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The Behavior of Home Buyers in Boom and Post-Boom Markets
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- Gao Lu Zou & Kwong Wing Chau, 2015. "Determinants and Sustainability of House Prices: The Case of Shanghai, China," Sustainability, MDPI, vol. 7(4), pages 1-25, April.
- Das, Prashant & Füss, Roland & Hanle, Benjamin & Russ, Isabel Nina, 2020. "The cross-over effect of irrational sentiments in housing, commercial property, and stock markets," Journal of Banking & Finance, Elsevier, vol. 114(C).
- Duca, John V. & Muellbauer, John & Murphy, Anthony, 2010.
"Housing markets and the financial crisis of 2007-2009: Lessons for the future,"
Journal of Financial Stability, Elsevier, vol. 6(4), pages 203-217, December.
- Duca, John V. & Muellbauer, John & Murphy, Anthony, 2010. "Housing markets and the financial crisis of 2007-2009: lessons for the future," LSE Research Online Documents on Economics 33613, London School of Economics and Political Science, LSE Library.
- John V. Duca & John Muellbauer & Anthony Murphy, 2010. "Housing Markets and the Financial Crisis of 2007-2009: Lessons for the Future," SERC Discussion Papers 0049, Centre for Economic Performance, LSE.
- Charles Ka Yui Leung & Joe Cho Yiu Ng, 2018.
"Macro Aspects of Housing,"
GRU Working Paper Series
GRU_2018_016, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
- Charles Ka Yui Leung & Joe Cho Yiu Ng, 2018. "Macro Aspects of Housing," Globalization Institute Working Papers 340, Federal Reserve Bank of Dallas.
- Charles Ka Yui LEUNG & Joe Cho Yiu NG, 2018. "Macro Aspects of Housing," ISER Discussion Paper 1030, Institute of Social and Economic Research, Osaka University.
- Leung, Charles Ka Yui & Ng, Joe Cho Yiu, 2018. "Macro Aspects of Housing," MPRA Paper 93512, University Library of Munich, Germany.
- Yuming Li & Jing Yang, 2018. "House Price Dynamics and Excess Risk," International Real Estate Review, Global Social Science Institute, vol. 21(2), pages 251-274.
- Karl E Case & John M Quigley & Robert J Shiller, 2003.
"Home-buyers, Housing and the Macroeconomy,"
RBA Annual Conference Volume (Discontinued), in: Anthony Richards & Tim Robinson (ed.),Asset Prices and Monetary Policy,
Reserve Bank of Australia.
- Case, Karl E. & Quigley, John M. & Shiller, Robert J., 2003. "Home-buyers, Housing and the Macroeconomy," Berkeley Program on Housing and Urban Policy, Working Paper Series qt0v59r392, Berkeley Program on Housing and Urban Policy.
- Suzi Kerr & Andrew Aitken & Arthur Grimes, 2004.
"Land Taxes and Revenue Needs as Communities Grow and Decline: Evidence from New Zealand,"
Working Papers
04_01, Motu Economic and Public Policy Research.
- Suzi Kerr & Andrew Aitken & Arthur Grimes, 2004. "Land Taxes and Revenue Needs as Communities Grow and Decline: Evidence from New Zealand," Working Papers 04_02, Motu Economic and Public Policy Research.
- Fabian Lindner, 2014. "The Interaction of Mortgage Credit and Housing Prices in the US," IMK Working Paper 133-2014, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
- Christian A. L. Hilber & Olivier Schoni, 2022. "Housing policy and affordable housing," CEP Occasional Papers 56, Centre for Economic Performance, LSE.
- Itzhak Ben‐David, 2019.
"High Leverage and Willingness to Pay: Evidence from the Residential Housing Market,"
Real Estate Economics, American Real Estate and Urban Economics Association, vol. 47(3), pages 643-684, September.
- Ben-David, Itzhak, 2011. "High Leverage and Willingness to Pay: Evidence from the Residential Housing Market," Working Paper Series 2011-17, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Karl E. Case & Robert J. Shiller & Allan N. Weiss, 1991. "Index-Based Futures and Options Markets in Real Estate," Cowles Foundation Discussion Papers 1006, Cowles Foundation for Research in Economics, Yale University.
