The recent surge in property values in China has been similar to the surge in the U.S before the crash in 2007. This raises concerns about whether China is destined to have a crash as well. We estimate similar models of property values for the two countries, in order to compare price dynamics...

Economic models of housing markets have struggled to explain persistent cycles in house prices, housing supply and housing finance, in particular in major cities. Housing markets are complex systems and standard equilibrium-based models may not be well equipped to capture the role of feedback...

We provide an analysis of the housing market and current housing policies in three developed countries: the United Kingdom (UK), Switzerland, and the United States (US). We focus on these three countries mainly due to the marked differences in their institutional settings. The UK is...

We provide an analysis of the housing market and current housing policies in three developed countries: the United Kingdom (UK), Switzerland, and the United States (US). We focus on these three countries mainly due to the marked differences in their institutional settings. The UK is...

I exploit exogenous variation in the probability that a mortgage is exposed to Fannie Mae and Freddie Mac generated by property appraisals to examine how well buyers of high-priced homes balance loan size and loan cost. I find that they generally strike a proper balance despite wide variation in...

Investment in adaptation is a critical strategy to reduce the damages from climate change, yet there is limited evidence about its effectiveness and costs. We exploit the activation of a sea wall to protect the city of Venice from increasingly high tides to provide new evidence on the...

Since 1970, average house prices have risen four and a half fold after inflation. No other OECD country’s experience has even come close. The UK’s housing stock is not just inadequate in total, but much of it is also in the ‘wrong place’, because what little development we have is skewed...

The United Kingdom’s housing costs are among the highest on earth, and London is virtually the most expensive major city in the world for renting or buying a home. People often avoid moving to work in productive sectors because nearby housing is too expensive. The proportion of Britons who...

This paper provides evidence on the impact of Stamp Duty Land Tax holiday on house prices in the UK using synthetic control methodology. I postulate that the tax holiday caused an increase in the UK house prices by annual rates of 2.3% and 3.1% in 2020 Q4 and 2021 Q1. On a regional level, all...