Showing 1 - 10 of 1,153
This thesis analyzes the dynamic of fiscal capitalization across space and over time in the Canton of Zurich. While the literature provides a profusion of evidence on capitalization, there is still a controversy on the extent to which local fiscal variables capitalize into house values and on...
Persistent link: https://www.econbiz.de/10009685794
We estimate changes in the value and price of residential land for 379 German counties ("Landkreise") from 2014 to 2017 using a total of 42,685 observations. We use the two-step residual method that decomposes the value of a home into the value of the structure and land value. Despite the short...
Persistent link: https://www.econbiz.de/10012201905
We estimate spatial German land price effects using the county-level residential land prices from 2014 to 2018. We show that county-level spatial agglomeration effects play a large and significant role in explaining the cross-county variations in land prices. For example, a 1 % increase in the...
Persistent link: https://www.econbiz.de/10012533157
The relative popularity of adjustable-rate mortgages (ARMs) and fixed-rate mortgages (FRMs) varies considerably both across countries and over time. We ask how movements in current and expected future interest rates affect the share of ARMs in total mortgage issuance. Using a nine-country panel...
Persistent link: https://www.econbiz.de/10013007484
This paper quantitatively accounts for the cyclical dynamics of key macroeconomic housing and mortgage market variables using a tractable, search-theoretic model of housing with equilibrium mortgage default. To explain these dynamics, the model highlights the importance of liquidity spirals...
Persistent link: https://www.econbiz.de/10013028614
This paper models the macro drivers of Australian housing affordability using aggregate quarterly data over the period September 1985 to June 2010 and an autoregressive distributed lag (ARDL) approach. We employ two alternative measures of relative housing affordability: the Housing Industry...
Persistent link: https://www.econbiz.de/10013219955
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...
Persistent link: https://www.econbiz.de/10015397364
This paper quantitatively accounts for the cyclical dynamics of key macroeconomic housing and mortgage market variables using a tractable, searchtheoretic model of housing with equilibrium mortgage default. To explain these dynamics, the model highlights the importance of liquidity spirals that...
Persistent link: https://www.econbiz.de/10011798986
In a recent set of influential papers, researchers have argued that residential mortgage foreclosures reduce the sale prices of nearby properties. We revisit this issue using a more robust identification strategy combined with new data that contain information on the location of properties...
Persistent link: https://www.econbiz.de/10009614091
In a recent set of influential papers, researchers have argued that residential mortgage foreclosures reduce the sale prices of nearby properties. We revisit this issue using a more robust identification strategy combined with new data that contain information on the location of properties...
Persistent link: https://www.econbiz.de/10009581858