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Results 1 - 10
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223
The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk-Sharing in General Equilibrium
, 2010
"... We study a two-sector general equilibrium model of housing and non-housing production where heterogeneous households face limited opportunities to insure against aggregate and idiosyncratic risks. The model generates large variability in the national house price-rent ratio, both because it ‡uctuates ..."
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Cited by 46 (5 self)
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We study a two-sector general equilibrium model of housing and non-housing production where heterogeneous households face limited opportunities to insure against aggregate and idiosyncratic risks. The model generates large variability in the national house price-rent ratio, both because
Housing Finance, and Limited Risk-Sharing in General
"... This paper studies the role of time-varying risk premia as a channel for generating and propagating fluctuations in housing markets, aggregate quantities, and consumption and wealth heterogeneity. We study a two-sector general equilibrium model of housing and non-housing production where heterogeneo ..."
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heterogeneous households face limited opportunities to insure against aggregate and idiosyncratic risks. The model generates large variability in the national house price-rent ratio, both because it fluctuates endogenously with the state of the economy and because it rises in response to a relaxation of credit
The Present Value Model Revisited: An Application to the Italian Price-Rent Ratio
"... The present value model of asset prices a la Campbell and Shiller predicts the price-rent ratio in the housing market to be stationary. The observed movements in the actual price-rent ratio, often exhibiting large and long swings in the ratio, may put into question the validity of the standard prese ..."
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The present value model of asset prices a la Campbell and Shiller predicts the price-rent ratio in the housing market to be stationary. The observed movements in the actual price-rent ratio, often exhibiting large and long swings in the ratio, may put into question the validity of the standard
What Moves Housing Markets: A Variance Decomposition of the Rent-Price Ratio †
"... Abstract We apply the dynamic Gordon growth model to the housing market in 23 U.S. metropolitan areas, the four Census regions, and the nation from 1975 to 2007. The model allows the rent-price ratio at each date to be split into the expected present discounted values of rent growth, real interest r ..."
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Abstract We apply the dynamic Gordon growth model to the housing market in 23 U.S. metropolitan areas, the four Census regions, and the nation from 1975 to 2007. The model allows the rent-price ratio at each date to be split into the expected present discounted values of rent growth, real interest
The Rent-Price Ratio
, 2007
"... Abstract: We construct a quarterly time series of the rent-price ratio for the aggregate stock of owner-occupied housing in the United States, starting in 1960, by merging micro data from the last five Decennial Censuses of Housing surveys with price indexes for house prices and rents. We show that ..."
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Cited by 1 (0 self)
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Abstract: We construct a quarterly time series of the rent-price ratio for the aggregate stock of owner-occupied housing in the United States, starting in 1960, by merging micro data from the last five Decennial Censuses of Housing surveys with price indexes for house prices and rents. We show
Rent-Price Ratios and the Earnings Yield on Housing
, 2008
"... Recent discussions of house price movements focus on the determinants of rentprice ratios. These ratios typically combine data on tenant rents, and owner occupied house prices to proxy the earnings yield on owner occupied housing. However, existing studies find little correlation between movements i ..."
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Cited by 1 (0 self)
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Recent discussions of house price movements focus on the determinants of rentprice ratios. These ratios typically combine data on tenant rents, and owner occupied house prices to proxy the earnings yield on owner occupied housing. However, existing studies find little correlation between movements
A Trend and Variance Decomposition of the Rent-Price Ratio in Housing Markets,” mimeo
, 2006
"... We use the dynamic Gordon-growth model to decompose the rent-price ratio for owner-occupied housing in the U.S., four Census regions, and twenty-three metropolitan areas into three components: The expected present value of real rental growth, real interest rates, and future housing premia. We use th ..."
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Cited by 6 (0 self)
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We use the dynamic Gordon-growth model to decompose the rent-price ratio for owner-occupied housing in the U.S., four Census regions, and twenty-three metropolitan areas into three components: The expected present value of real rental growth, real interest rates, and future housing premia. We use
The Rent-Price Ratio for the Aggregate Stock of Owner-Occupied Housing,” Review of Income and Wealth
"... We construct a quarterly time series of the rent-price ratio for the aggregate stock of owner-occupied housing in the United States, starting in 1960, by merging micro data from the last five Decennial Censuses of Housing surveys with price indexes for house prices and rents. We show that the rent-p ..."
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Cited by 51 (7 self)
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We construct a quarterly time series of the rent-price ratio for the aggregate stock of owner-occupied housing in the United States, starting in 1960, by merging micro data from the last five Decennial Censuses of Housing surveys with price indexes for house prices and rents. We show that the rent-price
The Impact of Price-to Rent Ratios on Homeownership Rates
"... Most past studies focus on the impacts of mobility, user’s cost, expected capital gain, and income stability on tenure choice, and did not discuss how individual’s tenure choice affect the final homeownership rate result in a community. This paper develops the concept of equilibrium price to rent ra ..."
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ratio and the corresponding equilibrium homeownership rate to explain the dynamic of housing market adjustments. We argue that the homeownership rate is the accumulative results of individuals ’ tenure choice. The impacts of determinants of tenure choice will be reflected in the price to rent ratio (P
Prices, Rents and Speculative Bubbles in the Sydney Housing Market*
, 2007
"... In this paper we examine whether standard asset pricing theory can explain the behaviour of residential property prices in Sydney. Using price and rent data for LGAs in Sydney, we find little evidence that a rise in price-rent ratios anticipates future growth in rents. Rather changes in price-rent r ..."
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In this paper we examine whether standard asset pricing theory can explain the behaviour of residential property prices in Sydney. Using price and rent data for LGAs in Sydney, we find little evidence that a rise in price-rent ratios anticipates future growth in rents. Rather changes in price-rent
Results 1 - 10
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223
