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This paper quantitatively accounts for the cyclical dynamics of key macroeconomic housing and mortgage market variables using a tractable, search-theoretic model of housing with equilibrium mortgage default. To explain these dynamics, the model highlights the importance of liquidity spirals...
Persistent link: https://www.econbiz.de/10013028614
This paper investigates the macroeconomic effects of search risk in the housing market. To do so, I introduce a tractable directed search model of housing with multidimensional buyer and seller heterogeneity. I incorporate this framework in an incomplete markets macroeconomic model with...
Persistent link: https://www.econbiz.de/10013037619
We develop an equilibrium model for residential housing transactions in an economy with houses that differ in their quality and households that differ in their planned holding horizon. We show that, in equilibrium, clientele effect persists, with long-horizon buyers overwhelmingly choosing...
Persistent link: https://www.econbiz.de/10013106443
In this paper we investigate the relationship between school quality and information disclosure in housing markets. When presented with the option of identifying their local public school in a real estate listing, we find that sellers with homes assigned to higher-performing schools are more...
Persistent link: https://www.econbiz.de/10013146130
It is widely believed that tenant-occupied houses do not show as well as owner-occupied or even vacant units and are harder to sell. These short term or transitory marketing effects should disappear in subsequent sales by owner-occupiers. Overuse by tenants and poor maintenance by landlords,...
Persistent link: https://www.econbiz.de/10013110322
We study the effects of limited attention on property prices and energy efficiency (EE) investments in the housing market. Using a novel dataset, we analyse over 5 million residential property sale transactions in England and Wales, each containing information about sale price, property and...
Persistent link: https://www.econbiz.de/10013315011
This paper examines key facts about the U.S. housing market. The price to rent ratio is highly volatile and significantly autocorrelated. Returns on housing are positively autocorrelated. The price to rent ratio is negatively correlated with future returns on housing and future rent growth....
Persistent link: https://www.econbiz.de/10013022372
This paper quantitatively accounts for the cyclical dynamics of key macroeconomic housing and mortgage market variables using a tractable, searchtheoretic model of housing with equilibrium mortgage default. To explain these dynamics, the model highlights the importance of liquidity spirals that...
Persistent link: https://www.econbiz.de/10011798986
Persistent link: https://www.econbiz.de/10000989856
We consider taxation by a Leviathan government and by a utilitarian government in the presence of heterogenous locations within a country, when migration from one country to another is and is not possible. In a closed economy, a utilitarian government may transfer income from the poor to the...
Persistent link: https://www.econbiz.de/10001816457