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【March 31 Seminar】Shenghao ZHU:Bubbles and House Price Dispersion in the United States during 1975-2007

2017-03-27

NSE Seminar


Bubbles and House Price Dispersion in the United States during 1975-2007




Time:15:30-17:00, March 31, 2017
Venue: Small Classroom, Wanzhong Building, NSD, PKU
Host: Yong, WANG Xin WANGJiajun, XU

主讲人:Shenghao ZHU (National University of Singapore)


 

【Abstract】

We investigate the rapid growth in the dispersion of housing prices across metropolitan statistical areas (MSAs) in the United States during 1975-2007. We first examine several explanations for this pattern, and find that it is difficult to fully explain it. Our econometric analyses show that the log of price-to-rent ratios follows a random walk process. We then set up a parsimonious asset-pricing island model. We find that the dispersion of fundamental housing prices grows too slow relative to that in data. Incorporating rational bubble solutions, our calibrated model can match the rapid growth in the dispersion of housing prices.

 

【Speaker】


Shenghao Zhuis an assistant professor in the Department of Economics, National University of Singapore. His research fields are Macroeconomics and Inequality. He published papers in journals such as Econometrica and the Journal of Economic Theory. He got his Master degree from the China Center for Economic Research, Peking University in 2002, and his PhD from New York University in 2010.



For more information about the Speaker, Please Click Here