Despite both empirical and anecdotal evidence suggesting the importance of common systematic factors determining price appreciation in residential real estate markets, the existing literature focuses almost exclusively on the impact of local variables. This paper presents a theoretical model of...

This paper uses frequency domain techniques to illustrate the properties of various measures of New Zealand's output gap. Measures of the output gap are estimated using a number of different methods: a Structural VAR model, a multivariate unobserved components model, the Hodrick-Prescott filter,...

This paper examines urban residential location and rent determination within a city populated by consumers acting with perfect foresight. In this setting, the consumption and saving decisions of city residents are determined jointly with their choice of location, thereby offering an initial step...