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<< /S /GoTo /D (section.1) >>
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(Introduction)
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<< /S /GoTo /D (section.2) >>
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(Related Literature)
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<< /S /GoTo /D (section.3) >>
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(Natural Rates and Housing Prices in Advanced \040Economies)
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<< /S /GoTo /D (section.4) >>
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16 0 obj
(A Sticky Price Model with Housing)
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<< /S /GoTo /D (subsection.4.1) >>
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(Household Optimality Conditions)
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<< /S /GoTo /D (subsection.4.2) >>
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(Optimal Price Setting by Firms)
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<< /S /GoTo /D (subsection.4.3) >>
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28 0 obj
(Government)
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<< /S /GoTo /D (subsection.4.4) >>
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32 0 obj
(Market Clearing Conditions)
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<< /S /GoTo /D (subsection.4.5) >>
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36 0 obj
(Internally Rational Expectations Equilibrium)
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<< /S /GoTo /D (section.5) >>
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40 0 obj
(The Nonlinear Optimal Policy Problem)
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<< /S /GoTo /D (section.6) >>
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(Housing Prices Dynamics: Alternative Views)
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<< /S /GoTo /D (subsection.6.1) >>
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(Housing Prices under Rational Expectations)
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<< /S /GoTo /D (subsection.6.2) >>
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(Housing Prices with Subjective Housing Price Beliefs)
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<< /S /GoTo /D (subsection.6.3) >>
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(Empirical Evidence on Housing Price Expectations)
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<< /S /GoTo /D (subsubsection.6.3.1) >>
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(Cyclicality of Actuals versus Expected Capital Gains)
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<< /S /GoTo /D (subsubsection.6.3.2) >>
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(Sluggish Adjustment of Housing Price Expectations)
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<< /S /GoTo /D (section.7) >>
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(Quadratic Approximation of the Policy Problem)
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<< /S /GoTo /D (section.8) >>
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(Calibration)
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<< /S /GoTo /D (section.9) >>
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(Quantitative Findings)
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<< /S /GoTo /D (subsection.9.1) >>
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(Optimal average inflation)
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<< /S /GoTo /D (subsection.9.2) >>
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(Optimal Policy Responses at the Lower Bound)
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<< /S /GoTo /D (subsection.9.3) >>
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(Leaning Against Housing Demand Shocks)
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<< /S /GoTo /D (section.10) >>
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(Conclusion)
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<< /S /GoTo /D (appendix.1) >>
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(Quadratic Approximation of the Policy Problem)
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<< /S /GoTo /D (subsection.1.1) >>
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(Optimal Dynamics and the Housing Price Gap)
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<< /S /GoTo /D (subsection.1.2) >>
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(Quadratically Approximated Welfare Objective)
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<< /S /GoTo /D (subsection.1.3) >>
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(New Keynesian Phillips Curve)
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<< /S /GoTo /D (subsection.1.4) >>
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(Linearized IS Equation with Potentially Non-Rational Housing Price Beliefs)
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<< /S /GoTo /D (appendix.2) >>
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(Online Appendix \205 Not for publication)
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<< /S /GoTo /D (subsection.2.1) >>
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(Robustness of Empirical Results)
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<< /S /GoTo /D (appendix.3) >>
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(Proofs)
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<< /S /GoTo /D (subsection.3.1) >>
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(Transversality Condition Satisfied with Subjective Housing Price Beliefs)
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<< /S /GoTo /D (subsection.3.2) >>
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(Optimal House Price Absent Price Rigidities)
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<< /S /GoTo /D (subsection.3.3) >>
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(Quadratically Approximated Welfare Objective)
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<< /S /GoTo /D (subsection.3.4) >>
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(Recursifying the Optimal Policy Problem with Lower Bound)
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<< /S /GoTo /D (subsection.3.5) >>
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(Optimal Targeting Rule)
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<< /S /GoTo /D (subsection.3.6) >>
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(Calibration of Cq/CY)
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<< /S /GoTo /D (appendix.4) >>
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(Survey Expectations and Model Expectations)
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<< /S /GoTo /D (subsection.4.1) >>
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(Forecast Revisions)
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<< /S /GoTo /D (subsection.4.2) >>
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(Capital Gains and Housing Demand Shocks)
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<< /S /GoTo /D (subsection.4.3) >>
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(Robustness of Survey Expectations and Model-Implied Expectations)
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<< /S /GoTo /D [163 0 R /Fit] >>
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