We assess the conceptual and empirical features of a number of house price series for the United States. We then calculate a measure of the net upgrading of the existing stock of houses that took place during the 1950-1989 period and adjust price indexes for this net increase in quality....

Housing supply plays an important role in the volatility of macroeconomic cycles and the speed with which house prices respond to changes in demand, yet it is understudied in the current literature. In this paper we present and estimate a new model of the supply of residential construction that...

This paper quantifies the importance of heterogeneity in regional housing markets for the conduct of monetary policy using a new model called an aggregation VAR (AVAR). The model integrates a national financial market with regional housing markets, imposing all exact aggregation conditions....

This paper analyzes the pattern of house price appreciation in the Boston area from 1982 to 1994. The empirical results are consistent with the predictions of a standard urban model in which towns have a fixed set of amenities. The evidence suggests that changes in the cross-sectional pattern of...

Presented by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for the Connecticut Business and Industry Association’s 2008 Economic Summit and Outlook, Hartford, Connecticut. January 8, 2008

Presented by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the Massachusetts Mortgage Bankers Association 2009 Annual Dinner, January 8, 2009

Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the Economic Outlook Seminar, Stockholm, Sweden, September 28, 2011

Presented by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for The Seventeenth Annual Vermont Economic Outlook Conference, Burlington, Vermont, January 11, 2008

Using data from the Panel Study of Income Dynamics, this paper examines the flow of U.S. households within and between two distinct segments of the housing market — renter-occupied properties and owner-occupied properties. The paper provides relevant empirical moments for microfounded models...