A Theory of Housing Demand Shocks
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Aggregate housing demand shocks are an important source of house price fluctuations in the standard macroeconomic models, and through the collateral channel, they drive macroeconomic fluctuations. These reduced-form shocks, however, fail to generate a highly volatile price-to-rent ratio that comoves
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美国国家经济研究局创建时间：
2019-03-01
