This paper studies the linkage between owner-occupied housing and portfolio choice. Using a theoretical simulation model with Finnish asset return data we find that a leveraged position in housing has a clear negative effect on the share of stocks in a mean-variance efficient portfolio. The...

This paper models individual demand for housing over the life-cycle, and shows the implications of this behaviour for aggregate demand. Individuals delay purchasing their first home when incomes are low or uncertain. This delay is exacerbated by downpayment constraints. Higher house prices lead...

We study the dynamic consumption-portfolio problem over the life cycle, with respect to tax-deferred investing for investors who acquire housing services by either renting or owning a home. The joint existence of these two investment vehicles creates potential for tax arbitrage. Specifically,...

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...

We develop a speculation-based theory of home improvements. Housing services are produced from a mix of land and structures. Homeowners optimistic about future prices for these services speculate by making improvements, which we model as them increasing their structures holding fixed their land....

The aim of this publication is the analysis of the main theoretical and empirical models for pricing of financial and non financial assets including models for bubbles determining indices and methods which allow identifying a bubble on financial and non financial assets markets well as...

Abstract:This paper uses data from the Legalized Population Survey to study the determinants of U.S. immigrant´s home ownership. The main interest of the paper is on the relationship between house ownership in the U.S. and house ownership abroad. The results show that house ownership of U.S....

The paper provides a model of household consumption and portfolio allocation which incorporates housing as both a consumption good and a component of wealth. Household utility depends, possibly nonseparably, on two goods: nondurable consumption, which is costlessly adjustable, and housing, which...

Die Bevölkerung in Deutschland wird in den nächsten Jahrzehnten deutlich kleiner. Landkreise und Städte im Ruhrgebiet und im Osten Deutschlands schrumpfen schon jetzt, während Metropolen wie München und Hamburg noch kräftig zulegen. Immobilieninvestoren konzentrieren sich daher vornehmlich...

Die Besteuerung von selbstgenutztem und vermietetem Wohneigentum folgt in Deutschland sehr unterschiedlichen Regeln. Während selbstgenutzte Immobilien wie ein Konsumgut behandelt werden, gelten vermietete Immobilien als Investitionsgut. Bedingt durch diese Ungleichbehandlung variiert die...