A Kaldorian Macro-Dynamic Model with Speculative Shocks in the Housing Market
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This paper proposes a macro-dynamic model to examine the real effects of speculative shocks in the housing market. We have defined speculative housing demand following Keynes and Minsky. Our macro-model shows two negative impacts of speculative housing demand and of interest payment: households’ consumption becomes lowered and firms’ profits also fall. If there are continuous positive shocks, the house prices become so high, then a steady state equilibrium would disappear and the whole economy goes to the bubble.
Abstract
This paper proposes a macro-dynamic model to examine the real effects of speculative shocks in the housing market. We have defined speculative housing demand following Keynes and Minsky. Our macro-model shows two negative impacts of speculative housing demand and of interest payment: households’ consumption becomes lowered and firms’ profits also fall. If there are continuous positive shocks, the house prices become so high, then a steady state equilibrium would disappear and the whole economy goes to the bubble.
참고문헌 (10)
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