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1、本科畢業(yè)設(shè)計（論文）外文翻譯原文：RegionalBusinessCycleandRealEstateCycleAnalysisandTheRoleofFederalGovernmentsinRegionalStabilityForthelasttwodecadesthetopicoftherealestatecyclehasgainedalotofattentionnotonlyinthefieldsofmicroandmacroeconomics,butalsointhefieldoffinanceandinvest
2、ment.Recentlyrealestatebecamealucrativeinvestmentoptionforinvestors(Leonhardt[23];DharandGoetzmann[15]).Securitizationoftherealestatemarketwasoneimportanttrendthatattractedmanyinvestorsintothisfield.Further,nowtherearemoreinvestorswhocanparticipateintheglobalreal
3、estatemarketthanadecadeago(Case,Goetzmann,andRouwenhorst,[9]).Nevertheless,inrecentdecadestheworldhasexperiencedacoupleofglobalrealestatefluctuationsincludingrecentU.S.realestatecrisis.Thismakesresearchersandinvestorswonderaboutthestructuresofrealestatecyclesandh
4、owtheyarerelatedtoothereconomicactivitiesinthenationaswellasthroughouttheworld.Manystudiesshowthattherealestatecyclehasadirectimpactonthebehaviorofhouseholds,investors,bankingsystems,aswellasonthenationaleconomy(Case[8],Wheelock[35],andBarlevy[1]).Veryfewstudies,
5、however,havecomparedandanalyzednationalandstatelevelbusinesscycleswiththenationalandregionalrealestatecycles.Thiscomparisonisimportantforatleastthreereasons:first,theclearideaaboutthenationalandstatelevelrealestatecyclewillhelphomeownersandrealestateinvestorsmini
6、mizetheirlosses.Second,itwillhelpproperauthorities(government,mortgagebrokers,banks,etc.)tomakeeffectivedecisions.Third,futureresearcherswillhavevividunderstandingofstates’economicstructuresandbetterunderstandingofthebehavioroftherealestatecycles.Thispaperstrictl
7、yfocusesonmacroeconomicperspectiveofrealestatescienceandanalyzesthepatternsofrealestatecycles.Thus,thestudyhasthreemainobjectives.First,usingMarkov-Switchingestimationtechnique,thisstudycomparestheU.S.nationalandstatelevelbusinesscycleswiththeU.S.nationalandstate
8、levelrealestatecycles.Second,dependingontheformationofthestatelevelrealestatecycles,thisstudycategorizesdifferentstates,and_nallyitanalysestheseverityofthestat
