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Many entry-level labor markets (and quite a few other markets) have at some point in their history suffered from the “unraveling” of hiring decisions. Unraveling is typically a dynamicprocess, in whic...
Endogenous Formation and Collapse Of Housing Bubbles
Endogenous Formation Collapse Of Housing Bubbles
2014/8/8
This paper develops an analytical framework and an agent-based spatial model of the housing market. We show that lenient nancing, in particular, low down payment requirement has caused business cycle...