This paper examines the short-run immigration effects on prices for owner-occupied housing and rents in Switzerland, exploiting regional variation at the level of 106 local labor markets ("Mobilité Spatiale" regions) and 26 cantons, respectively. We propose two empirical strategies that exploit...

This research examines the transformation of public housing in four federal states: Austria, Germany, Canada and the USA and finds Austria to be a leading example of a sustainable affordable housing industry

Although the Scottish electorate voted down independence in 2014, Brexit has led to renewed calls from Scottish political leaders for a second referendum. Scottish independence would likely lead to joining the European Union, and this would obligate Scotland to eventually join the euro common...

Budapest, the capital of Hungary, has experienced a two-year growth rate of 50% in housing prices (Q2 2014 – Q2 2016). This increase has been significantly higher than in the rest of Hungary, but calculations show that houses are not yet overvalued in any region of the country. Still, the...

This paper analyzes the effects of time-varying fiscal policy behavior on output and consumption multipliers within a monetary union. The framework is that of a standard New Keynesian twocountry model with distortionary taxes and Calvo price rigidities. I first show that multipliers differ...

For the European Central Bank to incorporate euro-wide housing into its policy decisions, it is helpful if home values across the currency union are convergent in the long run. We apply a probabilistic pair-wise approach to the question of whether home values converge across eight euro-zone...

We use a New Keynesian DSGE model with search frictions on the housing market to evaluate how financing a labor tax reduction by higher property taxation affects the real economy and welfare. Search on the housing market enables us to explicitly model stocks and flows, which is necessary to...

Although the Scottish electorate voted down independence in 2014, Brexit has led to renewed calls from Scottish political leaders for a second referendum. Scottish independence would likely lead to joining the European Union, and this would obligate Scotland to eventually join the euro common...

We propose an Economic Stability Index (ESI) incorporating house prices and stock prices as components of the measure of the inflation rate in order to allow the European Central Bank (ECB) to achieve both price and macroeconomic stability. We use an optimisation approach to estimate target...