Housing cycles and their impact on the financial system and the macroeconomy have become the center of attention following the global financial crisis. This paper documents the characteristics of housing cycles in a large set of countries, and examines the determinants of house price movements....

Claims of property value loss are commonly raised by homeowners when noxious facilities are sited or when new information about the hazards of existing facilities is made public. While the capitalization of externalities into land values is consistent with economic theory, empirical measurement...