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UID:afbf32a0f826be63419b03d9e78f3293
CATEGORIES:Seminars
CREATED:20240723T071427
SUMMARY:Alexander Ludwig - EUI
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nHeterogeneity in Expectations and House Price Dynamics\n\n\nAbstract:\n
 Expectations are central for housing decisions and heterogeneity in expecta
 tions is a robust feature of survey data. We study the implications of hete
 rogeneity in house price growth expectations for the level of house prices.
  We feed the joint empirical distributions of income, wealth and expectatio
 ns into a calibrated heterogeneous agents housing model. We find that elimi
 nating heterogeneity in house price growth expectations would raise average
  house prices and amplify house price fluctuations thereby reducing the fit
  of the model. Without heterogeneity, average house prices would be about 1
 1 percent and the boom-bust cycle would be about 25 percent larger.\n
DTSTAMP:20260526T094703Z
DTSTART:20250303T163000Z
DTEND:20250303T180000Z
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