This chapter surveys the literature on housing in macroeconomics. We first collect facts on
house prices and quantities in both the time series and the cross section of households and …

The role of real estate during the global financial and economic crisis has prompted efforts to
better incorporate housing and financial channels into macro models, improve housing …

We provide new time-varying estimates of the housing wealth effect back to the 1980s. We
use three identification strategies: ordinary least squares with a rich set of controls, the Saiz …

A wide array of local government regulations influences the amount, location, and shape of
residential development. In this chapter, we review the literature on the causes and effects of …

We show the importance of the collateral lending channel for small business employment
over the past decade. Small businesses in areas with greater increases in house prices …

We document a causal response of local retail prices to changes in local house prices, with
elasticities of 15–20 percent across housing cycles. These price responses are largest in zip …

This chapter reviews empirical estimates of differential income and consumption growth
across individuals during recessions. Most existing studies examine the variation in income …

Recent empirical work shows large consumption responses to house price movements. This
is at odds with a prominent theoretical view which, using the logic of the permanent income …

This project investigates how changes in Metropolitan Statistical Area (MSA)-level house
prices affect household fertility decisions. Recognizing that housing is a major cost …

We investigate the effect of house prices on household borrowing using administrative
mortgage data from the United Kingdom and a new empirical approach. The data contain …