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Adjustment in Local Labour and Housing Markets
Grimes, Arthur; Maré, David C.; Morten, Melanie - 2015
This paper analyses local labour and hosuing market adjustment in New Zealand from 1989 to 2006. We use a VAR approach to examine the adjustment of employment, employment rate, participation rate, wages, and house prices in response to employment shocks. Migration is a major adjustment response...
Persistent link: https://www.econbiz.de/10014224901
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U.S. metropolitan house price dynamics
Oikarinen, Elias; Bourassa, Steven C.; Hoesli, Martin; … - 2017
Using data for 70 U.S. metropolitan areas, this study explores spatial heterogeneity in house price dynamics. We use recent advances in panel econometrics that allow for spatial heterogeneity, cross-sectional dependence, and non-stationary but cointegrated data. We test for spatial differences...
Persistent link: https://www.econbiz.de/10011875693
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Speculative fever : investor contagion in the housing bubble
Bayer, Patrick J.; Mangum, Kyle; Roberts, James W. - 2016
, abound. While the role of investor contagion in asset bubbles has been explored extensively in the theoretical literature …
Persistent link: https://www.econbiz.de/10011524199
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Can learning explain boom-bust cycles in asset prices? : an application to the US housing boom
Caines, Colin - 2016
Explaining asset price booms poses a difficult question for researchers in macroeconomics: how can large and persistent price growth be explained in the absence large and persistent variation in fundamentals? This paper argues that boom-bust behavior in asset prices can be explained by a model...
Persistent link: https://www.econbiz.de/10011563199
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Anticipating critical transitions of Chinese housing markets
Zhang, Qunzi; Sornette, Didier; Zhang, Hao - 2017
We introduce a novel quantitative methodology to detect real estate bubbles and forecast their critical end time, which … calibration with respect to bootstrapped residuals. We make three main contributions to the literature of real estate bubbles … critical times of historical housing price bubbles in the U.S., Hong Kong, U.K. and Canada. Second, the LPPLS detection methods …
Persistent link: https://www.econbiz.de/10011761282
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Droht eine Immobilienpreisblase in Deutschland?
Meulen, Philipp an de; Micheli, Martin - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 93 (2013) 8, pp. 539-544
real estate bubbles sometimes form in certain sub-segments of the real estate market only, the authors also conduct a …
Persistent link: https://www.econbiz.de/10010226623
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House Prices and Rents in the 21st Century
Loewenstein, Lara; Willen, Paul - 2023
We study the joint evolution of prices and rents of residential property. After constructing rent and price indices for renter- and owner-occupied properties, we decompose the change in the price of occupant-owned property into (1) changes in rent, (2) changes in the relative prices of investor-...
Persistent link: https://www.econbiz.de/10014350814
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Mortgage Innovation and House Price Booms
Bäckman, Claes - 2020
We study the genesis of the 2000s housing boom in Denmark, a country with a similar mortgage finance system to the U.S., but where subprime mortgages were absent, regulatory loan-to-value ratios were unchanged, and there was no reallocation of credit towards low income borrowers. Our results...
Persistent link: https://www.econbiz.de/10012855847
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Non-Recourse Mortgage Law and Housing Speculation
Nam, Tong-yob - 2020
Borrowers in states with non-recourse mortgage law face limited liability on their mortgage loans. We show that non-recourse law causes larger swings in housing prices by encouraging speculative investments when housing markets are in a boom cycle. We find that mortgage lending pricing does not...
Persistent link: https://www.econbiz.de/10012856960
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Explosive Behaviour in Australian Housing Markets : Rational Bubbles or Not?
Ji, Philip - 2015
's largest cities. One interpretation of our results is that stochastic, rational bubbles were a feature of Australia's major … in Australia's housing markets, there is little evidence that what might be identified as house price bubbles had any …
Persistent link: https://www.econbiz.de/10013010185