This study looks at real estate price booms and busts in industrialised countries. Itidentifies major and persistent deviations from long term trends for 18 countries andestimates the probabilities of their occurrence using a Random Effects Panel Probitmodel over the period 1980-2007. It finds...

Compared to other European countries, housing policy in Germany has been favourable towards private rented housing. As a result, the private rented housing sector in Germany is large according to international standards. It appears to be 'healthy' in terms of housing quality and social profile...

The paper analysis rental contracts in a two-period model of thehousing market with uncertain 'outside option', accounting for non-contractible mobility-cost and consumption indivisibilities. The mainndings are: (i) Bilaterally ecient contracts set rents which are lessvolatile than market rents...

This paper analyses rental contracts in the housing market assu-ming asymmetric information about tenant related `service cost' andimperfect mobility. On the positive side it explains why long standingtenants tend to enjoy lower rents |the so called `tenure discount'. Onthe normative side, it...

...The first section takes a brief look at the history of rent controls. Initially mostmeasures were aimed at preventing landlords from reaping what was perceived tobe a ‘windfall profit’ resulting from some sort of unexpected emergency. It alsodemonstrates the diversity of rent control...

This paper tests whether out-of-sample hedonic value predictions can be improved when a large urban housing market is divided into submarkets.

It is widely acknowledged that the recent generation of DSGE models failed to incorporate many of the liquidity and financial accelerator mechanisms revealed in the global financial crisis that began in 2007. This paper complements the papers presented at the 2009 BIS annual conference focused...

In October 2003, a new flight regime was introduced at Zurich airport that significantly changed the levels of noise pollution in surrounding communities. We investigate the impact of the new flight policy on apartment prices using a hedonic price model and a non-linear difference-in-differences...

The weight of the housing tenancy market in Spain is very low. It is frequently argued that an ineffective judicial system, implying a cumbersome procedure to evict a non-paying tenant or simply requiring a long period to execute a decision, may be an important determinant of the tenancy...

We study decentralized trade processes in general exchange economies and house allocation problems with and without money. Such processes are subject to persistent random shocks stemming from agents’ maximization of random utility. By imposing structure on the utility noise term —logit...