- Shiller, Robert J., 1999.
"Human behavior and the efficiency of the financial system,"
Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 20, pages 1305-1340,
Elsevier.
- Robert J. Shiller, 1998. "Human Behavior and the Efficiency of the Financial System," Cowles Foundation Discussion Papers 1172, Cowles Foundation for Research in Economics, Yale University.
- Robert J. Shiller, 1998. "Human Behavior and the Efficiency of the Financial System," NBER Working Papers 6375, National Bureau of Economic Research, Inc.
- Robert Edelstein & Wenlan Qian, 2014. "Short-Term Buyers and Housing Market Dynamics," The Journal of Real Estate Finance and Economics, Springer, vol. 49(4), pages 654-689, November.
- Dimson, Elroy & Spaenjers, Christophe, 2011.
"Ex post: The investment performance of collectible stamps,"
Journal of Financial Economics, Elsevier, vol. 100(2), pages 443-458, May.
- Dimson, E. & Spaenjers, C., 2009. "Ex-Post : The Investment Performance of Collectible Stamps," Other publications TiSEM 68b9952c-21e0-45b0-aeb7-d, Tilburg University, School of Economics and Management.
- Elroy Dimson & Christophe Spaenjers, 2011. "Ex post: The investment performance of collectible stamps," Post-Print hal-00623442, HAL.
- Dimson, E. & Spaenjers, C., 2009. "Ex-Post : The Investment Performance of Collectible Stamps," Discussion Paper 2009-64, Tilburg University, Center for Economic Research.
- Peter D. Linneman & Isaac F. Megbolugbe, 1992. "Housing Affordability: Myth or Reality?," Urban Studies, Urban Studies Journal Limited, vol. 29(3-4), pages 369-392, May.
- Lynn E. Browne, 1992. "Why New England went the way of Texas rather than California," New England Economic Review, Federal Reserve Bank of Boston, issue Jan, pages 23-41.
- Mirjam Lehenkari & Jukka Perttunen, 2010. "Holding on to the Losers: Finnish Evidence," Chapters, in: Brian Bruce (ed.), Handbook of Behavioral Finance, chapter 17, Edward Elgar Publishing.
- David M. Brasington & Robert F. Sarama, 2008. "Deed Types, House Prices and Mortgage Interest Rates," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 36(3), pages 587-610, September.
- Lepinteur, Anthony & Waltl, Sofie R., 2020.
"Tracking Owners' Sentiments: Subjective Home Values, Expectations and House Price Dynamics,"
Department of Economics Working Paper Series
299, WU Vienna University of Economics and Business.
- Anthony Lepinteur & Sofie R. Waltl, 2021. "Tracking Owners’ Sentiments: Subjective Home Values, Expectations and House Price Dynamics," LISER Working Paper Series 2021-02, Luxembourg Institute of Socio-Economic Research (LISER).
- Anthony Lepinteur & Sofie R. Waltl, 2020. "Tracking Owners’ Sentiments: Subjective Home Values, Expectations and House Price Dynamics," Department of Economics Working Papers wuwp299, Vienna University of Economics and Business, Department of Economics.
- Geoffrey Turnbull & Jonathan Dombrow, 2006. "Spatial Competition and Shopping Externalities: Evidence from the Housing Market," The Journal of Real Estate Finance and Economics, Springer, vol. 32(4), pages 391-408, June.
- Greg Howard & Carl Liebersohn, 2019.
"What Explains U.S. House Prices? Regional Income Divergence,"
2019 Meeting Papers
1054, Society for Economic Dynamics.
- Howard, Greg & Liebersohn, Jack, 2020. "Regional Divergence and House Prices," Working Paper Series 2020-04, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Capozza, Dennis R. & Seguin, Paul J., 1996.
"Expectations, efficiency, and euphoria in the housing market,"
Regional Science and Urban Economics, Elsevier, vol. 26(3-4), pages 369-386, June.
- Dennis R. Capozza & Paul J. Seguin, 1995. "Expectations, Efficiency, and Euphoria in the Housing Market," NBER Working Papers 5179, National Bureau of Economic Research, Inc.
