Winners and Losers in Housing Markets

  title={Winners and Losers in Housing Markets},
  author={Nobuhiro Kiyotaki and Alexander Michaelides and Kalin Nikolov},
This paper is a quantitatively-oriented theoretical study into the interaction between housing prices, aggregate production, and household behavior over a lifetime. We develop a life-cycle model of a production economy in which land and capital are used to build residential and commercial structures. We …nd that, in an economy where the share of land in the value of structures is large, housing prices react more to an exogenous change in expected productivity or the world interest rate, causing… CONTINUE READING
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