The Research Seminar in Economics is a platform for invited speakers to present their current research, thereby facilitating the exchange between speakers and faculty members of the City University of London.
It covers empirical as well as theoretical contributions across all fields of economics. The Research Seminar in Economics is usually held weekly during the academic term.
An asset pricing approach is applied to aggregate house prices in a sample of advanced economies.
The growth rate of implicit rents is determined by exogenous growth rates of population and income per capita, while allowing for housing consumption heterogeneity across age groups.
These fundamentals are estimated to contain persistent predictable components. The model accounts well for house prices since 1950, while generating volatile and persistent price-rent ratios.
It captures the boom starting in many countries in the 1990s as well as the spectacular boom-bust in Japan. Expectations about the future value of the fundamentals are key driving factors.
This event is open to Department of Economics faculty and postgraduate students. Please contact [email protected] or [email protected] for any enquiries.
Roman Sustek (QMUL)
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