科学研究

科学研究

科研动态
学术日历
学术讲座
学术会议
论文发表
学术期刊
教研平台
数据库与软件资源
图书馆数据资源
下载专区
工作论文
科学研究
工作论文
当前位置是： 首页 -> 科学研究 -> 工作论文 -> 正文

Why The House Sector Leads The Whole Economy: the Importance of Collateral Constraints and News Shocks

id：2030 时间：20131014 状态：published 点击数：
作者Yu Ren, Yufei Yuan
正文This paper establishes a dynamic stochastic partial equilibrium model for explaining residential investment dynamics in the United States, focusing on the distinctive cyclical features of residential investment in that it leads the whole economy. This paper is different from the existing literature in that it adds three new features to the model: news shocks, collateral constraints and agent heterogeneity. The partial equilibrium analysis where interest rates are exogenously fixed shows that these assumptions are essential to generating the dynamic pattern in which residential investment leads consumption and the Gross Domestic Product (GDP).
JEL-Codes：E25, E21, E32
关键词：news shocks, heterogeneous agents, house sector, collateral constraints, aggregate uncertainty
TOP