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Sluggishness, Endogeneity and the Demand for Local Public Services
Dahlberg, Matz; Jacob, Johanna - 2000
Earlier studies estimating the demand for local public services by means of the median voter model have typically … assumed exogenous regressors and static set-ups. Furthermore, the commonly used log-linear specification of the demand … rationalised by a Cobb-Douglas utility function. This implies that the log-linear specification of the demand function is valid as …
Persistent link: https://www.econbiz.de/10010321816
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Fundamental Real Estate Prices: An Empirical Estimation with International Data
Hott, Christian; Monnin, Pierre - Institut für Schweizerisches Bankwesen <Zürich> - 2006
second model interprets the period costs as the result of a market equilibrium between housing demand and supply. We estimate …
Persistent link: https://www.econbiz.de/10005858329
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Multiple credit constraints and timevarying macroeconomic dynamics
Ingholt, Marcus Mølbak - 2020
I explore the macroeconomic implications of borrowers facing both loan-to-value (LTV) and debt-service-to-income (DTI) limits, using an estimated DSGE model. I identify when each constraint dominated over the period 1984-2019: LTV constraints dominate in contractions, when house prices are...
Persistent link: https://www.econbiz.de/10012661564
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Investment incentives of rent controls and gentrification: Evidence from German micro data
Baye, Vera; Dinger, Valeriya - 2023
contributed to gentrification via a shift of rental housing supply away from the regulated segment. …
Persistent link: https://www.econbiz.de/10014327939
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The price of inattention: Evidence from the Swedish housing market
Repetto, Luca; Solis, Alex - 2017
Do behavioral biases a affect prices in a high-stake market? We study the role of left digit bias in the purchase of an apartment, one of the most important assets in a household's portfolio. Left-digit bias is the inability to fully process digits after the first, perceiving prices just below a...
Persistent link: https://www.econbiz.de/10012013502
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Endogenous bank credit and its link to housing in OECD countries
Arestis, Philip; González, Ana Rosa - 2013
The relevant economic literature frequently focuses on the impact of credit shocks on housing prices. The doctrine of the New Consensus Macroeconomics completely ignores bank credit. The Great Recession, however, has highlighted the significance of bank credit. The purpose of this contribution...
Persistent link: https://www.econbiz.de/10010318653
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Modeling the housing market in OECD countries
Arestis, Philip; González, Ana Rosa - 2013
Recent episodes of housing bubbles, which occurred in several economies after the burst of the United States housing market, suggest studying the evolution of housing prices from a global perspective. We utilize a theoretical model for the purposes of this contribution, which identifies the main...
Persistent link: https://www.econbiz.de/10010318658
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Testing for Micro Efficiency in the Housing Market
Anundsen, André K.; Larsen, Erling Røed - 2016
While aggregate house price indices display time persistence, less is known about micro persistence. This article proposes that absence of micro persistence implies that an excessively high or low sell price in one transaction is not repeated in the next transaction. We exploit a unique...
Persistent link: https://www.econbiz.de/10012143884
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Firm-level shocks and labor adjustments
Carlsson, Mikael; Messina, Julián; Nordström Skans, Oskar - 2014
We analyze how firms adjust their labor in response to idiosyncratic shifts in their production function and demand … curves using a unique data-set of Swedish manufacturing firms. We show that permanent shocks to firm-level demand is a main … driving force behind both job and worker reallocation. In contrast, shocks to physical productivity and temporary demand …
Persistent link: https://www.econbiz.de/10010464479
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Contests with small noise and the robustness of the all-pay auction
Ewerhart, Christian - 2016
This paper considers all-pay contests in which the relationship between bids and allocation reflects a small amount of noise. Prior work had focused on one particular equilibrium. However, there may be other equilibria. To address this issue, we introduce a new and intuitive measure for the...
Persistent link: https://www.econbiz.de/10011663167