This paper exploits the sudden mass arrival of refugees to Germany in 2015 to study potential price penalties suffered by residential property in vicinity of refugee reception centers (RRCs). Using novel data on exact locations of publicly-run RRCs in 2014 and 2015 and monthly offers of...

We provide a micro-empirical link between the large literature on credit and house prices and the burgeoning literature on macroprudential policy. Using loan-level data on Irish mortgages originated between 2003 and 2010, we construct a measure of credit availability which varies at the borrower...

The correlation across US states in house price growth increased steadily between 1976 and 2000. This paper shows that the contemporaneous geographic integration of the US banking market, via the emergence of large banks, was a primary driver of this phenomenon. To this end, we first...