Model simulations are run to obtain a range of realistic estimates of the long-run revenue impact of a capital gains tax rate cut to a maximum of 15 percent. The basic vehicle for the simulations is a slightly modified version of the Galper-Lucke-Toder (GLT) general equilibrium model. The key...

Equilibrium analysis is a valuable tool in real estate investment research. In this survey, I show how equilibrium models have been used to estimate the required risk premium for different classes of real estate, to explain real house prices, and to determine investment rental market adjustment...

Using data on 403 property transactions in Stockholm in the early 1990s, we illustrate how a microdata base can be used to compute 'constant-quality' cap rate series. We show a wide disparity between apartment and commercial series so calculated and series computed as simple averages of...

In this paper, we scrutinise Oswald's evidence that home-ownership and unemployment are correlated across the US states. In order to abstract from state fixed-effects in levels, we analyse the cross-sectional variation in changes in home-ownership and unemployment rates between 1970 and 1990....

Periodic sharp sustained increases and then reversals in asset prices lead many to posit irrational price 'bubbles'. The general case for bubbles is that asset prices simply move too much given the future cash flows the assets are reasonably likely to produce. A corollary for property is that...

ERES:conference