The hope that housing markets had stabilized in mid-2010 was dashed by subsequent declines in home construction and prices (Charts 1 and 2). Homebuilding peaked about five years ago, and housing prices almost four years ago. Amid such a prolonged downturn, a key question becomes, When will the...

We investigate the univariate procedure used by Ane and Geman (AG, 2000) to recover the moments of the information flow from high-frequency data, in a mixture of distributions model which generalizes the subordinated process in Clark (1973). We explain why the third and higher moments of the...