We study the effects of news about sea level rise on housing markets. We exploit a natural experiment in Spain. In 2014 Greenpeace published an alarming report predicting catastrophic consequences for La Manga, a tourist peninsula. The report was widely cited in the local news. We find that the...

This paper investigates the effect of a housing company's size on the outcome of energetic refurbishment. We argue that economies of scale, economies of scope and effects of learning have an impact on the production of energy-efficient housing services. To test our hypothesis, we use unique data...

We combine a standard stock-flow housing market model, incorporating explicit relationships between house prices, the housing stock, and the rent level, with a parsimonious expectation formation scheme of housing market investors, reflecting an evolving mix of extrapolative and regressive...

In light of the strong increase of house prices in Switzerland, we analyze the effects of mortgage rate shocks, changes in the interplay between housing demand and supply and GDP growth on house prices for the time period 1981- 2014. We employ Bayesian time-varying coefficients vector...

The slowdown in the US economy in 2008, and in the housing market in particular, has been accompanied by a sharp fall in house prices and a glut of homes for sale on the market. While the idea that this overhang of dwellings for sale should place downward pressure on house prices is intuitive,...

Housing policies in Japan after World War II were focused on the quantitative supply of houses with a wide range of targeted groups and public rental houses. The Japan Housing Corporation (now the Urban Renaissance Agency) and the Government Housing Loan Corporation (now the Japan Housing...

This paper examines whether the Mortensen-Pissarides matching model can account for the housing markets facts, most of all the empirical anomaly known as ‘price dispersion’. Our main finding is that the model can account for the three basic facts of housing market, without any restrictive...

This paper analyzes the housing markets and housing policies in Hong Kong, China and the People's Republic of China (PRC). Both markets face housing affordability problems due to limited land supply, for which the solutions vary considerably. Hong Kong, China has adopted a railway and property...

The most frequent mortgage loans in the US behave according to nominal interest rates with level loan payments (NRMs), like Fixed Rate Mortgages (FRMs) or Adjustable Rate Mortgages (ARMs). We use a model to show that the tilt effect, an increase of real payments in the early years of the...

We use a model and show how inflation and mortgage loans based on nominal interest rates (NRMs), like FRMs, ARMs or IOs, are a source of instability for housing markets. NRMs allocate risk inappropriately and cause economic tensions due to the tilt effect (Lessard and Modigliani, 1975), the...