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American Economic Journal: Macroeconomics: Vol. 2 No. 2 (April 2010)
AEJ: Macro Volume. 2, Issue 2 | 
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AEJ: Macro Forthcoming Articles
Housing Market Spillovers: Evidence from an Estimated DSGE Model
Article Citation
Iacoviello, Matteo, and
Stefano Neri. 2010. "Housing Market Spillovers: Evidence from an Estimated DSGE Model."
American Economic Journal: Macroeconomics,
2(2): 125-64.
DOI: 10.1257/mac.2.2.125
DOI: 10.1257/mac.2.2.125
Abstract
We study sources and consequences of fluctuations in the US housing
market. Slow technological progress in the housing sector explains the
upward trend in real housing prices of the last 40 years. Over the business
cycle, housing demand and housing technology shocks explain
one-quarter each of the volatility of housing investment and housing
prices. Monetary factors explain less than 20 percent, but have played
a bigger role in the housing cycle at the turn of the century. We show
that the housing market spillovers are nonnegligible, concentrated on
consumption rather than business investment, and have become more
important over time. (JEL E23, E32, E44, O33, R31)
Article Full-Text Access
Full-text Article
Additional Materials
Download Data Set (42.25 KB) | Appendix (2.47 MB)
Authors
Iacoviello, Matteo (Boston College)
Neri, Stefano (Bank of Italy)
Neri, Stefano (Bank of Italy)
JEL Classifications
E23: Macroeconomics: Production
E32: Business Fluctuations; Cycles
E44: Financial Markets and the Macroeconomy
O33: Technological Change: Choices and Consequences; Diffusion Processes
R31: Housing Supply and Markets
E32: Business Fluctuations; Cycles
E44: Financial Markets and the Macroeconomy
O33: Technological Change: Choices and Consequences; Diffusion Processes
R31: Housing Supply and Markets
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