- Diego Salzman, 2013. "Behavioural Real Estate," ERES eres2013_334, European Real Estate Society (ERES).
- Fowler, Stuart J. & Fowler, Jennifer J. & Seagraves, Philip A. & Beauchamp, Charles F., 2018. "A fundamentalist theory of real estate market outcomes," Economic Modelling, Elsevier, vol. 73(C), pages 295-305.
- Patric H. Hendershott & Jesse M. Abraham, 1992. "Patterns and Determinants of Metropolitan House Prices, 1977-91," NBER Working Papers 4196, National Bureau of Economic Research, Inc.
- Hjalmarsson, Erik & Hjalmarsson, Randi, 2006.
"Efficiency In Housing Markets: Do Home Buyers Know How To Discount?,"
Working Papers in Economics
232, University of Gothenburg, Department of Economics.
- Erik Hjalmarsson & Randi Hjalmarsson, 2006. "Efficiency in Housing Markets: Do Home Buyers Know how to Discount?," International Finance Discussion Papers 879, Board of Governors of the Federal Reserve System (U.S.).
- Karl E. Case, 1992.
"The Real Estate Cycle and the Economy: Consequences of the Massachusetts Boom of 1984-87,"
Urban Studies, Urban Studies Journal Limited, vol. 29(2), pages 171-183, April.
- Karl E. Case, 1991. "The real estate cycle and the economy: consequences of the Massachusetts boom of 1984-87," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 37-46.
- Gary V. Engelhardt, 1995. "House Prices and Home Owner Saving Behavior," NBER Working Papers 5183, National Bureau of Economic Research, Inc.
- Frans M. Dieleman & William A. V. Clark & Marinus C. Deurloo, 2000. "The Geography of Residential Turnover in Twenty-seven Large US Metropolitan Housing Markets, 1985-95," Urban Studies, Urban Studies Journal Limited, vol. 37(2), pages 223-245, February.
- Jim Clayton, 1998. "Further Evidence on Real Estate Market Efficiency," Journal of Real Estate Research, American Real Estate Society, vol. 15(1), pages 41-58.
- Skinner, Jonathan, 1996.
"The dynamic efficiency cost of not taxing housing,"
Journal of Public Economics, Elsevier, vol. 59(3), pages 397-417, March.
- Jonathan Skinner, 1990. "The Dynamic Efficiency Cost of Not taxing Housing," NBER Working Papers 3454, National Bureau of Economic Research, Inc.
- Niu, G., 2014. "Essays on subjective expectations and mortality trends," Other publications TiSEM b9f72836-d8ad-478b-adca-4, Tilburg University, School of Economics and Management.
- Karl Case & John Quigley, 2008.
"How Housing Booms Unwind: Income Effects, Wealth Effects, and Feedbacks through Financial Markets,"
European Journal of Housing Policy, Taylor and Francis Journals, vol. 8(2), pages 161-180.
- Case, Karl E. & Quigley, John M., 2008. "How Housing Booms Unwind: Income Effects, Wealth Effects, and Feedbacks Through Financial Markets," Berkeley Program on Housing and Urban Policy, Working Paper Series qt1j05j7t5, Berkeley Program on Housing and Urban Policy.
- Karl E. Case & Robert J. Shiller, 1990.
"Forecasting Prices and Excess Returns in the Housing Market,"
Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(3), pages 253-273, September.
- Karl E. Case & Robert J. Shiller, 1990. "Forecasting Prices and Excess Returns in the Housing Market," NBER Working Papers 3368, National Bureau of Economic Research, Inc.
- Chien-Chiang Lee & Chin-Yu Wang & Jhih-Hong Zeng, 2017. "Housing price–volume correlations and boom–bust cycles," Empirical Economics, Springer, vol. 52(4), pages 1423-1450, June.
- Bruneel-Zupanc, Christophe Alain, 2021. "Imperfect Information, Learning and Housing Market Dynamics," TSE Working Papers 21-1186, Toulouse School of Economics (TSE).
- Arthur Grimes & Suzi Kerr & Andrew Aitken, 2004.
