We empirically document deviations of residential real estate prices from fundamental values at the micro level and investigate their relationship with local bank lending growth during a period of unconventional monetary policy. Our findings indicate a positive relationship between credit growth...

1. From Lehman Brothers to Evergrande: Is Another Housing Crisis on its Way? -- 2. The Psychology of Homeownership: Does Owning a House Really Matter? -- 3. Housing Market Dynamics: Understanding the Recent Global Trends and Threats -- 4. Lessons (not) Learned Fom Past Housing Bubbles & Crises...

This paper investigates heterogeneity in residential property yields using rental and sale listings from the largest German internet real estate platform. Equipped with property-level rent-to-price ratios obtained via matching properties for sale and for rent, we show that they strongly co-move...

We study the transmission of monetary shocks across euro-area countries using a dynamic factor model and high-frequency identification. We develop a methodology to assess the degree of heterogeneity, which we find to be low in financial variables and output, but significant in consumption,...

Housing markets are affected by a large variety of factors. Among them, governmental regulations play an important role. Besides desired effects, all these policies exert a number of side effects, some of which can even offset the desired effects. In addition, different policies can cancel out...

The study examines housing affordability in Germany from 2017 to 2023 in light of rising real estate prices and challenges in the housing market. It uses the Housing Affordability Index to identify trends and patterns and propose policy measures to tackle the problems. The results show regional...

Housing and mortgage choices are among the largest financial decisions households make and they substantially impact households' liquidity. This paper explores how monetary policy affects aggregate demand by influencing these portfolio choices. To quantify this channel, I build a...