The authors use a data set of over 20,000 residential housing sales in 2010 and 2011 in San Diego County to measure the school proximity effects on nearby residential housing. Prior research supports the existence of a "school proximity premium" for housing located near K-12 schools. However,...

Following the global financial crisis, macroprudential regulators in a number of countries took actions to mitigate risks arising from stressed mortgage markets to financial and economic stability. Having disaggregated information on the stock of mortgages allows policymakers to analyse...

This article shows that, under some common assumptions, the pointwise synthetic control estimator would be unbiased if the outcome variable follows an autoregressive process. However, if such autoregressive process is nonstationary, then the variance of the pointwise estimator would be sensitive...

When estimating hedonic models of housing prices, the use of time series cross-section repeat sales data can provide improvements in estimator efficiency and correct for unobserved characteristics. However, in cases where serial correlation is present, the irregular timing of sales should also...

Homeownership is heavily subsidized in many countries mainly through the tax code. The adverse effects of lenient tax treatment of owner-occupied housing on economic efficiency and growth are well documented in the economics literature. The main argument in favor of subsidizing owner-occupied...

The hedonic model of Rosen (1974) has become a workhorse for valuing the characteristics of differentiated products despite a number of well-documented econometric problems, including a source of endogeneity that has proven difficult to overcome. Here we outline a simple, likelihood-based...

The hedonics literature has often asserted that if one were able to observe the same individual make multiple purchase decisions, one could recover rich estimates of preferences for a given amenity. In particular, in the face of a changing price schedule, observing each individual twice is...

In this paper we analyze the liquidity (time on market) of rental dwellings and its determinants for different liquidity quantiles in the largest seven German cities. The determinants are estimated using censored quantile regressions in order to investigate the impact on very liquid to very...

Using a unique dataset of more than 14,000 senior homeowners in the U.S., this study compares self-assessed home values to arm's length contemporaneous appraisals. In a sample of seniors who received counseling for a reverse mortgage, the absolute value of the assessment error averages 18.9...

This paper estimates the importance of temptation (Gul and Pesendorfer, 2001) for consumption smoothing and asset accumulation in a structural life-cycle model. We use two complementary estimation strategies: first, we estimate the Euler equation of this model; and second we match liquid and...