"Bi-Directions Impacts of Economic, Social and Environmental Changes and the New Zealand Housing Market,"
Working Papers
04_09, Motu Economic and Public Policy Research.
- Arthur Grimes & Suzi Kerr & Andrew Aitken, 2005. "Bi-Directional Impacts of Economic, Social and Environmental Changes and the New Zealand Housing Market," Urban/Regional 0509012, University Library of Munich, Germany.
- Grinblatt, Mark & Han, Bing, 2005. "Prospect theory, mental accounting, and momentum," Journal of Financial Economics, Elsevier, vol. 78(2), pages 311-339, November.
- Wu, Guiying Laura & Feng, Qu & Li, Pei, 2015.
"Does local governments’ budget deficit push up housing prices in China?,"
China Economic Review, Elsevier, vol. 35(C), pages 183-196.
- Guiying Laura WU & Qu FENG & Pei LI, 2014. "Does Local Governments' Budget Deficit Push Up Housing Prices in China?," Economic Growth Centre Working Paper Series 1409, Nanyang Technological University, School of Social Sciences, Economic Growth Centre.
- Lopez, Carmen, 2002. "Modelos econometricos del mercado de la vivienda en las regiones españolas," Economic Development 59, University of Santiago de Compostela. Faculty of Economics and Business. Econometrics..
- Charles Himmelberg & Christopher Mayer & Todd Sinai, 2005.
"Assessing High House Prices: Bubbles, Fundamentals and Misperceptions,"
Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 67-92, Fall.
- Charles Himmelberg & Christopher Mayer & Todd Sinai, 2005. "Assessing High House Prices: Bubbles, Fundamentals, and Misperceptions," NBER Working Papers 11643, National Bureau of Economic Research, Inc.
- Charles P. Himmelberg & Christopher J. Mayer & Todd M. Sinai, 2005. "Assessing high house prices: bubbles, fundamentals, and misperceptions," Staff Reports 218, Federal Reserve Bank of New York.
- De Long, J Bradford, et al, 1990.
"Positive Feedback Investment Strategies and Destabilizing Rational Speculation,"
Journal of Finance, American Finance Association, vol. 45(2), pages 379-395, June.
- J. Bradford De Long & Andrei Shleifer & Lawrence H. Summers & Robert J. Waldmann, 1989. "Positive Feedback Investment Strategies and Destabilizing Rational Speculation," NBER Working Papers 2880, National Bureau of Economic Research, Inc.
- De Long, J. Bradford & Shleifer, Andrei & Summers, Lawrence H. & Waldmann, Robert J., 1990. "Positive Feedback Investment Strategies and Destabilizing Rational Speculation," Scholarly Articles 27693805, Harvard University Department of Economics.
- Marschoun, Michael, 2000. "Availability of Mortgage Loans in Volatile Real Estate Markets," Journal of Urban Economics, Elsevier, vol. 47(3), pages 443-469, May.
- Renaud Le Goix & Laure Casanova Enault & Loïc Bonneval & Thibault Le Corre & Eliza Benites‐Gambirazio & Guilhem Boulay & William Kutz & Natacha Aveline‐Dubach & Julien Migozzi & Ronan Ysebaert, 2021. "Housing (In)Equity and the Spatial Dynamics of Homeownership in France: A Research Agenda," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 112(1), pages 62-80, February.
- Steven Stillman & David C. Maré, 2008.
"Housing Markets and Migration: Evidence from New Zealand,"
Working Papers
08_06, Motu Economic and Public Policy Research.
- Dean Hyslop & Trinh Le & David C. Maré & Steven Stillman, 2019. "Housing markets and migration – Evidence from New Zealand," Working Papers 19_14, Motu Economic and Public Policy Research.
- Subal Kumbhakar & Christopher Parmeter, 2010. "Estimation of hedonic price functions with incomplete information," Empirical Economics, Springer, vol. 39(1), pages 1-25, August.
- Chan, Sewin, 2001. "Spatial Lock-in: Do Falling House Prices Constrain Residential Mobility?," Journal of Urban Economics, Elsevier, vol. 49(3), pages 567-586, May.
- M. Hashem Pesaran & Ida Johnsson, 2020.
