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Price and Quantity Effects of the German Real Estate Transfer Tax
Petkova, Kunka - 2017
This paper analyzes the tax effects of the German real estate transfer tax (RETT). While the vast majority of single-family houses in Germany are owner-occupied, apartments are usually held by private and incorporated investors. For this reason, we conducted a regression analysis to determine...
Persistent link: https://www.econbiz.de/10012951769
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Social Networks and Housing Markets
Bailey, Michael - 2016
We document that the recent house price experiences within an individual's social network affect her perceptions of the attractiveness of property investments, and through this channel have large effects on her housing market activity. Our data combine anonymized social network information from...
Persistent link: https://www.econbiz.de/10012988967
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Renewed Momentum in the German Housing Market : Boom or Bubble?
Chen, Xi - 2013
The renewed momentum in the German housing market has led to concerns that Germany is vulnerable to asset price shocks. In this paper, we apply recently developed recursive unit root tests to detect the beginning and the end of potential speculative bubbles in Germany over the sample period...
Persistent link: https://www.econbiz.de/10013079871
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The Impact of Foreclosure on Housing Prices
Siebert, Ralph - 2015
The aim of the study is to explain if the foreclosure effect on prices is explained by a lower quality of foreclosed houses, which is a crucial aspect in the intelligibility of foreclosures. Based on a novel and comprehensive dataset, we estimate the impact of foreclosure on home prices in...
Persistent link: https://www.econbiz.de/10013028527
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House Prices, Local Demand, and Retail Prices
Stroebel, Johannes - 2015
We use detailed micro data to document a causal response of local retail price to changes in house prices, with elasticities of 15%-20% across housing booms and busts. Notably, these price responses are largest in zip codes with many homeowners, and non-existent in zip codes with mostly renters....
Persistent link: https://www.econbiz.de/10013009877
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On the Cyclicity of Regional House Prices : New Evidence for U.S. Metropolitan Statistical Areas
Flor, Michael - 2015
This paper is mainly concerned with the analysis of regional house price cycles. Based on a newly available data set consisting of the 40 largest U.S. Metropolitan Statistical Areas (MSAs), we introduce a wavelet transform based metric to study the housing cycle synchronization across MSAs. We...
Persistent link: https://www.econbiz.de/10013017380
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Betting the House
Jorda, Oscar - 2015
Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...
Persistent link: https://www.econbiz.de/10013030308
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Construction of Composite Business Cycle Indicators in a Sparse Data Environment
Abberger, Klaus - 2011
Business cycle indicators are important instruments for monitoring economic development. When employing indicators one usually relies on a sound statistical database. This paper deals with indicator development in a sparse data situation. Indicator building is merged with temporal...
Persistent link: https://www.econbiz.de/10013120906
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The Output Costs of Hard and Soft Sovereign Default
Trebesch, Christoph - 2016
How costly are sovereign debt crises? In this paper we study output losses during sovereign default and debt renegotiation episodes since 1980. In contrast to previous work, we account for the severity of default and not only for its occurrence. Specifically, we distinguish between “hard”...
Persistent link: https://www.econbiz.de/10012978462
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The G7 Business Cycle in a Globalized World
Carstensen, Kai - 2016
, and inflation volatility, and in global macroeconomic indicators like the oil price, world stock market returns, and … exchange rate volatility. The results indicate that in a globalized world spillovers from emerging markets and industrial … countries other than the G7 play a relevant role for major aspects of the G7 and world business cycle …
Persistent link: https://www.econbiz.de/10012986109