First-Time Home Buyers and Residential Investment Volatility ∗

  title={First-Time Home Buyers and Residential Investment Volatility ∗},
  author={Jonas D. M. Fisher},
Like other macroeconomic variables, residential investment has become much less volatile since the mid-1980s (recent experience notwithstanding.) This paper explores the role of structural change in this decline. Since the the early 1980s there have been many changes in the underlying structure of the economy, including those in the mortgage market which have made it easier to acquire a home. We examine how these changes affect residential investment volatility in a life-cycle model consistent… CONTINUE READING


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