Against the background of recent house price increases in several European countries, the OeNB organized a workshop entitled "Are House Prices Endangering Financial Stability? If So, How Can We Counteract This?" It was held in Vienna on October 9 and 10, 2014. The workshop contributions...

Running counter to the sharp rise in house prices and housing wealth observed since the mid-1990s in the vast majority of European countries, real house prices in Germany and Austria were going down in this period and did not start to rise until 2010 or 2007, respectively. This reflects national...

This paper considers a consumption-based asset pricing model where housing is explicitly modeled both as an asset and as a consumption good. Nonseparable preferences describe households' concern with composition risk, that is, fluctuations in the relative share of housing in their consumption...