Hajime Tomura - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T13:29:42+00:00Heterogeneous Beliefs and Housing-Market Boom-Bust Cycles in a Small Open Economy
https://www.bankofcanada.ca/2009/05/working-paper-2009-15/
This paper introduces heterogeneous beliefs among households in a small open economy model for the Canadian economy. The model suggests that simultaneous boom-bust cycles in house prices, output, investment, consumption and hours worked emerge when credit-constrained mortgage borrowers expect that future house prices will rise and this expectation is neither shared by savers nor realized ex-post.2009-05-03T12:18:53+00:00enHeterogeneous Beliefs and Housing-Market Boom-Bust Cycles in a Small Open Economy2009-05-03Credit and credit aggregatesFinancial stabilityInflation targetsWorking Paper 2009-15 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp09-15.pdfHeterogeneous Beliefs and Housing-Market Boom-Bust Cycles in a Small Open EconomyHajime TomuraMay 2009EE4E44E5E52