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Risk Shocks and Housing Markets

URN to cite this document:
urn:nbn:de:bvb:355-epub-134637
DOI to cite this document:
10.5283/epub.13463
Dorofeenko, Victor ; Lee, Gabriel ; Salyer, Kevin
Date of publication of this fulltext: 12 Mar 2010 12:53


Abstract

This paper analyzes the role of uncertainty in a multi-sector housing model with financial frictions. We include time varying uncertainty (i.e. risk shocks) in the technology shocks that affect housing production. The analysis demonstrates that risk shocks to the housing production sector are a quantitatively important impulse mechanism for the business cycle. Also, we demonstrate that bankruptcy ...

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