区域经济周期和房地产周期分析外文翻译.docVIP

本科毕业设计（论文） 外 文 翻 译 原文： Regional Business Cycle and Real Estate Cycle Analysis and The Role of Federal Governments in Regional Stability For the last two decades the topic of the real estate cycle has gained a lot of attention not only in the fields of micro and macro economics, but also in the field of finance and investment. Recently real estate became a lucrative investment option for investors (Leonhardt [23]; Dhar and Goetzmann [15]). Securitization of the real estate market was one important trend that attracted many investors into this field. Further, now there are more investors who can participate in the global real estate market than a decade ago (Case, Goetzmann, and Rouwenhorst, [9]). Nevertheless, in recent decades the world has experienced a couple of global real estate fluctuations including recent U.S. real estate crisis. This makes researchers and investors wonder about the structures of real estate cycles and how they are related to other economic activities in the nation as well as throughout the world. Many studies show that the real estate cycle has a direct impact on the behavior of households, investors, banking systems, as well as on the national economy (Case [8], Wheelock [35], and Barlevy [1]). Very few studies, however, have compared and analyzed national and state level business cycles with the national and regional real estate cycles. This comparison is important for at least three reasons: first, the clear idea about the national and state level real estate cycle will help home owners and real estate investors minimize their losses. Second, it will help proper authorities (government, mortgage brokers, banks, etc.) to make effective decisions. Third, future researchers will have vivid understanding of states’ economic structures and better understanding of the behavior of the real estate cycles. This paper strictly focuses on macroeconomic perspective of real estate science and analyzes the patterns of real estate cycles. Thus, t