The Dynamics of Housing Prices

We acknowledge the helpful comments from Su Han Chan, Sing Tien Foo, David Frame, Richard Gil, Christopher Parsons and seminar participants at Chinese Academy of Sciences, Chinese Academy of Social Sciences, Colorado State University, Johns Hopkins University, Massey University, Shanghai University of Finance and Economics, 2009 AREUEA/AsRES Joint Meeting and 2010 GCREC Annual Meeting. We thank Jiajin Chen, Yalan Feng and Mariya Letdin for their research assistance on this paper. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.