This article summarizes research on the macroeconomic aspects of the housing market. In terms of the macroeconomic stylized facts, this article demonstrates that with respect to business cycle frequency, there was a general decrease in the association between macroeconomic variables (MV), such as the real GDP and inflation rate, and housing market variables (HMV), such as the housing price and the vacancy rate, following the global financial crisis (GFC). However, there are macro-finance variables, such as different interest rate spreads, that exhibited a strong association with the HMV following the GFC. For the medium-term business cycle frequency, some but not all patterns prevail. These “new stylized facts” suggest that a reconsideration and refinement of existing “macro-housing” theories would be appropriate. This article also provides a review of the corresponding academic literature, which may enhance our understanding of the evolving macro-housing–finance linkage.
In this paper, we consider cooperative transmission between two source and destination pairs. Exchange of data is allowed between the two source nodes. In addition to the direct transmission link from the source to the intended destination, we have a two-hop relay link that sends the data via the neighboring source node. We partition the bandwidth into two parts, and each part is utilized by one source node, such that the transmissions from the two sources are orthogonal to each other. In this way, the cooperative interference channel is reduced to two independent broadcast channels. The bandwidth of each source node is divided into orthogonal sub-channels, and results from parallel broadcast channel is used to find the optimal allocation of power and rate to each links. We propose an iterative algorithm that maximizes the weighted sum rate, and plot the achievable rate region.
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