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User costs of housing when households face a credit constraint: evidence for Germany
Dümmler, Tobias; Kienle, Stephan - 2010
We develop a formula for user costs of housing on the basis of a neoclassical approach to housing investment which does not impose a perfect capital market assumption. We suggest that the definition for the user costs of housing should be extended by an additional term which mirrors the credit...
Persistent link: https://www.econbiz.de/10010300702
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The effects of the saving and banking glut on the U.S. economy
Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2013
We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...
Persistent link: https://www.econbiz.de/10010352184
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Monetary policy, housing booms and financial (im)balances
Eickmeier, Sandra; Hofmann, Boris - 2010
This paper uses a factor-augmented vector autoregressive model (FAVAR) estimated on U.S. data in order to analyze monetary transmission via private sector balance sheets, credit risk spreads and asset markets in an integrated setup and to explore the role of monetary policy in the three...
Persistent link: https://www.econbiz.de/10011605224
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The housing stock, housing prices, and user costs: The roles of location, structure and unobserved quality
Halket, Jonathan; Nesheim, Lars; Oswald, Florian - 2020
Which housing characteristics are important for understanding homeownership rates? How are housing characteristics … theories of homeownership? Using the English Housing Survey, we estimate a selection model of the allocation of properties to … correlations between rent-to-price ratios and homeownership rates. These patterns are consistent with, among others, hypotheses of …
Persistent link: https://www.econbiz.de/10012621082
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Do regional house prices converge? Evidence from a major developing economy
Ganioğlu, Aytül; Seven, Ünal - In: Central Bank Review (CBR) 21 (2021) 1, pp. 17-24
This paper analyzes the long-run convergence of regional house prices in a major developing country, Turkey. Using a non-linear time-varying factor model and quarterly hedonic house price data from 2010 to 2018, we find that house prices do not converge across 26 regions of Turkey. Results...
Persistent link: https://www.econbiz.de/10014547836
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New flight regimes and exposure to aircraft noise: Identifying housing price effects using a ratio-of-ratios approach
Boes, Stefan; Nüesch, Stephan - 2009
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...
Persistent link: https://www.econbiz.de/10010315487
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Owner-occupied housing costs and bias in the Irish consumer price index
McCarthy, Colm - 2007
The treatment of owner-occupied housing costs is a recurring problem in the construction of consumer price indices, and there are competing methodologies. In the most widely-used Irish index, the Payments Approach, which attaches a weight to a term involving historical house prices and an...
Persistent link: https://www.econbiz.de/10010272360
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Future trends in housing tenure and the adequacy of retirement income
Slaymaker, Rachel; Roantree, Barra; Nolan, Anne; … - 2022
In recent years, Ireland has experienced a notable decline in homeownership and a rise in the proportion of households … to retirement with ongoing rent payments. This transition historically in Ireland has been smoothed by high homeownership … for many households in Ireland, the drop in the homeownership rate layers an additional complication in terms of the …
Persistent link: https://www.econbiz.de/10013480224
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A retail price index including the shadow price of owner occupied housing
Blow, Laura; Nesheim, Lars - 2009
How do house price changes affect the cost of living? The retail price index in the UK does not directly incorporate house price changes. Instead it uses mortgage interest to capture the cost of owning a home. This is a useful method from many perspectives. However, from a consumer welfare...
Persistent link: https://www.econbiz.de/10010288432
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Dynamic housing expenditures and household welfare
Blow, Laura; Nesheim, Lars - 2009
In this paper we develop a measure of current expenditures on housing services for owner-occupiers. Having such a measure is important for measuring the relative welfare of households, especially when comparing renters and owners and for measuring inflation. From a theoretical perspective...
Persistent link: https://www.econbiz.de/10010288450