h?2jbbbbm;ami2`m h.2p hm ibqmsmxxh2 · gbi2` im`2`2pb2r h?bbt t2``2h i2biqb2p2`...
TRANSCRIPT
![Page 1: h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2` HT`2pBQmb+QMi`B#miBQMbBMp2biB; iBM;`2;BQM H T`B+2b M/r ;2b /DmbiK2Mi M/`2;BQM H#mbBM2bb+v+H2b- 7i2`i?2b2KBM](https://reader034.vdocuments.site/reader034/viewer/2022051807/6003fc076a828e19bc0fb6d1/html5/thumbnails/1.jpg)
∗ ∗∗ ∗∗∗
∗
∗∗
∗∗∗
![Page 2: h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2` HT`2pBQmb+QMi`B#miBQMbBMp2biB; iBM;`2;BQM H T`B+2b M/r ;2b /DmbiK2Mi M/`2;BQM H#mbBM2bb+v+H2b- 7i2`i?2b2KBM](https://reader034.vdocuments.site/reader034/viewer/2022051807/6003fc076a828e19bc0fb6d1/html5/thumbnails/2.jpg)
![Page 3: h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2` HT`2pBQmb+QMi`B#miBQMbBMp2biB; iBM;`2;BQM H T`B+2b M/r ;2b /DmbiK2Mi M/`2;BQM H#mbBM2bb+v+H2b- 7i2`i?2b2KBM](https://reader034.vdocuments.site/reader034/viewer/2022051807/6003fc076a828e19bc0fb6d1/html5/thumbnails/3.jpg)
![Page 4: h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2` HT`2pBQmb+QMi`B#miBQMbBMp2biB; iBM;`2;BQM H T`B+2b M/r ;2b /DmbiK2Mi M/`2;BQM H#mbBM2bb+v+H2b- 7i2`i?2b2KBM](https://reader034.vdocuments.site/reader034/viewer/2022051807/6003fc076a828e19bc0fb6d1/html5/thumbnails/4.jpg)
. = (30.4 ∗ + 36.4 ∗ ) /(30.4 + 36.4)
-2-1
01
2
RER
(ex.
rent
s) a
ppre
ciat
ion/
depr
ecia
tion
-10 -5 0 5 10
House prices (% change relative to aggregate)
![Page 5: h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2` HT`2pBQmb+QMi`B#miBQMbBMp2biB; iBM;`2;BQM H T`B+2b M/r ;2b /DmbiK2Mi M/`2;BQM H#mbBM2bb+v+H2b- 7i2`i?2b2KBM](https://reader034.vdocuments.site/reader034/viewer/2022051807/6003fc076a828e19bc0fb6d1/html5/thumbnails/5.jpg)
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![Page 16: h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2` HT`2pBQmb+QMi`B#miBQMbBMp2biB; iBM;`2;BQM H T`B+2b M/r ;2b /DmbiK2Mi M/`2;BQM H#mbBM2bb+v+H2b- 7i2`i?2b2KBM](https://reader034.vdocuments.site/reader034/viewer/2022051807/6003fc076a828e19bc0fb6d1/html5/thumbnails/16.jpg)
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= (1− α )!
, − ,
"+ α
!, − ,
"
, = (1− δ) , + δ ,
#T , =!
, − ,
"
= , , , .
![Page 19: h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2` HT`2pBQmb+QMi`B#miBQMbBMp2biB; iBM;`2;BQM H T`B+2b M/r ;2b /DmbiK2Mi M/`2;BQM H#mbBM2bb+v+H2b- 7i2`i?2b2KBM](https://reader034.vdocuments.site/reader034/viewer/2022051807/6003fc076a828e19bc0fb6d1/html5/thumbnails/19.jpg)
π , − π , = κ∞$
=0
β%!
& , + − #T , + − & , +
"+
!#µ , + − #µ , +
"'.
!& , + − #T , + − & , +
"
!#µ , + − #µ , +
".
![Page 20: h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2` HT`2pBQmb+QMi`B#miBQMbBMp2biB; iBM;`2;BQM H T`B+2b M/r ;2b /DmbiK2Mi M/`2;BQM H#mbBM2bb+v+H2b- 7i2`i?2b2KBM](https://reader034.vdocuments.site/reader034/viewer/2022051807/6003fc076a828e19bc0fb6d1/html5/thumbnails/20.jpg)
π , − π , = κ∞$
=0
β%!
& , + − #T , + − & , +
"+
!#µ , + − #µ , +
"'.
!& , + − #T , + − & , +
"
!#µ , + − #µ , +
".
