What are the effects of austerity on distributional policy? We exploit the autonomy of Italian municipalities in … setting non-linear income taxes and the exogenous introduction of a fiscal rule to show that austerity increases income tax … progressivity. Consistent with this evidence, we find that in a panel of countries austerity correlates with higher marginal tax …

Housing prices and household borrowing are expected to be tightly connected to each other. Better availability of … credit eases liquidity constraints of households, which is likely to lead to higher demand for housing. On the other hand …, housing prices may significantly influence household borrowing through various wealth effects. Employing time series …

The often used housing price-to-income and housing price-to-rent ratios are problematic in housing market analysis and … may result in misleading conclusions. Instead, the no-arbitrage condition of housing market is a theoretically sound basis … to evaluate if housing prices are misaligned. Unfortunately, empirical applica-tion of the no-arbitrage condition has …

The price of vacant land zoned for housing is expected to be tightly linked to housing prices. In informationally … efficient markets, vacant lot price movements should not lag changes in housing prices. In practice, however, the leading role … of housing appreciation with respect to vacant lot price growth may be caused by factors such as thin trading and lack of …

This article provides new empirical evidence on the dynamics of price movements and transaction volume in the housing … negative correlation between price level and sales that has been found in a number of housing markets. It is also found that … the direct predictive ability of the fundamentals with respect to housing price growth and sales is overwhelmed by the …

housing, and show that the elasticity and its variation across cities within the U.S. are significantly influenced by …