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as of 7/3/2020

HOUSING ECONOMICS
Country - Partner Institution - Programs: Hong Kong - Hong Kong University of Science and Technology (HKUST) - 'Hong Kong University of Science and Technology (HKUST)'
UC Course SubjectEconomics
Number & Suffix: 149
Full UC Title: HOUSING ECONOMICS 
Transcript Title: HOUSING ECONOMICS 
UC QTR Units - Division: 6.0 - Upper Division 
Course Description: Housing, unlike other goods, has its unique characteristics in terms of heterogeneity, durability, spatial fixity, and high purchase price relative to income. These suggest that conventional economic concepts need to be readdressed in order to analyze the microeconomic issues of housing. Besides, a significant number of households own residential properties by borrowing mortgages. A substantial collapse in housing prices might lead to negative equity for those households, and reduce their consumption and investment thereafter. Therefore, the macroeconomic implication of housing market dynamics cannot be overstated. The US subprime mortgage crisis during 2007-09 suggests that a sharp downturn in the housing market can cause negative spillovers to the aggregate economy. The first part of this course focuses on microeconomic issues like housing demand and supply analysis, models of housing market, rationales and effects of government’s housing policies. The second part emphasizes the macroeconomic issues such as the stylized facts on housing market dynamics, causes of housing market fluctuations, and housing market spillovers. Applications to the subprime mortgage crisis of 2007-2009 and housing markets in Hong Kong and China are addressed. The objective of this course is to develop analytical frameworks by which students can address both the microeconomic and macroeconomic issues of housing. 
Language of Instruction: English
 
Partner Title: SPECIAL TOPICS IN ECONOMICS: HOUSING ECONOMICS 
Partner University Department: Economics 
Partner University Course Number: ECON4999M