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Using data from the Panel Study of Income Dynamics (PSID) we specify, estimate and simulate a dynamic structural model … of housing demand. Our model generalizes previous applied econometric work by incorporating realistic features of the … for capturing salient features of housing demand observed in the PSID. After estimating the model we use it to simulate …
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Using data from the Panel Study of Income Dynamics (PSID) we specify, estimate and simulate a dynamic structural model … of housing demand. Our model generalizes previous applied econometric work by incorporating realistic features of the … for capturing salient features of housing demand observed in the PSID. After estimating the model we use it to simulate …
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during busts. The standard model of housing demand treats housing as a quantity of "housing services", an imaginary … differ in income are allocated over a given housing stock. In particular, the model predicts that the price of housing as a …
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