摘要 Systemic risk must include the housing market, th

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論文資訊

• 類型：已發表論文
• 日期：2012

摘要

Systemic risk must include the housing market, though economists have not generally focused on it. We begin construction of an 智能體-based model of the housing market with individual data from Washington, DC. Twenty years of success with 智能體-based models of mortgage prepayments give us hope that such a model could be useful. Preliminary analysis suggests that the housing boom and bust of 1997-2007 was due in large part to changes in leverage rather than interest rates.

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