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International Journal of
            Population Studies                                              Macroeconomic factors and housing dynamics



            Author contributions                               Cipriani, G.P., & Pascucci, F. (2020). Pension policies in a model
                                                                  with endogenous fertility. Journal of Pension Economics and
            Conceptualization: All authors                        Finance, 19(1):109-125.
            Formal analysis: All authors
            Investigation: All authors                            https://doi.org/10.1017/S1474747218000148
            Methodology: All authors                           Davis, M.A., & Heathcote, J. (2007). The price and quantity of
            Writing–original draft: All authors                   residential land in the United States.  Journal of Monetary
            Writing–review & editing: All authors                 Economics, 54(8):2595-2620.
                                                                  https://doi.org/10.1016/j.jmoneco.2007.06.023
            Ethics approval and consent to participate
                                                               D’Lima, W., Lopez, L.A., & Pradhan, A. (2022). COVID. COVID
            Not applicable.                                       COVIDco.2007.06.023.2007.06.023” ates. ited States. State
                                                                  Real Estate Economics, 50(2):303-339.
            Consent for publication
                                                                  https://doi.org/10.1111/1540-6229.12368
            Not applicable.
                                                               Favilukis, J., Ludvigson, S.C., & Van Nieuwerburgh, S. (2017). The
            Availability of data                                  macroeconomic effects of housing wealth, housing finance,
                                                                  and limited risk sharing in general equilibrium. Journal of
            All data are secondary data from publicly available data   Political Economy, 125(1):140-223.
            sources: Land price (FHFA): https://www.fhfa.gov/data/hpi/     https://doi.org/10.1086/689606
            datasets; Government spending (BEA): https://www.bea.
            gov/data/government/receipts-and-expenditures;  GDP  Floetotto, M., Kirker, M., & Stroebel, J. (2016). Government
            and Residential investment (NIPA): https://apps.bea.gov/  intervention in the housing market: Who wins, who loses?
            iTable/?reqid=19&step=2&isuri=1&categories=survey#;   Journal of Monetary Economics, 80:106-123.
            Employment data: (BLS) https://www.bls.gov/data       https://doi.org/10.1016/j.jmoneco.2016.04.005
                                                               Glover, A., Heathcote, J., Krueger, D., & Ríos-Rull, J.V. (2020).
            References                                            Intergenerational  redistribution  in  the  great  recession.
            Aoki, K., Proudman, J., & Vlieghe, G. (2004). House prices,   Journal of Political Economy, 128(10):3730-3778.
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            Chen, K. (2010). A  life-cycle analysis of social security with   from an estimated DSGE model.  Journal of Housing
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               https://doi.org/10.1016/j.red.2009.10.001          https://doi.org/10.1016/j.jhe.2015.05.003
            Cipriani, G., & Fioroni, T. (2022). Social security and endogenous   Wang, K., & Yao, H. (2024). How environmental information is
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            Volume 11 Issue 1 (2025)                        58                        https://doi.org/10.36922/ijps.3645
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