| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17158 |
| DP17158 Housing Market Expectations | |
| Theresa Kuchler; Johannes Ströbel; Monika Piazzesi | |
| 发表日期 | 2022-03-29 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We review the recent literature on the determinants and effects of housing market expectations. We begin by providing an overview of existing surveys that elicit housing market expectations, and discuss how those surveys may be expanded in the future. We then document a number of facts about time-series and cross-sectional patterns of housing market expectations in these survey data, before summarizing research that has studied how individuals form these expectations. Housing market expectations are strongly influenced by recently observed house price changes, by personally or locally observed house price changes, by house price changes observed in a person's social network, and by current home ownership status. Similarly, experienced house price volatility affects expectations uncertainty. We also summarize recent work that documents how differences in housing market expectations translate into differences in individuals’ housing market behaviors, including their home purchasing and mortgage financing decisions. Finally, we highlight research on how expectations affect aggregate outcomes in the housing market. |
| 主题 | Financial Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Expectation formation Housing markets Mortgage choice Extrapolative expectations Peer effects Social learning |
| URL | https://cepr.org/publications/dp17158 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546148 |
| 推荐引用方式 GB/T 7714 | Theresa Kuchler,Johannes Ströbel,Monika Piazzesi. DP17158 Housing Market Expectations. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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