House Price Theory written by Marko Hannonen and published by Suomen E-painos Oy. This book was released on with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an e-book about a dynamic field theory of house prices, which simplifies the ideas in the author’s previous work, A Field Theory of House Prices (ISBN 978-952-6613-36-9). The text provides new, highly workable ideas based on the major ideas of classical physics combined with the major ideas of classical economics. This synthesis is known as a dynamic field theory of house prices. This is a novel theory that provides a unified, general framework for decision-making that can be applied to any macro-level question about house prices. In order to understand the ideas of this e-book, it is assumed that the reader has a basic understanding of mathematics, which is the language of exact science. The workability of the ideas presented in this e-book are demonstrated using some real, large data sets. These empirical results are documented in the presented material. The local disposable income and the interest variable typically applied in Finland are the ”pushing forces” that generate the demand field. The supply side is the ”attracting force” that does not influence the house prices in the samples investigated, but is still a force that exists. What is a house price? What are the demand field and supply field of housing? This book explains these issues.
Book Synopsis A Dynamic Theory of the Housing Market by : James Lee Sweeney
Download or read book A Dynamic Theory of the Housing Market written by James Lee Sweeney and published by . This book was released on 1971 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Modelling Spatial Housing Markets by : Geoffrey Meen
Download or read book Modelling Spatial Housing Markets written by Geoffrey Meen and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spatial fixity is one of the characteristics that distinguishes housing from most other goods and services in the economy. In general, housing cannot be moved from one part of the country to another in response to shortages or excesses in particular areas. The modelling of housing markets and the interlinkages between markets at different spatial levels - international, national, regional and urban - are the main themes of this book. A second major theme is disaggregation, not only in terms of space, but also between households. The book argues that aggregate time-series models of housing markets of the type widely used in Britain and also in other countries in the past have become less relevant in a world of increasing income dispersion. Typically, aggregate relationships will break down, except under special conditions. We can no longer assume that traditional location or tenure patterns, for example, will continue in the future. The book has four main components. First, it discusses trends in housing markets both internationally and within nations. Second, the book develops theoretical housing models at each spatial scale, starting with national models, moving down to the regional level and, then, to urban models. Third, the book provides empirical estimates of the models and, finally, the models are used for policy analysis. Analysis ranges over a wide variety of topics, including explanations for differing international house price trends, the causes of housing cycles, the role of credit markets, regional housing market interactions and the role of housing in urban/suburban population drift.
Book Synopsis Forecasting House Prices in the 50 States Using Dynamic Model Averaging and Dynamic Model Selection by : Lasse Bork
Download or read book Forecasting House Prices in the 50 States Using Dynamic Model Averaging and Dynamic Model Selection written by Lasse Bork and published by . This book was released on 2014 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine house price forecastability across the 50 states using Dynamic Model Averaging and Dynamic Model Selection, which allow for model change and parameter shifts. By allowing the entire forecasting model to change over time and across locations, the forecasting accuracy improves substantially. The states in which housing markets have been the most volatile are the states where model change and parameter shifts have been the most needed.
Book Synopsis A Dynamic Model of Demand for Houses and Neighborhoods by : Patrick J. Bayer
Download or read book A Dynamic Model of Demand for Houses and Neighborhoods written by Patrick J. Bayer and published by . This book was released on 2011 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a tractable model of neighborhood choice in a dynamic setting along with a computationally straightforward estimation approach. This approach uses information about neighborhood choices and the timing of moves to recover moving costs and preferences for dynamically-evolving housing and neighborhood attributes. The model and estimator are potentially applicable to the study of a wide range of dynamic phenomena in housing markets and cities. We focus here on estimating the marginal willingness to pay for non-marketed amenities - neighborhood racial composition, air pollution, and violent crime - using rich dynamic data. Consistent with the time-series properties of each amenity, we find that a static demand model understates willingness to pay to avoid pollution and crime but overstates willingness to pay to live near neighbors of one's own race. These findings have important implications for the class of static housing demand models typically used to value urban amenities.
