Housing and the business cycle
Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2004 - Business & Economics - 33 pages
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adjustment cost aggregate Andrew Cohen Asset Athanasios Orphanides balanced growth path benchmark model Brian Sack calibration procedure capital and labor capital stock Cobb-Douglas construction industry construction sector consumer durables correlation December deﬁned denote depreciation rate dynamics Economics Discussion Series Effects equilibrium estimates February Federal Reserve Board ﬁgure Finance and Economics ﬁnd ﬁrms ﬁrst govemment Greenwood and Hercowitz home production house prices income Inﬂation Interest Rates intermediate goods sectors intermediate sectors July Kydland land Macroeconomic manufacturing and services Mark Carlson Market Monetary Policy mortgage multi-sector NIPA nominal non-RESI non-residential investment November output paper parameter percent price index price of residential private consumption production technologies productivity shocks rate on capital real business cycle relative price rental representative household RESI residential investment risk aversion Solow residual Sticky Prices stochastic stock of structures tax rates technology shocks trend growth rate utility variables volatility of residential