h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2`...
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∗ ∗∗ ∗∗∗ ∗ ∗∗ ∗∗∗
Transcript of h?2JBbbBM;AMi2`M H.2p Hm iBQMSmxxH2 · GBi2` im`2`2pB2r h?BbT T2``2H i2biQb2p2`...
∗ ∗∗ ∗∗∗
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. = (30.4 ∗ + 36.4 ∗ ) /(30.4 + 36.4)
-2-1
01
2
RER
(ex.
rent
s) a
ppre
ciat
ion/
depr
ecia
tion
-10 -5 0 5 10
House prices (% change relative to aggregate)
= (1− α )!
, − ,
"+ α
!, − ,
"
, = (1− δ) , + δ ,
#T , =!
, − ,
"
= , , , .
π , − π , = κ∞$
=0
β%!
& , + − #T , + − & , +
"+
!#µ , + − #µ , +
"'.
!& , + − #T , + − & , +
"
!#µ , + − #µ , +
".
π , − π , = κ∞$
=0
β%!
& , + − #T , + − & , +
"+
!#µ , + − #µ , +
"'.
!& , + − #T , + − & , +
"
!#µ , + − #µ , +
".
#T , :
#T , = ν #T , −1 + κ∞$
=0
ν− −12
%!(
, + − (, +
"+!#µ , + − #µ , +
"'.
(, − (
,
#T , :
#T , = ν #T , −1 + κ∞$
=0
ν− −12
%!(
, + − (, +
"+!#µ , + − #µ , +
"'.
(, − (
,
#T , = ν #T , −1 + κ%MC , + µ ,
'
MC , =∞$
=0
ν− −12
!(
, + − (, +
"
µ , =∞$
=0
ν− −12
!#µ , + − #µ , +
".
%MC , + µ ,
'
#T , = δ0 + δ1 + η #T , −1 + .
%MC , + µ ,
'
#T , = δ0 + δ1 + η #T , −1 + .
%MC , + µ ,
'
#T , = δ0 + δ1 + η #T , −1 + .
, = α + γ + β · , + θ , + ε ,
= , ,= , , ,
, = α + γ + β · , + θ , + ε ,
= , ,= , , ,
2
2
2
2
2
2
2
2
2
2
2
2
-2-1
01
2
RER
(all
item
s) a
ppre
ciat
ion/
depr
ecia
tion
-10 -5 0 5 10
House prices (% change relative to aggregate)
-20
24
RER
(ex.
rent
s) c
umul
ated
app
reci
atio
n/de
prec
iatio
n
-10 -5 0 5 10
House prices (cumulated % change relative to aggregate)
-3-2
-10
12
RER
(all
item
s) c
umul
ated
app
reci
atio
n/de
prec
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n
-10 -5 0 5 10
House prices (cumulated % change relative to aggregate)
2
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