Browsing Norges Banks vitenarkiv by Subject "time-varying risk premiums"
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House Prices, Expectations, and Time-Varying Fundamentals
(Working Papers;5/2013, Working paper, 2013)We investigate the behavior of the equilibrium price-rent ratio for housing in a simple Lucas-type asset pricing model. We allow for time-varying risk aversion (via external habit formation) and time-varying persistence ...