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UID:afbf32a0f826be63419b03d9e78f3293
CATEGORIES:Seminars
CREATED:20240723T071427
SUMMARY:Alexander Ludwig - EUI
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p><em><strong>Heterogeneity in Expectations and House Price Dynamics</stro
 ng></em></p><p>Abstract:</p><p style="text-align: justify;">Expectations ar
 e central for housing decisions and heterogeneity in expectations is a robu
 st feature of survey data. We study the implications of heterogeneity in ho
 use price growth expectations for the level of house prices. We feed the jo
 int empirical distributions of income, wealth and expectations into a calib
 rated heterogeneous agents housing model. We find that eliminating heteroge
 neity in house price growth expectations would raise average house prices a
 nd amplify house price fluctuations thereby reducing the fit of the model. 
 Without heterogeneity, average house prices would be about 11 percent and t
 he boom-bust cycle would be about 25 percent larger.</p>
DTSTAMP:20260526T094703Z
DTSTART:20250303T163000Z
DTEND:20250303T180000Z
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