ECB paper presents ‘news’ and ‘noise’ model of US housing market
Pro-cyclical property taxes may work best on housing market’s effects on economy, author says
Pro-cyclical property taxes may be "the most effective policy tool to deal with fluctuations originating from the housing market", a working paper published by the European Central Bank argues.
In News and noise in the housing market, Andrea Gazzani constructs a present value housing price model under noisy information conditions. The author uses the model to study the macroeconomic implications of movements in housing prices.
He differentiates between two types of house price movements: those
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