Understanding Booms and Busts in Housing Markets

Craig Burnside, Martin Eichenbaum, Sergio Rebelo

NBER Working Paper No. 16734
Issued in January 2011, Revised in May 2015

---- Acknowledgments ----

We thank Eric Aldrich, Fernando Alvarez, Veronica Guerrieri, Lars Hansen, Peter Howitt, John Leahy, Monika Piazzesi, Martin Schneider, Rob Shimer, Susan Woodward and six anonymous referees for their comments. We also thank Yana Gallen and Andreas Neuhierl for research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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