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...

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,...

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...

In this study, we develop and apply a new methodology for obtaining accurate and equitable property value assessments. This methodology adds a time dimension to the Geographically Weighted Regressions (GWR) framework, which we call Time-Geographically Weighted Regressions (TGWR). That is, when...

The standard gravity model of aggregate migration erroneously assumes homogeneity, quasi-symmetry, and (log) linearity. As a result, estimation of the model using, say, the convenient OLS estimator is plagued by omitted-variables and misspecification biases. This paper, therefore, presents...

This paper investigates the role of intergenerational mobility in internal migration decisions of families. Geographic variation of intergenerational mobility suggests that if families value their children’s human capital accumulation and future outcomes, they consider intergenerational...

Market value predictions for residential properties are important for investment decisions and the risk management of households, banks, and real estate developers. The increased access to market data has spurred the development and application of Automated Valuation Models (AVMs), which can...