"Double-Question Survey Measures for the Analysis of Financial Bubbles and Crashes,"
Journal of Business & Economic Statistics, Taylor & Francis Journals, vol. 38(2), pages 428-442, April.
- M. Hashem Pesaran & Ida Johnsson, 2016. "Double-question Survey Measures for the Analysis of Financial Bubbles and Crashes," CESifo Working Paper Series 6272, CESifo.
- Pesaran, Hashem. & Johnsson. Ida., 2016. "Double-question Survey Measures for the Analysis of Financial Bubbles and Crashes," Cambridge Working Papers in Economics 1679, Faculty of Economics, University of Cambridge.
- Shan, Hui, 2011.
"The effect of capital gains taxation on home sales: Evidence from the Taxpayer Relief Act of 1997,"
Journal of Public Economics, Elsevier, vol. 95(1), pages 177-188.
- Shan, Hui, 2011. "The effect of capital gains taxation on home sales: Evidence from the Taxpayer Relief Act of 1997," Journal of Public Economics, Elsevier, vol. 95(1-2), pages 177-188, February.
- Hui Shan, 2008. "The effect of capital gains taxation on home sales: evidence from the Taxpayer Relief Act of 1997," Finance and Economics Discussion Series 2008-53, Board of Governors of the Federal Reserve System (U.S.).
- Theodore M. Crone & Richard P. Voith, 1999.
"Risk and Return within the Single‐Family Housing Market,"
Real Estate Economics, American Real Estate and Urban Economics Association, vol. 27(1), pages 63-78, March.
- Theodore M. Crone & Richard Voith, 1998. "Risk and return within the single-family housing market," Working Papers 98-4, Federal Reserve Bank of Philadelphia.
- Bing NMI1 Han & Mark Grinblatt, 2001.
"The Disposition Effect and Momentum,"
Yale School of Management Working Papers
ysm239, Yale School of Management.
- Mark Grinblatt & Bing Han, 2002. "The Disposition Effect and Momentum," NBER Working Papers 8734, National Bureau of Economic Research, Inc.
- Grinblatt, Mark & Han, Bing, 2003. "The Disposition Effect and Momentum," Working Paper Series 2004-3, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Grinblatt, Mark & Han, Bing, 2001. "The Disposition Effect and Momentum," University of California at Los Angeles, Anderson Graduate School of Management qt6qg5d62p, Anderson Graduate School of Management, UCLA.
- Grinblatt, Mark & Han, Bing, 2005.
"Prospect theory, mental accounting, and momentum,"
Journal of Financial Economics, Elsevier, vol. 78(2), pages 311-339, November.
- Mark Grinblatt & Bing Han, 2001. "Prospect Theory, Mental Accounting, and Momentum," Yale School of Management Working Papers amz2533, Yale School of Management, revised 01 May 2007.
- Zhu, Bing & Betzinger, Michael & Sebastian, Steffen, 2017. "Housing market stability, mortgage market structure, and monetary policy: Evidence from the euro area," Journal of Housing Economics, Elsevier, vol. 37(C), pages 1-21.
- Case, Karl E. & Quigley, John M., 2009. "How Housing Busts End: Home Prices, User Cost, and Rigidities During Down Cycles," Berkeley Program on Housing and Urban Policy, Working Paper Series qt6mh9m4ff, Berkeley Program on Housing and Urban Policy.
- Klaus Adam & Oliver Pfäuti & Timo Reinelt, 2020. "Falling Natural Rates, Rising Housing Volatility and the Optimal Inflation Target," CRC TR 224 Discussion Paper Series crctr224_2020_235, University of Bonn and University of Mannheim, Germany.
- Yuval Arbel & Danny Ben-Shahar & Eyal Sulganik, 2009. "Mean Reversion and Momentum: Another Look at the Price-Volume Correlation in the Real Estate Market," The Journal of Real Estate Finance and Economics, Springer, vol. 39(3), pages 316-335, October.
- Deng, Kuang Kuang & Lang, Henan & Zhou, Xiaoxia, 2022. "Extrapolation and house price overreaction: Evidence from local jurisdiction mergers," Finance Research Letters, Elsevier, vol. 44(C).
