We estimate the marginal propensity to consume (MPC) out of permanent and transitory shocks to house price appreciation. We consider two different models under which those shocks may affect consumption. In the first one, housing is a risky asset. In the second one, housing has a role as a...

This paper examines housing market responses to two outbreaks of respiratory diseases in Hong Kong during the Information Era—the 2003 SARS and COVID-19 outbreaks. The local housing market has withstood both epidemics, and correlated policy measures and collective responses to epidemic events...

The national pattern of house price dynamics masks considerable heterogeneity across local areas and markets; disparities are even higher looking at house price levels. In this paper we describe these structural differences across Italy, with particular focus on the role of metropolitan areas...

This study examines why monetary policy at the national level can have vastly different effects on appreciation rates of single family houses across metropolitan statistical areas (MSAs). The study employs Case/Shiller monthly house price index data for 19 MSAs from 1992:06 to 2014:12 and FHFA...

This paper develops a dynamic rational expectations general equilibrium framework that links house value to fundamental economic variables such as income growth, demographics, migration and land supply. Our framework is general and can handle non-stationary dynamics as well as structural changes...

Real estate booms have regularly occurred throughout the world, leaving painful busts and financial crises in their wake. Real estate is a natural investment for more passive debt investors, including banks, because real estate's flexibility makes it a better source of collateral than production...

Objective: We examine the effects of neighborhood walkability on house values. Recent research claims that walkability makes homes more valuable, ceteris paribus. We contend that some studies report a spurious effect of walkability because of differences between areas with high and low...

This paper (a) surveys leading works on hedonic pricing modelling of the impact of four main categories of environmental attributes (pollution and amenities) and the impact of zoning regulations on urban property values in western jurisdictions and in Hong Kong, as an example of a high-density...

Relationships between past events, future expectations and present decisions, typically examined through a temporal prism within applied economics, have been lately moving to the spatial dimension through spatial econometrics. However, violations of the “arrow of time”, and thus causality,...