A Theory of Housing Demand Shocks
---- Acknowledgments ----
The research is supported in part by the National Science Foundation Grant SES 1558486 through the NBER and by the National Natural Science Foundation of China Project Numbers 71633003, 71742004, and 71473168. For helpful comments, we are grateful to Regis Barnichon, Adam Guren, Oscar Jorda, Greg Kaplan, Monika Piazzesi, Amir Sufi, and Gianluca Violante. We also thank seminar and conference participants at the Federal Reserve Bank of San Francisco, Academia Sinica (Taipei), the 2018 AFR Summer Institute of Economics and Finance at Zhejiang University, University of California Santa Cruz, University of Chicago, and the 2018 HKUST Workshop on Macroeconomics. Eric Tallman provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the Federal Reserve Banks of Atlanta and San Francisco, the Federal Reserve System or National Bureau of Economic Research, or the National Bureau of Economic Research.