主 题：The Rising House Price Dispersion in the United States During 1975-2007
内容简介：We investigate the rapid growth in the dispersion of housing prices across metropolitan statistical areas (MSAs) in the United States during 1975-2007. We first examine several explanations for this pattern, and find that it is di fficult to fully explain it.Our econometric analyses show that the Log of house price-to-rent ratios follows a random walk process. We then set up a parsimonious asset-pricing island model. We nd that the dispersion of fundamental housing prices grows too slow relative to that in data. Incorporating rational bubble solutions, our calibrated model can match the rapid growth in the dispersion of housing prices.
报告人：朱胜豪 博士 助理教授
时 间：2016-09-19 9:00