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Robert J. Shiller
NBER Working Paper No. 13553
Issued in October 2007
NBER Program(s): AP
EFG
---- Abstract -----
This paper looks at a broad array of evidence concerning the recent boom in home prices, and considers what this means for future home prices and the economy. It does not appear possible to explain the boom in terms of fundamentals such as rents or construction costs. A psychological theory, that represents the boom as taking place because of a feedback mechanism or social epidemic that encourages a view of housing as an important investment opportunity, fits the evidence better.
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