Macroeconomic Models with Heterogeneous Agents and Housing

  title={Macroeconomic Models with Heterogeneous Agents and Housing},
  author={Karsten Jeske},
E C O N O M I C R E V I E W Fourth Quarter 2005 It is hard to miss the important role the housing sector plays in the macroeconomy. In 2004 the value of real estate held in household portfolios amounted to over $17 trillion, or 143 percent of annual nominal gross domestic product (Board of Governors 2005). This amount is larger than all corporate equity held directly, through mutual funds and pension funds combined. Closely linked to housing is the mortgage market, which now totals over $7.5… CONTINUE READING


Publications referenced by this paper.

Consump - tion over the life cycle and over the business cycle

  • Guglielmo Weber
  • American Economic Review

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