NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Understanding Recent Trends in House Prices and Home Ownership

Robert J. Shiller

NBER Working Paper No. 13553
Issued in October 2007
NBER Program(s):   AP   EFG

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.

download in pdf format
   (147 K)

email paper

This paper is available as PDF (147 K) or via email.

Acknowledgments

Machine-readable bibliographic record - MARC, RIS, BibTeX

Published: Robert J. Shiller, 2007. "Understanding recent trends in house prices and homeownership," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 89-123.

Users who downloaded this paper also downloaded these:
Himmelberg, Mayer, and Sinai w11643 Assessing High House Prices: Bubbles, Fundamentals, and Misperceptions
Glaeser, Gyourko, and Molloy w11129 Why Have Housing Prices Gone Up?
Case and Shiller w2748 The Behavior of Home Buyers in Boom and Post-Boom Markets
Capozza, Hendershott, Mack, and Mayer w9262 Determinants of Real House Price Dynamics
Shiller w13558 Low Interest Rates and High Asset Prices: An Interpretation in Terms of Changing Popular Economic Models
 
Publications
Activities
Meetings
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us