Is there a local economic impact of immigration? Immigration pushes up rents and housing values in US destination cities. The positive association of rent growth and immigrant inflows is pervasive in time series for all metropolitan areas. I use instrumental variables based on a shift-share of...

Why has job growth over the past decades been weaker in the Dutch Randstad area than in surrounding regions? In a simultaneous equations analysis, we find that employment adjusts to the regional supply of labour. Net internal migration is predominantly determined by regional housing supply and...

In this paper, we present a directed search model of the housing market. The pricing mechanism we analyze reflects the way houses are bought and sold in the United States. Our model is consistent with the observation that houses are sometimes sold above, sometimes below and sometimes at the...

We document that home ownership of households with 'heads' aged 25-44 years fell substantially between 1980 and 2000 and recovered only partially during the 2001-2005 housing boom. The 1980-2000 decline in young home ownership occurred as improvements in mortgage opportunities seemingly made it...

Housing is the single most important component of personal wealth in most countries. The special characteristics of housing markets are therefore key to understanding personal portfolios, saving, the household distribution of wealth, and the monetary transmission mechanism. This paper discusses...

In this paper, we present a directed search model of the housing market. The pricing mechanism we analyze reflects the way houses are bought and sold in the United States. Our model is consistent with the observation that houses are sometimes sold above, sometimes below and sometimes at the...

Das Mietniveau zwischen Westdeutschland und Ostdeutschland unterscheidet sich im Durchschnitt um weniger als einen Euro pro Quadratmeter. Dieser geringe Unterschied ist angesichts der wirtschaftlichen Schwäche und der hohen Leerstandsrate in Ostdeutschland erklärungsbedürftig. An einem Sample...

Extending the controversial findings from relevant literature on testing the efficient market hypothesis for the U.S. housing market, the results from the monthly and quarterly transaction-based Case-Shiller indices from 1987 to 2009 provide further empirical evidence on the rejection of the...