Assessing High House Prices: Bubbles, Fundamentals, and Misperceptions

By Charles P. Himmelberg, Christopher J. Mayer, Todd Sinai. 2005

757 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/1fd6784260673b67911c49ad75db2206c423c02c

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Citations in the corpus

Episodes of Exuberance in Housing Markets: In Search of the Smoking Gun (2016, neutral): “The emergence of explosive behavior in house prices de nes a period of exuberance and is indicated by a shift from a random walk under the assumption that fundamentals are I (1) to mildly explosive behavior.”
Do House Prices Reflect Fundamentals? Aggregate and Panel Data Evidence (2009, neutral): “For example, Himmelberg, Mayer, and Sinai (2005) used their own calculations of owning costs of housing for 46 Metropolitan Statistical Areas (MSA) to argue that the high price-to-income and price-to-rent ratios observed in recent years were explained by shifts in real long-term interest rates and…”
Fundamental factors in the housing markets of China (2014, neutral): “Interest rates and taxes may also be important factors that affect housing prices because of their influences on the user cost of housing (Himmelberg et al., 2005).”
The Collateral Channel: How Real Estate Shocks Affect Corporate Investment (2012, positive): “As in Himmelberg et al. (2005) or Mian and Sufi (2009), we address the first source of endogeneity by instrumenting local real estate prices using the interaction of long-term interest rate with local housing supply elasticity.”
What moves housing markets: A variance decomposition of the rent-price ratio (2009, neutral): “Himmelberg et al. (2005) attribute much of the housing boom to a decline in real interest rates.”
The equilibrium effect of fundamentals on house prices and rents (2013, neutral): “3 The finding that interest rates can be linked to a higher price–rent ratio is supported by the user cost literature (see, for example, Poterba, 1984; Himmelberg et al., 2005; Hubbard and Mayer, 2009).”
Explosive bubbles in house prices? Evidence from the OECD countries (2015, neutral): “…rents are usually considered an important part of fundamentals for house prices, see e.g. Hamilton and Schwab (1985), Meese and Wallace (1994), Himmelberg et al. (2005), Gallin (2006), Ghysels et al. (2012), Brunnermeier and Julliard (2008), Campbell et al. (2009), Plazzi et al. (2010),…”
Monetary Policy, Term Structure and Asset Return: Comparing REIT, Housing and Stock (2011, neutral): “ones, including Himmelberg et al. (2005) and Hott and Monnin (2008), among others.”