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This paper studies the impact of a new class of investors on the dynamics of U.S. housing affordability after the Financial Crisis. Using a novel instrumental variable and processing 85 million housing transactions, we find that investors' purchases increase the price-to-income ratio, especially...
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I show that both before and after the Great Recession, housing dynamics strongly correlate with current account dynamics, both across and within countries. In a benchmark DSGE model of housing markets, housing price-to-rent ratios are counterfactual if the transmission channel from housing to...
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We study housing dynamics in China using vector autoregressions identified with theory-consistent sign restrictions. We study seven potential drivers: 1) Population increases; 2) a relaxation of credit standards, for example, due to the shadow banking system; 3) increasing preferences towards...
Persistent link: https://www.econbiz.de/10012973607
We study the effects of news about sea level rise on housing markets. We exploit a natural experiment in Spain. In 2014 Greenpeace published an alarming report predicting catastrophic consequences for La Manga, a tourist peninsula. The report was widely cited in the local news. We find that the...
Persistent link: https://www.econbiz.de/10013306582
We study how investors in housing markets have changed after the 2009 financial crisis and the consequences for the markets and the economy. We document several new facts: (a) Institutional investors have replaced individual investors. (b) Most new investors are buy-and-hold investors as they...
Persistent link: https://www.econbiz.de/10013307253