This chapter surveys the literature on housing in macroeconomics. We first collect facts on
house prices and quantities in both the time series and the cross section of households and …

There is a relatively recent, growing recognition about the importance of the interactive
nexus between and among housing markets and the macroeconomy. This paper provides a …

How have house prices evolved over the long run? This paper presents annual house
prices for 14 advanced economies since 1870. We show that real house prices stayed …

The recent global financial crisis has highlighted the potential conflict between improving
access to housing finance and maintaining financial stability. Using a new dataset on …

We study sources and consequences of fluctuations in the US housing market. Slow
technological progress in the housing sector explains the upward trend in real housing …

We estimate the effects of interstate highways on the growth of US cities between 1983 and
2003. We find that a 10% increase in a city's initial stock of highways causes about a 1.5 …

This paper studies a quantitative general equilibrium model of housing. The model has two
key elements not previously considered in existing quantitative macro studies of housing …

Of the components of GDP, residential investment offers by far the best early warning sign of
an oncoming recession. Since World War II we have had eight recessions preceded by …

This paper considers a consumption-based asset pricing model where housing is explicitly
modeled both as an asset and as a consumption good. Nonseparable preferences describe …

US households' debt skyrocketed between 2000 and 2007, and has been falling since. This
leveraging (and deleveraging) cycle cannot be accounted for by the relaxation, and …