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Bubble Formation and Networks in Housing Markets

Shi, Shuping - 2018

This paper proposes a framework for analysing speculative bubbles in housing markets. The formation of bubbles is … autonomous bubbles, and the individual connectivity index identifying systematically important sub-markets. We illustrate our … Melbourne bubble network is an autonomous one, speculative bubbles in the Sydney market are highly interconnected, and show a …

Persistent link: https://www.econbiz.de/10012927111

Australian Housing Market Booms : Fundamentals or Speculation?

Shi, Shuping - 2019

This paper investigates the presence of housing bubbles in Australia at the national, capital city, and local … employ the recursive evolving method proposed by Phillips et al. (2015a,b) for the detection of explosive bubbles. While the … bubbles identified for Sydney and Melbourne during the recent rapid housing price expansions from 2013 to 2017. The LGA …

Persistent link: https://www.econbiz.de/10012863721

Housing market bubbles and business cycles in an agent-based credit economy

Erlingsson, Einar Jon; Cincotti, Silvano; Stefansson, Hlynur - 2013

In this paper the authors present an agent-based model of a credit network economy. The artificial economy includes different economic agents that interact using simple behavioral rules through various markets, i.e., the consumption goods market, the labor market, the credit market and the...

Persistent link: https://www.econbiz.de/10009751106

Housing market bubbles and business cycles in an agent-based credit economy

Erlingsson, Einar Jon; Teglio, Andrea; Cincotti, Silvano; … - 2014

This paper investigates the housing and mortgage markets by means of an agent-based macroeconomic model of a credit network economy. A set of computational experiments have been carried out in order to explore the effects of different households’ creditworthiness conditions required by banks...

Persistent link: https://www.econbiz.de/10010248859

Explaining the Housing Bubble

Levitin, Adam J. - 2015

There is little consensus as to the cause of the housing bubble that precipitated the financial crisis of 2008. Numerous explanations exist: misguided monetary policy; a global savings surplus; government policies encouraging affordable homeownership; irrational consumer expectations of rising...

Persistent link: https://www.econbiz.de/10013038604

Tobin Tax Policy, Housing Speculation, and Property Market Dynamics

Agarwal, Sumit; Chau, K.W; Hu, Maggie; Wan, Wayne Xinwei - 2022

Hong Kong introduced a Tobin property tax—the Special Stamp Duty (SSD) Policy—in 2010, which substantially increased the selling costs of short-term property holders. This study examines the effectiveness of this Tobin property tax in curbing speculation and cooling down the market. We find...

Persistent link: https://www.econbiz.de/10013322012

A Model-Free Test of Rational Bubbles : An Application to the US Housing Market

Basco, Sergi; Schäfer-i-Paradís, Maximilian - 2022

”bubbles”. In this paper, we provide a model-free test of rational bubbles and we apply it to the U.S. housing market. Based on …

Persistent link: https://www.econbiz.de/10013404365

Heterogeneous expectations, boom-bust housing cycles, and supply conditions : a nonlinear dynamics approach

Dieci, Roberto; Westerhoff, Frank H. - 2015

We combine a standard stock-flow housing market model, incorporating explicit relationships between house prices, the housing stock, and the rent level, with a parsimonious expectation formation scheme of housing market investors, reflecting an evolving mix of extrapolative and regressive...

Persistent link: https://www.econbiz.de/10010517701

Explosive Behaviour in Australian Housing Markets : Rational Bubbles or Not?

Ji, Philip - 2015

's largest cities. One interpretation of our results is that stochastic, rational bubbles were a feature of Australia's major … in Australia's housing markets, there is little evidence that what might be identified as house price bubbles had any …

Persistent link: https://www.econbiz.de/10013010185

Date-stamping US housing market explosivity

Balcilar, Mehmet; Katzke, Nico; Gupta, Rangan - 2017

Generalized sup ADF (GSADF) test procedure developed by Phillips, Shi, and Yu (Testing for Multiple Bubbles: Historical Episodes …

Persistent link: https://www.econbiz.de/10011674010