國立高雄大學圖資館 |

語系: 繁體中文

說明(常見問題)

圖資館首頁

登入

回首頁

切換: 標籤 | MARC模式 | ISBD

Housing markets and current account ...

Gete-Sanchez, Pedro.

Housing markets and current account dynamics.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Housing markets and current account dynamics.
作者:	Gete-Sanchez, Pedro.
面頁冊數:	60 p.
附註:	Source: Dissertation Abstracts International, Volume: 70-08, Section: A, page: 3109.
附註:	Advisers: Anil Kashyap; Monika Piazzesi.
Contained By:	Dissertation Abstracts International70-08A.
標題:	Economics, General.
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3369330
ISBN:	9781109313086

Housing markets and current account dynamics.
Gete-Sanchez, Pedro.

Housing markets and current account dynamics. - 60 p.

Source: Dissertation Abstracts International, Volume: 70-08, Section: A, page: 3109.

Thesis (Ph.D.)--The University of Chicago, 2009.

This dissertation makes two contributions. First, I show that increases in the demand for nontradables may imply trade deficits. Countries import tradables goods during periods when more domestic labor is devoted to produce nontradables to smooth consumption between tradables and nontradables. I focus on housing that I model as a durable and nontradable good. I show that shocks to the demand for housing generate trade deficits without need of the standard ingredients used by others (housing wealth effects or trade in capital goods). In the model housing booms are larger if the country can run a trade deficit because the deficit lowers the opportunity cost of building (which is the foregone consumption of tradable goods due to reallocation of labor to the construction sector). Second, I provide evidence that demand shocks for housing relative to tradable goods help to explain recent global imbalances. I provide four types of evidence: (1) Over the last decade housing variables have decoupled from the business cycle while durable and total consumption expenditures have not, what suggests housing specific shocks. (2) For the same period there has been a strong cross-country correlation between housing variables and current account dynamics. (3) In a parameterized version of the model, housing demand shocks that match the cross-country dynamics of employment in construction generate current account dynamics matching recent global imbalances. (4) I use sign restrictions implied by the model to estimate a vector autoregression and identify the effects of housing shocks on the U.S. trade deficit. The results suggest that housing shocks are an important driving force of current account dynamics.

ISBN: 9781109313086Subjects--Topical Terms:

212429
Economics, General.

Housing markets and current account dynamics.
LDR:02676nmm 2200301 4500 001 240266
005 20100310090835.5
008 100410s2009 ||||||||||||||||| ||eng d
020 $a 9781109313086
035 $a (UMI)AAI3369330
035 $a AAI3369330
040 $a UMI $c UMI
100 1 $a Gete-Sanchez, Pedro. $3 384294
245 1 0 $a Housing markets and current account dynamics.
300 $a 60 p.
500 $a Source: Dissertation Abstracts International, Volume: 70-08, Section: A, page: 3109.
500 $a Advisers: Anil Kashyap; Monika Piazzesi.
502 $a Thesis (Ph.D.)--The University of Chicago, 2009.
520 $a This dissertation makes two contributions. First, I show that increases in the demand for nontradables may imply trade deficits. Countries import tradables goods during periods when more domestic labor is devoted to produce nontradables to smooth consumption between tradables and nontradables. I focus on housing that I model as a durable and nontradable good. I show that shocks to the demand for housing generate trade deficits without need of the standard ingredients used by others (housing wealth effects or trade in capital goods). In the model housing booms are larger if the country can run a trade deficit because the deficit lowers the opportunity cost of building (which is the foregone consumption of tradable goods due to reallocation of labor to the construction sector). Second, I provide evidence that demand shocks for housing relative to tradable goods help to explain recent global imbalances. I provide four types of evidence: (1) Over the last decade housing variables have decoupled from the business cycle while durable and total consumption expenditures have not, what suggests housing specific shocks. (2) For the same period there has been a strong cross-country correlation between housing variables and current account dynamics. (3) In a parameterized version of the model, housing demand shocks that match the cross-country dynamics of employment in construction generate current account dynamics matching recent global imbalances. (4) I use sign restrictions implied by the model to estimate a vector autoregression and identify the effects of housing shocks on the U.S. trade deficit. The results suggest that housing shocks are an important driving force of current account dynamics.
590 $a School code: 0330.
650 4 $a Economics, General. $3 212429
650 4 $a Economics, Finance. $3 212585
690 $a 0501
690 $a 0508
710 2 $a The University of Chicago. $b Economics. $3 384295
773 0 $t Dissertation Abstracts International $g 70-08A.
790 1 0 $a Kashyap, Anil, $e advisor
790 1 0 $a Piazzesi, Monika, $e advisor
790 1 0 $a Kortum, Sam $e committee member
790 $a 0330
791 $a Ph.D.
792 $a 2009
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3369330