D URING THE LAST TWENTY XEARS a large literature has emerged on the eco-nomics of
housing and housing markets. This development has been marked by the recognition that …

This article surveys theoretical work on the pricing of mortgages as derivative assets, often
termed the option-pricing approach to mortgage valuation. Emphasis is on the possibility of …

Abstract Models now exist for valuing the default option embedded in a mortgage. Implicitly,
these models generate all the information necessary to determine the probability of default …

I estimate the dynamic response of aggregate owner-occupied housing prices to money
supply shocks and interpret these responses using a dynamic equilibrium model of the …

During the late 1970s, US house prices were appreciating rapidly even though mortgage
interest rates were climbing. Recently, interest rates have eased but prices have moderated …

This study explores the causality between housing prices and money supply in order to
support the dynamic equilibrium model in China. Considering structural changes, the long …

Investigates primarily the role of interest rates on housing prices from expectation
perspectives. It quantifies the impact of interest rates on price movements from 1981 to 2001 …

Based on the close relationship between real estate and capital financing, this paper
specifically discusses the impact of interest rate changes in China on real estate market …