![Page 21: h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2` HT`2pBQmb+QMi`B#miBQMbBMp2biB; iBM;`2;BQM H T`B+2b M/r ;2b /DmbiK2Mi M/`2;BQM H#mbBM2bb+v+H2b- 7i2`i?2b2KBM](https://reader034.vdocuments.site/reader034/viewer/2022051807/6003fc076a828e19bc0fb6d1/html5/thumbnails/21.jpg)
#T , :
#T , = ν #T , −1 + κ∞$
=0
ν− −12
%!(
, + − (, +
"+!#µ , + − #µ , +
"'.
(, − (
,
![Page 22: h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2` HT`2pBQmb+QMi`B#miBQMbBMp2biB; iBM;`2;BQM H T`B+2b M/r ;2b /DmbiK2Mi M/`2;BQM H#mbBM2bb+v+H2b- 7i2`i?2b2KBM](https://reader034.vdocuments.site/reader034/viewer/2022051807/6003fc076a828e19bc0fb6d1/html5/thumbnails/22.jpg)
#T , :
#T , = ν #T , −1 + κ∞$
=0
ν− −12
%!(
, + − (, +
"+!#µ , + − #µ , +
"'.
(, − (
,
![Page 23: h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2` HT`2pBQmb+QMi`B#miBQMbBMp2biB; iBM;`2;BQM H T`B+2b M/r ;2b /DmbiK2Mi M/`2;BQM H#mbBM2bb+v+H2b- 7i2`i?2b2KBM](https://reader034.vdocuments.site/reader034/viewer/2022051807/6003fc076a828e19bc0fb6d1/html5/thumbnails/23.jpg)
#T , = ν #T , −1 + κ%MC , + µ ,
'
MC , =∞$
=0
ν− −12
!(
, + − (, +
"
µ , =∞$
=0
ν− −12
!#µ , + − #µ , +
".
![Page 24: h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2` HT`2pBQmb+QMi`B#miBQMbBMp2biB; iBM;`2;BQM H T`B+2b M/r ;2b /DmbiK2Mi M/`2;BQM H#mbBM2bb+v+H2b- 7i2`i?2b2KBM](https://reader034.vdocuments.site/reader034/viewer/2022051807/6003fc076a828e19bc0fb6d1/html5/thumbnails/24.jpg)
%MC , + µ ,
'
#T , = δ0 + δ1 + η #T , −1 + .
![Page 25: h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2` HT`2pBQmb+QMi`B#miBQMbBMp2biB; iBM;`2;BQM H T`B+2b M/r ;2b /DmbiK2Mi M/`2;BQM H#mbBM2bb+v+H2b- 7i2`i?2b2KBM](https://reader034.vdocuments.site/reader034/viewer/2022051807/6003fc076a828e19bc0fb6d1/html5/thumbnails/25.jpg)
%MC , + µ ,
'
#T , = δ0 + δ1 + η #T , −1 + .
![Page 26: h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2` HT`2pBQmb+QMi`B#miBQMbBMp2biB; iBM;`2;BQM H T`B+2b M/r ;2b /DmbiK2Mi M/`2;BQM H#mbBM2bb+v+H2b- 7i2`i?2b2KBM](https://reader034.vdocuments.site/reader034/viewer/2022051807/6003fc076a828e19bc0fb6d1/html5/thumbnails/26.jpg)
%MC , + µ ,
'
#T , = δ0 + δ1 + η #T , −1 + .
![Page 27: h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2` HT`2pBQmb+QMi`B#miBQMbBMp2biB; iBM;`2;BQM H T`B+2b M/r ;2b /DmbiK2Mi M/`2;BQM H#mbBM2bb+v+H2b- 7i2`i?2b2KBM](https://reader034.vdocuments.site/reader034/viewer/2022051807/6003fc076a828e19bc0fb6d1/html5/thumbnails/27.jpg)
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, = α + γ + β · , + θ , + ε ,
= , ,= , , ,
![Page 29: h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2` HT`2pBQmb+QMi`B#miBQMbBMp2biB; iBM;`2;BQM H T`B+2b M/r ;2b /DmbiK2Mi M/`2;BQM H#mbBM2bb+v+H2b- 7i2`i?2b2KBM](https://reader034.vdocuments.site/reader034/viewer/2022051807/6003fc076a828e19bc0fb6d1/html5/thumbnails/29.jpg)
, = α + γ + β · , + θ , + ε ,
= , ,= , , ,
![Page 30: h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2` HT`2pBQmb+QMi`B#miBQMbBMp2biB; iBM;`2;BQM H T`B+2b M/r ;2b /DmbiK2Mi M/`2;BQM H#mbBM2bb+v+H2b- 7i2`i?2b2KBM](https://reader034.vdocuments.site/reader034/viewer/2022051807/6003fc076a828e19bc0fb6d1/html5/thumbnails/30.jpg)
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-2-1
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(all
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ion/
depr
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