There is a widespread belief that changes in expectations may be an important independent
driver of economic fluctuations. The news view of business cycles offers a formalization of …

This paper studies the potential gains of monetary and macro-prudential policies that lean
against house-price and credit cycles. We rely on a model that features Borrowers and …

Almost four centuries later, the Dutch tulipmania of the 17th century is always mentioned as
a mania and used as a reference point in the aftermath of contemporaneous economic and …

This paper presents a complex, modular, 1: 1 scale model of the Hungarian residential
housing market. All of the 4 million households with their relevant characteristics and all of …

This paper explores the link between the house-price expectations of mortgage lenders and
the extent of subprime lending. It argues that bubble conditions in the housing market are …

Speculative economic, financial, and cryptocurrency bubbles are not arcane anymore;
nonetheless, they are still misunderstood. For this exact reason, they continue to form even …

This paper examines the role of nonfundamentals‐based sentiment in house price
dynamics, including the well‐documented volatility and persistence of house prices during …

In this paper, we provide an overview of financial development in Vietnam. Particularly, a
new approach of this study is to measure financial development through improvements in …

Motivated by the US events of the 2000s, we address whether a too low for too long interest
rate policy may generate a boom-bust cycle. We simulate anticipated and unanticipated …

Employing an agent-based model of the Spanish housing market, this paper explores the
main drivers behind the large amplitude of the Spanish house price cycle—as compared to …