type of housing in demand, attributable to households’ new needs arising from the lockdown and increased remote working. As … compared with other crises, prices are showing greater downward rigidity, particularly in the case of new housing, although the …

explaining exchange rate movements. The asset market theory of exchange rate determination implies that exchange rates are mainly … driven by the development of macroeconomic fundamentals. Furthermore the asset market theory assumes that foreign exchange … speculation, economic theory states that speculation can have either a stabilizing effect or a destabilizing effect on exchange …

,resulting in a theory of institutional causes and consequences of the business cycle. Thethird chapter turns to the housing and … elds of growth anddevelopment may in fact serve as a guide for the remaking of business cycle theory.Drawing on a Kohn …'Driscoll (1977) and Leijonhufvud (1981), primarily with respect to discoordinationbusiness cycle theory and their explanation of …

are the effects of a housing bubble on the rest of the economy? We show that if firms and banks face collateral … constraints, a housing bubble initially raises credit demand by housing firms while leaving credit supply unaffected. It therefore … crowds out credit to non-housing firms. If time passes and the bubble lasts, however, housing firms eventually pay back their …

dynamics of both housing supply and demand from a microeconomics perspective. The dissertation includes two papers which … incorporate unique micro data with new methodological approaches to examine housing market dynamics. The first paper models the … development decisions of land owners as a dynamic discrete choice problem to recover the primitives of housing supply. The second …

rates and tightening credit standards. In the second essay, we estimate and simulate a dynamic structural model of housing … demand. The model allows for realistic features of the housing market including non-convex adjustment costs from buying and … estimated parameters, we simulate the partial equilibrium consumption and housing and financial asset accumulation response by …