Book Synopsis A Dynamic Model of Demand for Houses and Neighborhoods by : Patrick J. Bayer
Download or read book A Dynamic Model of Demand for Houses and Neighborhoods written by Patrick J. Bayer and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a tractable model of neighborhood choice in a dynamic setting along with a computationally straightforward estimation approach. This approach uses information about neighborhood choices and the timing of moves to recover moving costs and preferences for dynamically-evolving housing and neighborhood attributes. The model and estimator are potentially applicable to the study of a wide range of dynamic phenomena in housing markets and cities. We focus here on estimating the marginal willingness to pay for non-marketed amenities - neighborhood racial composition, air pollution, and violent crime - using rich dynamic data. Consistent with the time-series properties of each amenity, we find that a static demand model understates willingness to pay to avoid pollution and crime but overstates willingness to pay to live near neighbors of one's own race. These findings have important implications for the class of static housing demand models typically used to value urban amenities.
Book Synopsis A dynamic simulation model of disequilibrium in the housing market by : J. W. Weibull
Download or read book A dynamic simulation model of disequilibrium in the housing market written by J. W. Weibull and published by . This book was released on 1984 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Housing Dynamics by : Edward L. Glaeser
Download or read book Housing Dynamics written by Edward L. Glaeser and published by . This book was released on 2012 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: The key stylized facts of the housing market are positive serial correlation of price changes at one year frequencies and mean reversion over longer periods, strong persistence in construction, and highly volatile prices and construction levels within markets over time. We calibrate a dynamic model of housing in the spatial equilibrium tradition of Rosen and Roback to see whether such a model can generate these facts. With reasonable parameter values, this model readily explains the mean reversion of prices over five year periods, but cannot explain the observed positive serial correlation at higher frequencies. The model predicts the positive serial correlation of new construction that we see in the data and the volatility of both prices and quantities in the typical market, and it can account for substantial variation on construction intensity across markets. However, the model cannot explain the most volatile markets in terms of low frequency price changes. More research is needed to determine whether measurement error-related data smoothing or market inefficiency can best account for the persistence of high frequency price changes. With respect to the extremely high house price change volatility in certain coastal markets, more research is needed to ascertain whether shocks to interest rates or better measurement of local income variability can match this moment of data without appealing to some type of animal spirits.
Book Synopsis A Dynamic Household Model for the Housing Market of Amsterdam by : Annemarie Rima
Download or read book A Dynamic Household Model for the Housing Market of Amsterdam written by Annemarie Rima and published by . This book was released on 1986 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Dynamic Model of Housing Supply by : Alvin Murphy
Download or read book A Dynamic Model of Housing Supply written by Alvin Murphy and published by . This book was released on 2017 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates a dynamic microeconometric model of housing supply. The model features forward-looking landowners who optimally choose both the timing and the nature of construction, while taking into account expectations about future prices and costs. The model is estimated using a unique dataset describing individual landowners in the San Francisco Bay Area. Results indicate that geographic and time-series variation in costs are key to understanding both when and where construction occurs. Furthermore, results show that landowners actively "time"' the market, which reduces the elasticity of supply, while pro-cyclical costs incentivize some landowners to build before price peaks.
Book Synopsis The Microstructures of Housing Markets by : Susan J. Smith
Download or read book The Microstructures of Housing Markets written by Susan J. Smith and published by Routledge. This book was released on 2013-10-31 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: House prices and mortgage debt have moved to centre stage in the management of national economies, regional development and neighbourhood change. Describing, analysing and understanding how housing markets work within and across these scales of economy and society has never been more urgent. But much more is known about the macro-scales than the microstructures; and about the economic rather than social drivers of housing market dynamics. This book redresses the balance. It shows that housing markets are social, cultural and psychological – as well as economic – affairs. This multidisciplinary approach is helpful in understanding the economic staples of supply, demand, price and information. It also casts new light on the emotional and political economy of markets.
