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Comparing Wealth Effects : The Stock Market Versus the Housing Market

Case, Karl E. - 2001

We examine the link between increases in housing wealth, financial wealth, and consumer spending. We rely upon a panel of 14 countries observed annually for various periods during the past 25 years and a panel of U.S. states observed quarterly during the 1980s and 1990s. We impute the aggregate...

Persistent link: https://www.econbiz.de/10012470110

Endogenous Mortgage Choice, Borrowing Constraints and the Tenure Decision

LaFayette, William C. - 1995

Earlier research has shown that lender income and wealth constraint ratios discourage homeownership. This empirical …, the measured impact on the homeownership rate of the constraints falls to only 4 percentage points. Further, FHA loans are … estimated to increase homeownership by only 0.1 to 0.2 percentage points …

Persistent link: https://www.econbiz.de/10012473815

Home Equity Insurance

Shiller, Robert J. - 1994

Home equity insurance policies, policies insuring homeowners against declines in the price of their homes, would bear some resemblance both to ordinary insurance and to financial hedging vehicles. A menu of choices for the design of such policies is presented here, and conceptual issues are...

Persistent link: https://www.econbiz.de/10012474085

Testing for Information Asymmetries in Real Estate Markets

Kurlat, Pablo - 2014

We study equilibrium outcomes in markets with asymmetric information about asset values among both buyers and sellers. In residential real estate markets hard-to-observe neighborhood characteristics are a key source of information heterogeneity: sellers are usually better informed about...

Persistent link: https://www.econbiz.de/10012458789

Measuring The Natural Rate Using Natural Experiments

Bäcker-Peral, Verónica; Hazell, Jonathon; Mian, Atif - National Bureau of Economic Research - 2023

Every month, a fraction of UK property leases are extended for another 90 years or more. We use new data on thousands of these natural experiments from 2003 onwards to estimate the "natural rate of return on capital", \(r_K^\text{*}\), which also represents the long-run dividend-price ratio....

Persistent link: https://www.econbiz.de/10014421185

Why Do People Still Live in East Germany?

Hunt, Jennifer - 2000

In 1997 GDP per capita in East Germany was 57% of that of West Germany, wage rates were 75% of western levels, and the unemployment rate was at least double the western rate of 7.8%. One would expect that if capital flows and trade in goods failed to bring convergence, labor flows would respond,...

Persistent link: https://www.econbiz.de/10012471211

Are Migrants More Skilled than Non-Migrants? Repeat, Return and Same-Employer Migrants

Hunt, Jennifer - 2004

I examine the determinants of inter-state migration of adults within western Germany, using the German Socio-Economic Panel from 1984-2000. I highlight the prevalence and distinctive characteristics of migrants who do not change employers. Same-employer migrants represent one fifth of all...

Persistent link: https://www.econbiz.de/10012468060

The Effect of Expected Income on Individual Migration Decisions

Kennan, John - 2003

The paper develops a tractable econometric model of optimal migration, focusing on expected income as the main economic influence on migration. The model improves on previous work in two respects: it covers optimal sequences of location decisions (rather than a single once-for-all choice), and...

Persistent link: https://www.econbiz.de/10012469115

Schooling and the Great Migration

Margo, Robert A. - 1988

In 1900, 90 percent of America?s black population lived in the South and only 4.3 percent of those born in the region era living elsewhere. By 1950 the proportion of blacks living in the South had declined to 68 percent and 19.6 percent of those born in the region had left it. Using samples...

Persistent link: https://www.econbiz.de/10012476364

Frontier Culture : The Roots and Persistence of "Rugged Individualism" in the United States

Bazzi, Samuel - 2017

The presence of a westward-moving frontier of settlement shaped early U.S. history. In 1893, the historian Frederick Jackson Turner famously argued that the American frontier fostered individualism. We investigate the Frontier Thesis and identify its long-run implications for culture and...

Persistent link: https://www.econbiz.de/10012453717