Cross-country differences in homeownership rates are large and persistent over time, with homeownership rates ranging from 44% in Switzerland to 83% in Spain. This paper investigates whether cultures-defined as behavioral attitudes passed across generations-may value homeownership differently,...

This paper shows that a transaction tax makes trades in decentralized markets more information sensitive and enlarges the range of information costs for which the equilibrium exhibits private information acquisition and endogenous adverse selection. A transaction tax reduces the probability of...

Using around one million repeat sales observations of single-family homes across New Zealand, over the period 1992 to 2021, we provide evidence that idiosyncratic risk in real house price appreciation varies considerably across houses. We find that idiosyncratic risk is time varying, depends...