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incentive. We show that while both incentives increase the price of the new housing, they reduce old housing prices and have an … Lyon which intensified both incentives. Difference-in-difference estimates confirm our theoretical predictions: two years …
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This paper presents a model of housing markets with interdependent values. Here, we introduce private information on the quality of a house (i.e., high or low), which is known only to the initial owner. Interdependency means that the ex-post preference of an agent depends on the private...
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In the recent financial crisis, macroeconomic stimuli produced mixed results across developed economies. In contrast, China's stimulus boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 trough to 11.9% in the first quarter of 2010. Amidst this phenomenal response, land...
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