This paper studies the pricing of the risk associated with the location of the assets. The local real estate market risk is measured by ‘local beta’, which combines the systematic risk of local property markets and the property allocation strategy of real estate firms. The empirical results...

In this paper, we study the house price effects of local school choice opportunities among public primary schools using a rare and large-scale reform that abolished binding catchment areas in North RhineWestphalia, the largest German state with 18 million inhabitants. To estimate the reform's...

Using a quantitative spatial model as a data-generating process, we explore how spatial frictions affect the measurement of quality of life. We find that under a canonical parameterization, mobility frictions - generated by idiosyncratic tastes and local ties - dominate trade frictions -...

Real estate agents typically receive commissions based on a fixed percentage of home price purchases. Because housing prices vary across markets, one might expect that realtors have higher earnings in high-priced markets. Prior work by Hsieh and Moretti (2003) suggests that entry among realtors...

Highway construction occurs nowadays mainly through widening of ex- isting roads rather than building new roads. This paper documents that highway widenings considerably reduce congestion in the short run, defined here as 6 years. Using longitudinal microdata from highway detector loops in the...

Housing is a basic need and is intricately connected to a household's health and wellness. The current pandemic has exposed the housing vulnerability for certain subgroups of the population and further jeopardized these household's health and stability. Using the Household Pulse Survey launched...

This paper studies the impact of expected transport accessibility improvement on house prices. We identify the effect exploiting a quasi-natural experiment created by the approval and construction of the Ryfast tunnel system in Rogaland, Norway, which shortened the travelling time to the...

How does a new highway in Germany impact residential real estate prices - both owner-occupied and rental properties? Construction of the A38 highway was completed in 2009 and expanded by additional interchanges at several points in time, through 2013. The highway connects the east and west of...

Finanzkrisen der jüngsten Zeit zeichnen sich durch einen starken Gleichlauf der Entwicklung der Kreditvergabe am privaten Immobilienmarkt mit der Entwicklung der Immobilienpreise aus. Der Aufsatz untersucht den Zusammenhang zwischen Immobilienpreisen, Verschuldung, Finanzkrisen und den...

Seit Mitte des 20. Jahrhunderts nimmt die makroökonomische Bedeutung von Immobilienvermögen in vielen Ländern zu. Ins Blickfeld rückt damit auch die Verteilung des Immobilienvermögens und ihr Einfluss auf die Vermögens- und Einkommensungleichheit. In unserem Beitrag beleuchten wir...