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The Swiss Housing Market
BOURASSA, Steven C.; HOESLI, Martin; SCOGNAMIGLIO, Donato - 2009
In contrast to many other countries, Switzerland generally has not seen soaring house prices in the 2000s and house prices have only recently started to diminish slightly. Also, Swiss authorities do not engage in trying to increase the homeownership rate much above its current relatively low...
Persistent link: https://www.econbiz.de/10005258359
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Why Do the Swiss Rent?
Bourassa, Steven C.; Hoesli, Martin - 2006
At 34%, Switzerland has the lowest home ownership rate in Western Europe. This is a puzzle given the economic strength of the country. We use 1998 household survey data for five Swiss cantons to explore some possible reasons for this. We estimate a tenure choice equation that allows us to...
Persistent link: https://www.econbiz.de/10005162954
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House Prices, Real Estate Returns and the Business Cycle
Jaccard, Ivan - 2006
The main objective of this work is to develop a general equilibrium business cycle model linking financial and real estate markets to the macroeconomy. The ability of a production economy to account simultaneously for asset pricing, business cycle and real estate market facts is then evaluated...
Persistent link: https://www.econbiz.de/10005162989
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Strategic Asset Allocation, Asset Price Dynamics, and the Business Cycle
Jaccard, Ivan - 2007
The main contribution of this work is to provide a dynamic general equilibrium model of asset allocation, allowing to reconcile economic theory with several puzzling contradictions recently pointed out in the literature: (i) the asset allocation puzzle, (ii) the observed timevariation in...
Persistent link: https://www.econbiz.de/10005534204
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House Prices and Bubbles in New Zealand
Fraser, Patricia; Hoesli, Martin; Alevey, Lynn Mc
This paper studies actual (real) house prices relative to fundamental (real) house values in New Zealand for the period 1970-2005. We find disparities between actual and fundamental house prices in the early 1970s and 1980s and from 2000 to date. These deviations are found to be substantially...
Persistent link: https://www.econbiz.de/10005162962
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Housing and its Role in the Household Portfolio in Colombia
SERRANO, Camilo; HOESLI, Martin - 2009
We examine the optimal allocation of assets in the portfolio of a Colombian homeowner conditional on various levels of the house value to net wealth ratio. The high rate of home ownership and low rates of investment in financial assets indicate that households allocate most of their wealth to...
Persistent link: https://www.econbiz.de/10008922922
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Constant-Quality House Price Indexes for Switzerland
BOURASSA, Steven C.; HOESLI, Martin; SCOGNAMIGLIO, Donato; … - 2008
control for the quality of properties; the most widely used methods to attain this aim are the hedonic and repeat sales …), which are constructed using medians of list prices as published in newspapers and on the internet, to hedonic indexes based … the hedonic indexes during the period. In particular, they appear to overstate price changes in housing markets. We …
Persistent link: https://www.econbiz.de/10005162963
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Efficiency in Large Dynamic Panel Models with Common Factor
GAGLIARDINI, Patrick; GOURIEROUX, Christian - 2008
This paper deals with efficient estimation in exchangeable nonlinear dynamic panel models with common unobservable factor. The specification accounts for both micro- and macro-dynamics, induced by the lagged individual observation and the common stochastic factor, respectively. For large...
Persistent link: https://www.econbiz.de/10005258352
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Dynamic Capital Structure under Managerial Entrenchment: Evidence from a Structural Estimation
MORELLEC, Erwan; NIKOLOV, Boris; SCHURHOFF, Norman
This paper examines the impact of managerial entrenchment on corporate financing decisions. We build a dynamic contingent claims model in which financing policy results from a trade-off between tax benefits, agency conflicts, and contracting frictions. In our setting, managers do not act in the...
Persistent link: https://www.econbiz.de/10005258357