01989cas a2200253 a 4500 AALejournalIMF017546 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475590302 1018-5941 BD-DhAAL BD-DhAAL Grossman, Volker. Das House-Kapital : A Long Term Housing and Macro Model / Volker Grossman, Thomas Steger. Washington, D.C. : International Monetary Fund, 2017. 1 online resource (82 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students There are, by now, several long term, time series data sets on important housing and macro variables, such as land prices, house prices, and the housing wealth-to-income ratio. However, an appropriate theory that can be employed to think about such data and associated research questions has been lacking. We present a new housing and macro model that is designed specifically to analyze the long term. As an illustrative application, we demonstrate that the calibrated model replicates, with remarkable accuracy, the historical evolution of housing wealth (relative to income) after World War II and suggests a further considerable increase in the future. The model also accounts for the close connection of house prices to land prices in the data. We also compare our framework to the canonical housing and macro model, typically employed to analyze business cycles, and highlight the main differences. Mode of access: Internet Steger, Thomas. IMF Working Papers; Working Paper ; No. 2017/080 Full text available on IMF http://elibrary.imf.org/view/journals/001/2017/080/001.2017.issue-080-en.xml IMF e-Library