- Stijn Dreesen & Sven Damen, 2023. "The accuracy of homeowners’ valuations in the twenty-first century," Empirical Economics, Springer, vol. 65(1), pages 513-566, July.
- Mark Grinblatt & Bing Han, 2001. "Prospect Theory, Mental Accounting, and Momentum," Yale School of Management Working Papers amz2533, Yale School of Management, revised 01 May 2007.
- Yang Hu & Les Oxley, 2018.
"Bubbles in US regional house prices: evidence from house price–income ratios at the State level,"
Applied Economics, Taylor & Francis Journals, vol. 50(29), pages 3196-3229, June.
- Yang Hu & Les Oxley, 2016. "Bubbles in US Regional House Prices: Evidence from House Price/Income Ratios at the State Level," Working Papers in Economics 16/06, University of Waikato.
- Arslan, Yavuz & Kanık, Birol & Köksal, Bülent, 2015.
"Anticipated vs. unanticipated house price movements and transaction volume,"
Journal of Housing Economics, Elsevier, vol. 28(C), pages 121-129.
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- Yavuz Arslan & Birol Kanik & Bulent Koksal, 2015. "Anticipated vs. Unanticipated House Price Movements and Transaction Volume," Working Papers 1511, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
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- Thomas Hemmelgarn & Gaetan Nicodeme & Ernesto Zangari, 2011. "The Role of Housing Tax Provisions in the 2008 Financial Crisis," Taxation Papers 27, Directorate General Taxation and Customs Union, European Commission.
- Renaud Le Goix & Laure Casanova Enault & Loïc Bonneval & Thibault Le Corre & Eliza Benites-Gambirazio & Guilhem Boulay & William Kutz & Natacha Aveline-Dubach & Julien Migozzi & Ronan Ysebaert, 2021. "Housing (In)Equity and the Spatial Dynamics of Homeownership in France: A Research Agenda," Post-Print halshs-02916066, HAL.
- Jennifer Klein, 2017. "House Price Shocks and Individual Divorce Risk in the United States," Journal of Family and Economic Issues, Springer, vol. 38(4), pages 628-649, December.
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- Ernst Fehr & Jean-Robert Tyran, 2005.
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Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 43-66, Fall.
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- Benítez-Silva, Hugo & Eren, Selçuk & Heiland, Frank & Jiménez-Martín, Sergi, 2015.
"How well do individuals predict the selling prices of their homes?,"
Journal of Housing Economics, Elsevier, vol. 29(C), pages 12-25.
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"Do house prices hedge inflation in the US? A quantile cointegration approach,"
International Review of Economics & Finance, Elsevier, vol. 54(C), pages 15-26.
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- Sewin Chan, 1998. "Spatial Lock-in: Do Falling House Prices Constrain Residential Mobility?," Departmental Working Papers 199816, Rutgers University, Department of Economics.
- John V. Duca & John Muellbauer & Anthony Murphy, 2011.
"House Prices and Credit Constraints: Making Sense of the US Experience,"
Economic Journal, Royal Economic Society, vol. 121(552), pages 533-551, May.
- Duca, John V. & Muellbauer, John & Murphy, Anthony, 2011. "House prices and credit constraints: making sense of the U.S. experience," LSE Research Online Documents on Economics 58441, London School of Economics and Political Science, LSE Library.
- Muellbauer, John & Murphy, Anthony & Duca, John V, 2011. "House Prices and Credit Constraints: Making Sense of the US Experience," CEPR Discussion Papers 8360, C.E.P.R. Discussion Papers.
- John V. Duca & John Muellbauer & Anthony Murphy, 2011. "House Prices and Credit Constraints: Making Sense of the U.S. Experience," SERC Discussion Papers 0077, Centre for Economic Performance, LSE.
- John V. Duca & John N. Muellbauer & Anthony Murphy, 2011. "House prices and credit constraints: making sense of the U.S. experience," Working Papers 1103, Federal Reserve Bank of Dallas.
- Juan Ayuso & Fernando Restoy, 2003. "House prices and rents: an equilibrium asset pricing approach," Working Papers 0304, Banco de España.
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