NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Housing and Macroeconomics

Monika Piazzesi, Martin Schneider

NBER Working Paper No. 22354
Issued in June 2016, Revised in July 2016
NBER Program(s):AP, CF, EFG, ME

This paper surveys the literature on housing in macroeconomics. We first collect facts on house prices and quantities in both the time series and the cross section of households and housing markets. We then present a theoretical model of frictional housing markets with heterogeneous agents that nests or provides background for many studies. Finally, we describe quantitative results obtained during the last 15 years on household behavior, business cycle dynamics and asset pricing, as well as boom bust episodes.

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Document Object Identifier (DOI): 10.3386/w22354

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