Econometric Analysis of the Real Estate Market and by Peijie Wang

By Peijie Wang

This publication presents an fiscal and ecnonometric research of actual property funding and actual property marketplace habit. Wang examines fluctuations within the genuine property company to bare the mechanisms governing the interactions among the and different sectors of the financial system.

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Both MBC and RBC focus on key intertemporal relationships. Towards the end of the 1980s, the RBC approach was broadened to make use of dynamic recursive techniques to solve agent optimisation problems subject to market clearing conditions, in a general model of economic growth. The most influential early contributions to the RBC literature are those of Kydland and Prescott (1982) and Long and Plosser (1983). They retain the MBC approach and rational expectations hypothesis, while assuming that all information concerning the path of the general price level is publicly and costlessly available.

Dynamic theories are drawn from studies of the business cycle, the rational expectations hypothesis, and the efficient market hypothesis. Each of the three literatures is comprehensive and could make a single volume in its own right. However, the purpose here is to apply existing work to real estate research, not to develop theory. Nevertheless, because real estate data and behaviour are unique, the results and implications of the empirical investigations in this book may shed light on the theory, as any literature exclusive of evidence in this important sector of the economy is incomplete.

Xt and δyt, would be that between ε1,t and ∆2,t, only relevant in the current period. If one intends to inquire into the relationships in their levels, as xt = xt–1 + ε1,t = xt–2 + ε1,t + ε1,t–1 = … = ε1,t + ε1,t–1+…+ε1,1,y1,t = y1,t–1 + ε2,t = … = ε2,t + ε2,t–1 + … + ε2,1, then all of their past innovations are involved. Thus it is termed ‘in the long run’. 4 Hodrick–Prescott (HP) filters. The operation of the HP filters is to solve the following optimisation problem subject to Real estate and the economy 27 The smaller the parameter λ, the smoother the trend path.

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