We use novel and unique data to study the effect of price changes in the market for luxury and middle class homes. We find that luxury home sales respond less to price changes than the middle-class home sales; in the market for luxury homes, past prices affect current prices; luxury home prices...

This paper aims at investigating how a prospective buyer’s optimal home-size purchase can be determined by means of a stochastic-dominance (SD) analysis of historical data of Hong Kong. By means of SD analysis, the paper employs monthly property yields in Hong Kong over a 15-year period to...

This paper examines the usefulness of the Zillow Observed Rent Index (ZORI) in predicting CPI rent inflation. Using data from February 2015 to October 2023, we demonstrate that while ZORI provides valuable insights into future movements in CPI rent inflation, its effectiveness is limited to...

COVID-19 was first reported in Wuhan in late December 2019, and then spread throughout China, which has had great influence on many aspects of the economy. This paper uses the two-way fixed effects model to investigate the non-linear relationship between the death toll of COVID-19 and the...

We provide evidence that local preferences for neighborhood characteristics play an important role in shaping the political economy of residential land-use regulations and their distributional consequences. We leverage a land-use regulation reform in Houston, TX that reduced the minimum lot...

Between 2020 and 2023, Turkey experienced a significant rise in housing prices, with inflation-adjusted rents more than doubled in some regions, marking it a standout case of global house price inflation. This study exploits the regional and temporal variation in rental prices as a natural...

This study analyzes how the declaration of a state of emergency stemming from COVID-19 affected long-term consumer behavior, i.e., real estate purchasing activity. For our analysis, we define the earliest event that a state of emergency was declared as a treatment and monthly macro data on the...

This study analyzes how the declaration of a state of emergency stemming from COVID-19 affected long-term consumer behavior, i.e., real estate purchasing activity. For our analysis, we define the earliest event that a state of emergency was declared as a treatment and monthly macro data on the...

Using a unique survey data of Chinese households, we study the impact of house price growth and house price risk on entrepreneurship. House price risk, measured as the sensitivity of house price growth to local GDP growth, negatively impacts the entrepreneurship of homeowners relative to...

This paper examines the effects of a mortgage interest rate subsidy on boom and bust in the housing market by exploiting the Housing Mortgage (HM) program implemented in Mongolia. Main results are (i) the recent housing boom occurred from 2012Q2 to 2014Q1, while the housing bust lasted four...