We challenge the assumption in the literature of constant housing supply elasticities across housing expansions. Using a time-varying parameter (TVP)-VAR model on monthly US data since the early 1990s, we find that the response of housing supply to an expansionary monetary policy shock relative...

This paper analyzes gender differences in the disposition effect in an experiment based on Weber and Camerer (1998). The results emphasize that female investors realize less capital losses, have significantly higher disposition effects and are more loss averse than men.

Housing prices diverge from construction prices after 1997 in four major countries. Besides, total-factor productivity (TFP) differences between construction and the general economy account for the evolution of construction prices in the US and Germany, but not in the UK and Spain.

We study a benchmark model with collateral constraints and heterogeneous discounting. Contrarily to a rich literature on borrowing limits, we allow for rental markets. By incorporating this missing market, we show that impatient agents choose to rent rather than to own the collateral in the...

Dynamic pricing strategies are likely an important consideration of Singapore condominium developers because of the durability of condominiums, price transparency, and the long sales period. While we do not observe any systematic relationship between the new sale prices and time of purchase, we...

The causality between the real estate and stock markets of China remains a mystery in the literature. This paper investigates the non-linear causal relationship between real estate property and stock returns in China from the perspective of conditional quantiles. The results of the quantile...

We analyze whether landlocked regions are systematically poorer, using panel data for 1,527 regions in 83 nations from 1950-2014 and exploiting within-country-time variation. Lacking ocean access decreases regional GDP/capita by ≈13%. Specifically, coastal distance matters but not the length...

We modify Paul Krugman’s (1991) ‘Core–Periphery’ model by replacing the traditional competitive sector with a monopolistically competitive one. We show that the structure of spatial equilibria remains the same as in the original model. This result continues to hold true under Cournot or...

Start-ups in different industry groups are classified according to their average complexity. We find that thick regional input markets are conducive to start-up activity in general and complex start-ups in particular, but that some inputs are more important than others.

We decompose the effect of distance on intercity retail price dispersion in US into transport and non-transport cost components. We find that distance contains more information than transport costs. Care should be taken in interpreting distance effect as transport costs only.