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Empirical Representations of the Model
Rational Expectations Solution of the Model
1 other sections not shown
aggregate demand alternative assets arbitrage model ArPt asset markets asset price inflation Campbell and Shiller Chart coefficients cointegrated construction costs dummy monetary variables dynamic structure effect equilibrium estimated equations existing properties exogenous variables expansionary expectations terms expectations with respect factors financial liberalization future expectations Garber GDP deflator house prices hypothesis industrial countries inflation rate International Monetary Fund Japan lagged dependant variable Lagrange Multiplier likelihood ratio test long-run Maximum-Likelihood Estimates minus Model for Relative monetary policy affected monetary policy variables money and credit Nordic countries ownership paper predicted values preferred specification present value model price movements price of real private nonfinancial sectors Rational Expectations Model rational expectations solution real estate markets real estate prices real interest rate real money supply relative property prices renting risk premia role of expectations Schinasi second period serial correlation significant determinant structural break structural change supply of existing take expectations United wealth