Regulating speculative housing markets via public housing construction programs: Insights from a heterogeneous agent model

Arbeitspapier

Since the instability of housing markets may be quite harmful for the real economy, we explore whether public housing construction programs may tame housing market fluctuations. As a workhorse, we use a behavioral stock-flow housing market model in which the complex interplay between speculative and real forces triggers realistic housing market dynamics. Simulations reveal that plausible and well-intended policy measures may turn out to be a mixed blessing. While public housing construction programs may reduce house prices, they seem to be incapable of bringing house prices much closer towards their fundamental values. In addition, these programs tend to drive out private housing constructions.

Angaben zum Objekt

• ISBN: 978-3-943153-56-9
• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: BERG Working Paper Series ; No. 135

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Expectations; Speculations ; Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand ; Housing Supply and Markets
• Thema: housing markets ; boom-bust dynamics ; extrapolative and regressive expectations ; heterogeneous agent model ; policy experiments ; public housing construction programs

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Martin, Carolin ; Westerhoff, Frank
• Ereignis: Veröffentlichung
• (wer): Bamberg University, Bamberg Economic Research Group (BERG)
• (wo): Bamberg
• (wann): 2018

Weitere Informationen

• Handle: http://hdl.handle.net/10419/179673
• Letzte Aktualisierung: 10.03.2025, 11:41 MEZ