Macroeconomic Effects of Over-investment in Housing in an Aggregative Model of Economic Activity
Is there a theoretical basis for the view that the end of a period of over-investment necessarily leads to a period of below-normal employment as the excess capital stock is run down? We study the repercussions of a false boom in housing driven by prior expectations of future housing prices not just...
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2010
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| Online Access: | https://ink.library.smu.edu.sg/soe_research/1241 https://ink.library.smu.edu.sg/context/soe_research/article/2240/viewcontent/CapitalismSociety_Hoon_Workingpaper.pdf |
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| Institution: | Singapore Management University |
| Language: | English |