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exogenous variation in homeownership caused by the timing of intra-family deaths. As a result, housing gaps caused purely by …, such as intra-family housing transactions below market value. Through the lens of our model, house price expectations stand …
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We document a housing portfolio channel of quantitative easing (QE) transmission exploiting variation in German household data in a difference-in-differences setting around QE adoption in 2015. We find that QE encourages households with larger initial bond positions to rebalance more toward...
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