Front Matter Page
Research Department
Contents
1. Introduction
2. The Model
1. Savers
2. Borrowers
3. Foreign Buyers and Housing Market Equilibrium
4. Consumption Goods Producers
5. Fiscal Policy
6. Shock Processes
3. Bayesian Estimation
1. Data
2. Calibrated Parameters
3. Estimated Parameters, Prior and Posterior Distributions
4. Impulse Responses
5. Counterfactual Simulations
6. Concluding Remarks
References
Tables
1. Calibrated Parameters
2. Parameter Estimates
Figures
1. Observable Variables
2. Effects of Housing Demand Shocks
3. Effects of Ad-Valorem Taxes
4. Effects of LTV Policies
5. Counterfactual Simulation