Showing 1 - 10 of 788
Building on Flavin and Nakagawa (2008), this paper models household optimal consumption and portfolio selection when consumption services are generated by both non-durable consumption and by holding a durable good housing. Housing is illiquid in that a non-convex adjustment cost must be paid...
Persistent link: https://www.econbiz.de/10013007406
This paper uses transaction-level data across millions of accounts to identify cryptocurrency investors and evaluate how fluctuations in individual crypto wealth affect household consumption, equity investment, and local real estate markets. We estimate an MPC out of unrealized crypto gains that...
Persistent link: https://www.econbiz.de/10014322832
This paper tests one specific monetary transmission mechanism through households: portfolio rebalancing. We use a unique panel dataset of household's credit and debit card spending, ATM withdrawals, financial investments into risky assets such as mutual funds and equities, as well as bank...
Persistent link: https://www.econbiz.de/10012835832
This paper studies why investors buy dividend-paying assets and how they time their consumption accordingly. We combine administrative bank data linking customers' consumption transactions and income to detailed portfolio data and survey responses on financial behavior. We find that private...
Persistent link: https://www.econbiz.de/10012223798
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...
Persistent link: https://www.econbiz.de/10012969770
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...
Persistent link: https://www.econbiz.de/10012969767
We build an on-the-house-search model and show analytically that the rent-to-price ratio (or rental yield) and turnover rate, which are frequently used metrics for the housing market, are jointly determined in equilibrium. We therefore adopt a simultaneous equation approach on matched...
Persistent link: https://www.econbiz.de/10011592349
Die aktuellen Finanzmarktturbulenzen wurden durch Entwicklungen im Immobiliensektor ausgelöst. Vor diesem Hintergrund analysiert dieser Beitrag den Zusammenhang zwischen den Immobilienpreisen und der Geldmengen- und Kreditvolumensentwicklung für den Zeitraum 1992 -2006 (westdeutsche...
Persistent link: https://www.econbiz.de/10010271145
This paper studies the determinants of house prices in eight transition economies of central and eastern Europe (CEE) and 19 OECD countries. The main question addressed is whether the conventional fundamental determinants of house prices, such as GDP per capita, real interest rates, housing...
Persistent link: https://www.econbiz.de/10010273771
We investigate whether initial differences in speed of entry into homeownership lead to longlasting differences in ownership between generations. Our data span nearly forty years and multiple cycles of England's very volatile house prices. We document that ownership rates at thirty have differed...
Persistent link: https://www.econbiz.de/10010500216