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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

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

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

Investment incentives of rent controls and gentrification: Evidence from German micro data

Baye, Vera; Dinger, Valeriya - 2023

We empirically document that the effectiveness of the German rent control introduced in 2015 in achieving rental housing affordability is limited. Exploring the reasons for this limited effectiveness we focus on the impact of the rent control on the yield on rental housing investments proxied by...

Persistent link: https://www.econbiz.de/10014327939

Pareto improving price regulation when the asset market is incomplete

Herings, P. J. J.; Polemarchakis, H. - 2001

policy, even when the welfare effects of rationing are taken into account. …

Persistent link: https://www.econbiz.de/10010318973

Equilibrium and arbitrage in incomplete asset markets with fixed prices

Herings, P. J. J.; Polemarchakis, H. - 2001

At arbitrary prices of commodities and assets, fix-price equilibria exist under weak assumptions: endowments need not satisfy an interiority condition, utility functions need only satisfy a very weak monotonicity requirement, and the asset return matrix allows for redundant assets. Prices of...

Persistent link: https://www.econbiz.de/10010318995

Match quality and house price dispersion: Evidence from Norwegian housing auctions

Anundsen, André Kallåk; Lyshol, Arne; Nenov, Plamen T.; … - 2024

Assessing the quantitative relevance of match quality and search frictions for house price dispersion is key to understanding house price formation and the importance of uninsurable housing wealth shocks. In this paper, we use a unique auction-level data set from Norway, combined with a...

Persistent link: https://www.econbiz.de/10015195472

Financialisation and rental housing: A case study of Berlin

Davies, Clementine - 2021

This paper seeks to understand the extent financialisation has had an impact on the rental housing market in Berlin. Specifically, it focuses on the financialisation of non-financial rental housing companies. The financial statements of five large, publicly listed, commercial rental housing...

Persistent link: https://www.econbiz.de/10012420679

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

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