ERES:conference

This paper explores the aggregate welfare effects of housing price changes in the heterogeneous agent general equilibrium model with multi-sector production side. The model includes two types of households:credit-constrained households and unconstrained households. These types differ not only...

Rent regulation, which was put into effect in the Czech Republic in 1980s, has created a shortage of affordable rental housing in Czech Republic and has resulted in considerable difference between the free-market rents and regulated rents. Due to growing public pressure, in 2006 the government...

This research analyzes the effects of recent housing price appreciation on aggregate welfare. It generalizes the results of Bajari & Krainer (2005), who find that in the credit unconstrained economy with exogenous housing price there are no effects of housing price appreciation on aggregate...