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Mean Reversion in Housing Markets
| Content Provider | Semantic Scholar |
|---|---|
| Author | Nathanson, Charles G. |
| Copyright Year | 2014 |
| Abstract | Booms in house prices are usually followed by busts. This pattern is called “mean reversion.” Mean reversion in housing markets has historically coincided with economic recessions across the world. Chapter 1 establishes mean reversion in U.S. data, and attempts to explain it using the dynamics of wages in cities. Chapter 2 takes a different approach. It models mean reversion resulting from speculation and uncertainty. This model explains why strong mean reversion in prices occurs in cities where it is easy to build houses, a phenomenon that Chapter 1 cannot explain. Chapter 3 takes the spirit of Chapter 2 and applies it to the optimal design of the income tax. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | https://dash.harvard.edu/bitstream/handle/1/12274618/Nathanson_gsas.harvard_0084L_11404.pdf?isAllowed=y&sequence=4 |
| Alternate Webpage(s) | https://dash.harvard.edu/bitstream/handle/1/12274618/Nathanson_gsas.harvard_0084L_11404.pdf?sequence=4 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
