| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 5089636 | Journal of Banking & Finance | 2012 | 15 Pages |
Abstract
⺠The Euler equations of gross housing returns are estimated for 22 US regions. ⺠We assume a Constant Relative Risk Aversion (CRRA) utility function. ⺠Data from 1978 to 2007 indicates reasonable utility parameter estimates. ⺠GMM J-Test is not rejected. Price rent ratio time series averages are reasonable. ⺠The model completely misses the boom-bust pattern in prices.
Related Topics
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Economics and Econometrics
Authors
Gautam Goswami, Sinan Tan,