This paper was presented as the 2009 JMCB Lecture on June 2, 2010. We would like to thank Francesco Caselli, Joao Cocco, Morris Davis, Marco Del Negro, Wouter den Haan, Xavier Gabaix, Bernardo Guimaraes, Matteo Iacoviello, Dirk Krueger, Felix Kubler, Francois Ortalo-Magne, Victor Rios-Rull, Martin Schneider, Don Schlagenhauf, Nicholas Souleles, Noah Williams, and participants of various conferences and seminars for helpful comments. An older version of this paper was circulated as “From Shirtsleeves to Shirtsleeves in a Long Lifetime”. Financial support from the ESRC “World Finance and the Economy” program under grant RES-165-25-0025, and hospitality from the Central Bank of Cyprus, are gratefully acknowledged.
Winners and Losers in Housing Markets
Article first published online: 21 MAR 2011
© 2011 The Ohio State University
Journal of Money, Credit and Banking
Volume 43, Issue 2-3, pages 255–296, March-April 2011
How to Cite
KIYOTAKI, N., MICHAELIDES, A. and NIKOLOV, K. (2011), Winners and Losers in Housing Markets. Journal of Money, Credit and Banking, 43: 255–296. doi: 10.1111/j.1538-4616.2011.00374.x
- Issue published online: 21 MAR 2011
- Article first published online: 21 MAR 2011
- Received July 20, 2010; and accepted in revised form November 8, 2010.
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