This paper projects house and equity prices following different types of macroeconomic shocks since the 1870s in 17 western economies. In doing so, we classify macroeconomic downturns into three distinct groups: normal recessions, financial recessions, and disasters. By combining three newly...

By using a nonlinear VAR model, we investigate whether the response of the US stock and housing markets to uncertainty shocks depends on financial conditions. Our model allows us to change the response of the US financial markets to volatility shocks in periods of normal and financial distress....

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...

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...

Despite the prevalence and high cost of real estate agents, there is limited empirical evidence as to the nature or efficacy of their services. In this paper we estimate real estate agents' value-added when either selling or buying homes using data from three large multiple listing services...

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...

The paper investigates the characteristics of house price dynamics and the role of institutional features in nine Asia-Pacific economies during 1993-2006. On average, house prices tend to be more volatile in markets with lower supply elasticity and a more flexible business environment. At the...

We examine foreclosure discounts and their subsequent impact on investor returns in Berlin's housing market from 1984 to 2022. Utilizing hedonic regression models and matching techniques on a data set of housing transactions, we determine that foreclosure discounts, ranging from 20% to 50%, are...

This paper replicates and augments a multiple indicator approach of Schneider (2013) and Lenarčič and Damjanović (2015) of the aggregate house price misalignment indicator with the intention of showing the under- and over-valuation in house prices in Slovenia with respect to economic...

Während direkte Immobilieninvestments lang Zeit als renditeträchtig bei gleichzeitig begrenztem Risiko galten, führte den Anlegern insbesondere die gegenwärtige Finanzmarktkrise vor Augen, dass auch Immobilienanlagen insbesondere in den USamerikanischen Häusermarkt mit hohen Risiken...