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Real estate in the Netherlands : a taxonomy of risks and policy challenges
Geis, André; Luca, Oana - 2021
Soaring real estate prices and valuations despite the economic downturn brought by the pandemic have focussed the attention of Dutch policymakers on potential macro-financial and socio-economic implications. In this context, our paper reviews the salient features of Dutch commercial and...
Persistent link: https://www.econbiz.de/10012605499
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Commercial real estate and macrofinancial stability during COVID-19
Deghi, Andrea; Mok, Junghwan; Tsuruga, Tomohiro - 2021
The COVID-19 pandemic crisis has severely shocked the commercial real estate (CRE) sector, which could have important implications for macro-financial stability going forward because of the large size of the sector and its strong interconnectedness with the real economy. Using a novel...
Persistent link: https://www.econbiz.de/10012796227
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Price expectations and the U.S. housing boom
Towbin, Pascal; Weber, Sebastian - 2015
Between 1996 and 2006 the U.S. has experienced an unprecedented boom in house prices. As it has proven to be difficult to explain the large price increase by observable fundamentals, many observers have emphasized the role of speculation, id est expectations about future price developments. The...
Persistent link: https://www.econbiz.de/10011373920
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Global liquidity, house prices, and the macroeconomy : evidence from advanced and emerging economies
Cesa-Bianchi, Ambrogio; Céspedes, Luis Felipe; … - 2015
Persistent link: https://www.econbiz.de/10011282764
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Can property taxes reduce house price volatility? : evidence from U.S. regions
Poghosyan, Tigran - 2016
the 2005-2014 period to analyze the relationship between property tax rates and house price volatility. We find that … property tax rates have a negative impact on house price volatility. The impact is causal, with increases in property tax rates … leading to a reduction in house price volatility. The results are robust to different measures of house price volatility …
Persistent link: https://www.econbiz.de/10011715556
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Global Liquidity, House Prices, and the Macroeconomy: Evidence from Advanced and Emerging Economies
2015 - Cesa-Bianchi, Ambrogio ; Cespedes, Luis Felipe ; Rebucci, Alessandro ed
In this paper we first compare house price cycles in advanced and emerging economies using a new quarterly house price data set covering the period 1990-2012. We find that house prices in emerging economies grow faster, are more volatile, less persistent and less synchronized across countries...
Persistent link: https://www.econbiz.de/10014411931
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The costs of macroprudential deleveraging in a liquidity trap
Chen, Jiaqian; Finocchiaro, Daria; Lindé, Jesper; … - 2020
We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs and a zero-lower bound constraint on policy rates. We find that the long-term...
Persistent link: https://www.econbiz.de/10012251966
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Fundamental and speculative demands for housing
Lian, Weicheng - 2019
This paper separates the roles of demand for housing services and belief about future house prices in a house price cycle, by utilizing a feature of user-cost-of-housing that it is sensitive to demand for housing services only. Optimality conditions of producing housing services determine...
Persistent link: https://www.econbiz.de/10012009613
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Monetary Policy and Asset Prices : Does ""Benign Neglect"" Make Sense?
Jeanne, Olivier - 2002
The link between monetary policy and asset price movements has been of perennial interest to policymakers. In this paper, we consider the potential case for preemptive monetary restrictions when asset price reversals can have serious effects on real output. First, we present some stylized facts...
Persistent link: https://www.econbiz.de/10014401453
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Managing macrofinancial risk
Adrian, Tobias; Vitek, Francis - 2020
We augment a linearized dynamic stochastic general equilibrium (DSGE) model with a tractable endogenous risk mechanism, to support the joint analysis of monetary and macroprudential policy. This state dependent conditional heteroskedasticity mechanism specifies the conditional variances of...
Persistent link: https://www.econbiz.de/10012300643