A model of the term structure of lease rates in a frictionless economy is developed and its predictions are compared with data on residential leases in Japan. The model shows that the initial lease rate for a cancellable lease must be set higher than that for a non-cancellable lease because the...

The article presents the author's model of pricing at the housing market. Economic indicators according to which the analysis should be carried out are defined in this article. The analysis of prices at the housing market of CIS countries on the example of Moscow in the post-Soviet period is...

In this report, we are concerned with the impact of the current system of residential stamp duty. Not only does stamp duty have an effect on the housing market, but it also discriminates between both different parts of the country and different household types. Because of the inefficiencies and...

This article explains why the housing and commercial real estate market are in a permanent disequilibrium. The real estate market converges towards the equilibrium, but it changes due to credit constraints, expectations and the long investment process. The cycles on this market are much more...

This paper examines the role of local housing supply conditions for social capital investment. Using an instrumental variables approach and data from the Social Capital Community Benchmark Survey, it is documented that the positive link between homeownership and individual social capital...

This paper examines whether the Mortensen-Pissarides matching model can account for the housing market facts, most of all the empirical anomaly known as ‘price dispersion’. Our main finding is that the model can account for the three basic facts of housing market (namely, the existence of...

There are two types of home seekers in this housing market matching model: the homeless who search for a dwelling both in the rental market and in the homeownership market simultaneously; and the home seekers in the renter (tenant) state who want to buy a home and only search in the...