Endogenous Growth and Fluctuations in an Economy with a Housing Sector.

In this ppaer we extend the Uzawa-Lucas endogenous growth model by including housing along three directions: as a households' provider of services and application for savings, as a productive sector (construction), and as an input in education and training activities. The consequences of this extension are crucial: the long run growth rate, the structure of the balanced growth path and the transitional dynamics depend upon the parameters relating to housing.