We study equilibrium outcomes in markets with asymmetric information about asset values among both buyers and sellers. In residential real estate markets hard-to-observe neighborhood characteristics are a key source of information heterogeneity: sellers are usually better informed about...

How do aggregate quantities at the business cycle frequency respond to shocks to the spread between residential mortgage rates and government bonds? Using a structural VAR approach, we find that mortgage spread shocks impact the real economy by both economically and statistically significant...

This paper studies how mortgage borrowers and house prices react to a tightening of mortgage limits following a policy change in Ireland in 2015. The policy introduced limits to the loan-to-income and loan-to-value ratios of new mortgages issued. In response to a tightening borrowing constraint,...

This paper investigates the importance of including data on new housing supply in Dynamic Stochastic General Equilibrium (DSGE) models in forecasting the Great Financial Crisis (GFC), focusing on the U.S. While existing models have added a financial sector and real estate sector, they have...

In this paper we assess the implications for housing supply across the Euro Area of the recent tightening in monetary policy. Official monetary policy rates have risen in response to the sustained period of inflation experienced across countries due to the aftermath of the Covid epidemic and the...

Increased urbanisation poses serious challenges to adequate housing in the cities of the Global South. Many have focused on the issues of access to serviced land, housing finance, and public subsidy in augmenting the supply of low-income affordable housing while ignoring the criticality of...

In this paper we assess the implications for housing supply across the Euro Area of the recent tightening in monetary policy. Official monetary policy rates have risen in response to the sustained period of inflation experienced across countries due to the aftermath of the Covid epidemic and the...

Residency by Investment programs have become integral to contemporary migration policies, providing a distinct pathway for individuals to acquire a new legal status through financial investments. In this paper, we study the extent to which "golden visas" impact real estate housing markets. Using...

Residency by Investment programs have become integral to contemporary migration policies, providing a distinct pathway for individuals to acquire a new legal status through financial investments. In this paper, we study the extent to which "golden visas" impact real estate housing markets. Using...

Geographic school admissions criteria bind residential and school choices for some parents, and could create externalities in equilibrium for non-parents through displacement or higher rent. Through a dynamic structural model, we show that the policy decision of geographic versus non-geographic...