Essays on modeling housing markets, income distribution, and wealth concentration
Başlık çevirisi mevcut değil.
- Tez No: 593309
- Danışmanlar: DR. DUNCAN K. FOLEY
- Tez Türü: Doktora
- Konular: Ekonomi, Maliye, Economics, Finance
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2018
- Dil: İngilizce
- Üniversite: The New School
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 137
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Özet (Çeviri)
Essay 1: Modeling Housing Market Dynamics: A Survey Article This chapter provides an extended survey on different models commonly used in Economics and Finance which aim to explain the driving forces behind market behavior. Special emphasis is placed on the application of housing markets. Each model tries to provide a more realistic framework to represent market behaviors in order to explain the causal relationships which give rise to large market fluctuations such as boom and bust cycles mostly followed by crises. These models attempt to build their own framework without the assumptions of the rational expectations efficient market hypothesis (and the limitations attached to it) by introducing heterogeneity of individuals or house stocks, bounded rationality, and interactions among economic agents. Each of these approaches bring new ideas to the dynamics of markets, but also have their own limitations. The methodological and technical differences between these models are contrasted, and discussion is presented as to how successful they are to explain observed stylized facts in data such as, excess volatility and fat tails in price changes, and boom-bust cycles mostly followed by crashes. Essay 2: Quantal Response Statistical Equilibrium Model of the US Housing Market, 2000-2015 In this chapter, it is argued that a quantal response statistical equilibrium approach to the US housing market with the help of maximum entropy method of modeling is a powerful way of revealing different characteristics of the housing market behavior before, during and after the recent housing market crash in the US. In this line, a maximum entropy approach to quantal response statistical equilibrium model (QRSE), introduced by Scharfenaker and Foley (2017a), is employed in order to model housing market dynamics in different phases of the most recent housing market cycle using the S&P Case Shiller housing price index for 20 largest- Metropolitan Regions, and Freddie Mac housing price index (FMHPI) for 367 Metropolitan Cities for the US between 2000 and 2015. Essay 3: Wealth Concentration, Income Distribution, and Alternatives for the USA US household wealth concentration is not likely to decline in response to fiscal interventions alone. Creation of an independent public wealth fund could lead to greater equality. Similarly, once-off tax/transfer packages or wage increases will not reduce income inequality significantly; on-going wage increases in excess of productivity growth would be needed. These results come from the accounting in a simulation model based on national income and financial data. The theory behind the model borrows from ideas that originated in Cambridge UK (especially from Luigi Pasinetti and Richard Goodwin).
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