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Insurers monitor shocks to collateral : micro evidence from mortgage-backed securities

Fetzer, Thiemo; Guin, Benjamin; Netto, Felipe; Saidi, Farzad - 2024

to holders of commercial mortgage-backed securities (CMBS). Using detailed micro data, we show that cash flow shocks … during the COVID-19 pandemic predict CRE mortgage delinquency, especially those stemming from lease expiration of offices …

Persistent link: https://www.econbiz.de/10015061135

Housing market expectations

Kuchler, Theresa; Piazzesi, Monika; Stroebel, Johannes - 2022

purchasing and mortgage financing decisions. Finally, we highlight research on how expectations affect aggregate outcomes in the …

Persistent link: https://www.econbiz.de/10013170986

Housing-consumption channel of mortgage demand

Ahlfeldt, Gabriel M.; Szumilo, Nikodem; Tripathy, Jagdish - 2024

We quantify the housing-consumption channel in mortgage demand according to which households borrow more following … a structural approach to mortgage demand and supply, exploiting exogenous variation in house-price growth and a unique … dataset with matched transaction-price and mortgage information. We estimate an elasticity of mortgage borrowing to house …

Persistent link: https://www.econbiz.de/10014637339

The skyscraper revolution : global economic development and land savings

Ahlfeldt, Gabriel M.; Baum-Snow, Nathaniel; Jedwab, Remi - 2023

Tall buildings are central to facilitating sustainable urbanization and growth in cities worldwide. We estimate average elasticities of city population and built area to aggregate city building heights of 0.12 and -0.17, respectively, indicating that the largest global cities in developing...

Persistent link: https://www.econbiz.de/10014433980

Round-number effects in real estate prices : evidence from Germany

Englmaier, Florian; Roider, Andreas; Schlereth, Lars; … - 2023

Round numbers affect behavior in various domains, e.g., as prominent thresholds or focal points in bargaining. In line with earlier findings, residential real estate transactions in Germany cluster at round-number prices, but there are also interesting (presumably cultural) differences. We...

Persistent link: https://www.econbiz.de/10014426542

Micro-geographic property price and rent indices

Ahlfeldt, Gabriel M.; Heblich, Stephan; Seidel, Tobias - 2021

We develop a programming algorithm that predicts a balanced-panel mix-adjusted house price index for arbitrary spatial units from repeated cross-sections of geocoded micro data. The algorithm combines parametric and non-parametric estimation techniques to provide a tight local ﬁt where the...

Persistent link: https://www.econbiz.de/10012597680

Betting the house

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2014

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/10010468583

The great mortgaging : housing finance, crises, and business cycles

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2014

course of the 20th century, driven by a sharp rise of mortgage lending to households. Household debt to asset ratios have …

Persistent link: https://www.econbiz.de/10010412763

Home ownership and monetary policy transmission

Koeniger, Winfried; Ramelet, Marc-Antoine - 2018

We present empirical evidence on the heterogeneity in monetary policy transmission across countries with different home ownership rates. We use household-level data together with shocks to the policy rate identified from high-frequency data. We find that housing tenure reacts more strongly to...

Persistent link: https://www.econbiz.de/10011933761

Taxing homeowners who won’t borrow

Wong, Francis - 2024

Using high-frequency administrative data covering millions of US homeowners, I document three novel facts about homeowner responses to property tax increases driven by rising home values. First, non-migrating homeowners cut consumption, exhibit financial distress, and do not borrow against their...

Persistent link: https://www.econbiz.de/10014564315

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