Article ID Journal Published Year Pages File Type
962716 Journal of Housing Economics 2013 15 Pages PDF
Abstract
► We develop a two-agent two-sector open-economy model. ► The model includes a housing-market and a borrowing constraint. ► We estimate the model using Bayesian methods. ► We find substantial housing wealth effects. ► Housing preference shocks drive a large part of Hong Kong's business cycle.
Keywords
Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
Preview
Housing prices and the business cycle: An empirical application to Hong Kong
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