We study the effect of borrowing constraints in an assignment model of the housing market. When constraints apply symmetrically to all households, these lead to lower prices but unchanged housing consumption. When households can invest their own wealth and may differ in tastes, borrowing...

Houses on streets with names that honor the Confederacy sell for 3% less than other similar nearby houses. The effect is concentrated outside the South and in regions with greater Black populations and more left-leaning voters, and it increases following attention-grabbing events that highlight...

Do negative housing shocks lead to persistent changes in household attitudes toward housing and homeownership? We use the residential destruction of Germany during World War II (WWII) as a quasi-experiment and exploit the reasonably exogenous region-by-cohort variation in destruction exposure....

Macroprudential policy improves economic outcomes by reducing the likelihood and severity of financial crises. Yet it is pertinent to ask, are there unintended long run consequences to the introduction of a macroprudential policy regime, and are these consequences conditional on the a priori...

We estimate an equilibrium model of housing demand and supply. The model allows us to quantify the distributional effects of leverage regulation on mobility and access to high-quality housing. We match the population of households in Norway in 2010-2018, with demographic and financial...

We estimate the transmission of the pandemic shock in 2020 to prices in the residential and commercial real estate market by causal machine learning, using new granular data at the municipal level for Germany. We exploit differences in the incidence of Covid infections or short-time work at the...

In this paper, I study the role of housing for wealth accumulation and the determination of the equilibrium real interest rate within a continuous-time overlapping generations model that incorporates a realistic demographic structure and households that save for life-cycle and bequest reasons....

Investing in housing could be an attractive alternative to privately saving for a pension, definitely so for those who are not obliged to save for an occupational pension, the self-employed for instance. But access to the housing market requires a down payment. Macroprudential measures, such as...

We develop an agent-based model of the UK housing market to study the impact of macroprudential policy experiments on key housing market indicators. The heterogeneous nature of this model enables us to assess the effects of such experiments on the housing, rental and mortgage markets not only in...

I analyze the effect of a down payment requirement for the purchase of a home, implemented as a macroeconomic prudential measure by the Financial Supervisory Authority of Sweden in 2010, on the likelihood of homeownership of the young adult population in Sweden. By building a...