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Housing market dynamics : any news?

This paper quanti es the importance of news shocks for housing market fl uctuations. To this purpose, we extend Iacoviello and Neri (2010) s model of the housing market to include news shocks and estimate it using Bayesian methods and U.S. data. We find that news shocks: (1) account for a sizable fraction of the variability in house prices and other macroeconomic variables over the business cycle and (2) signi...