Housing taxation is an important policy instrument that shapes households' choices about homeownership and renting as well as the evolution of the housing market. We study the effects of housing taxation in a model with search and matching frictions in the property market and a competitive...

Online activity leaves digital traces of human behavior. In this paper we investigate if online interest can be used as a proxy of housing demand, a key yet so far mostly unobserved feature of housing markets. We analyze data from an Italian website of housing sales advertisements (ads). For...

Italian Abstract: Il lavoro analizza i più recenti andamenti nel mercato delle locazioni residenziali all'interno dei capoluoghi di provincia italiani, sulla base di una nuova banca dati di offerte di affitto. Lo studio ne valuta innanzitutto la coerenza con le attuali fonti statistiche...

We investigate the implications of a scarcity of safe assets in a framework in which the safety of an asset is an equilibrium outcome. The intrinsic characteristics and supply of the assets determine their liquidity properties and degree of safeness. The equilibrium can be inefficient even if...

Traditional data sources for the analysis of housing markets show several limitations, that recently started to be overcome using data coming from housing sales advertisements (ads) websites. In this paper, using a large dataset of ads in Italy, we provide the first comprehensive analysis of the...

Italian Abstract: In seguito alla maggiore autonomia conferita alle Regioni dalla riforma costituzionale del 2001 e ai nuovi indirizzi europei provenienti dall'Agenda di Lisbona, l'attività legislativa regionale in tema di innovazione si è intensificata, portando anche a una revisione critica...

We provide an analytical framework for assessing financial stability risks arising from the real estate sector in Italy. This framework consists of two blocks: three complementary early warning models (EWMs) and a broad set of indicators related to the real estate market, to credit and to...

In this paper, we extend and calibrate with Italian data the Agent-based model of the real estate sector described in Baptista et al., 2016. We design a novel calibration methodology that is built on a multivariate moment-based measure and a set of three search algorithms: a low discrepancy...