Wohnraum wird in weiten Teilen Deutschlands, in erster Linie in Städten und Ballungsräumen, immer teurer. Die günstigen Zinsen lassen den Immobilienerwerb zwar auf den ersten Blick erschwinglich erscheinen. Viele Haushalte mit geringen oder mittleren Einkommen konnten allerdings der...

Using the data on maintenance expenditures and self-assessed house value, I separate the measure of individual housing stock and house prices, and use these data for testing whether nondurable consumption and housing are characterized by intratemporal nonseparability in households’...

Housing transfer taxes are fiscally important in many countries despite evidence of substantial welfare losses found in several quasi-experimental studies. Research designs used in this prior literature are prone to attenuation bias due to spillovers from mobility or trading across control and...

In this article we study the market duration of new housing built by developers in Mexico between 2013 and 2015. In particular, this document discusses whether the physical characteristics of housing, state of location, date put on sale, time of construction, the initial price and the size of...

We use novel and unique data to study the effect of price changes in the market for luxury and middle class homes. We find that luxury home sales respond less to price changes than the middle-class home sales; in the market for luxury homes, past prices affect current prices; luxury home prices...

The paper analyses the effectiveness of fiscal tools at the zero lower bound (ZLB). A non-linear New Keynesian DSGE model with occasionally binding constraints on monetary policy and borrowing is applied. When the ZLB binds in a liquidity trap, government spending becomes more effective in...

Following the global financial crisis, many countries have introduced or tightened macroprudential policies. Using an agentbased model (ABM), this paper seeks to measure the impact on house price cycles of two distinct borrower-based macroprudential instruments, namely loan-to-income and...

Increasing supply is frequently proposed as a solution to rising housing costs. However, there is little evidence on how new market-rate construction-which is typically expensive-affects the market for lower quality housing in the short run. I begin by using address history data to identify...

This paper reviews recent research on mortgage default, focusing on the relationship of this research to the recent foreclosure crisis. Research on defaults was advanced both theoretically and empirically by the time the crisis began, but economists have moved the frontier further by improving...

Households systematically overvalue or undervalue their houses. We compute house value misperception as the difference between self-reported and market house values. Misperception is sizable, countercyclical, and persistent. We find that a 1 percent increase in house overvaluation results, on...