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Macroeconomic models with heterogeneous agents and housing [PDF]

, 2005
The housing sector’s important role in the U.S. economy is hard to miss: Real estate held in household portfolios in 2004 was worth $17 trillion, and the mortgage market now totals more than $7.5 trillion. ; To understand how this sector and related government policies affect households and the economy, economists attempt to incorporate housing and ...
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