How Long to Read Identifying Booms and Busts in House Prices Under Heterogeneous Expectations

How Long Does it Take to Read Identifying Booms and Busts in House Prices Under Heterogeneous Expectations?

It takes the average reader and 39 minutes to read Identifying Booms and Busts in House Prices Under Heterogeneous Expectations by Wilko Bolt

Assuming a reading speed of 250 words per minute. Learn more

Description

We introduce heterogeneous expectations in a standard housing market model linking housing rental levels to fundamental buying prices. Using quarterly data we estimate the model parameters for eight different countries, US, UK, NL, JP, CH, ES, SE and BE. We find that the data support heterogeneity in expectations, with temporary endogenous switching between fundamental mean-reverting and trend-following chartists beliefs based on their relative performance. For all countries we identify temporary house price bubbles, amplified by trend extrapolation, and crashes reinforced by fundamentalists. The qualitative predictions of such non-linear models are very different from standard linear benchmarks, with important policy implications. The fundamental price becomes unstable, e.g. when the interest rate is set too low or mortgage tax deductions too high, giving rise to multiple non-fundamental equilibria and/or global instability.

How long is Identifying Booms and Busts in House Prices Under Heterogeneous Expectations?

Identifying Booms and Busts in House Prices Under Heterogeneous Expectations by Wilko Bolt is 38 pages long, and a total of 9,804 words.

This makes it 13% the length of the average book. It also has 12% more words than the average book.

How Long Does it Take to Read Identifying Booms and Busts in House Prices Under Heterogeneous Expectations Aloud?

The average oral reading speed is 183 words per minute. This means it takes and 53 minutes to read Identifying Booms and Busts in House Prices Under Heterogeneous Expectations aloud.

What Reading Level is Identifying Booms and Busts in House Prices Under Heterogeneous Expectations?

Identifying Booms and Busts in House Prices Under Heterogeneous Expectations is suitable for students ages 8 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

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