The impact of energy price fluctuation on the macro economy is a hot issue that is continuously concerned by the academic community, but few literature have paid attention to the impact of energy price fluctuation on housing price and the financial risks that may arise. Based on the data of...

Wind turbines offer significant environmental benefits but also create negative local externalities, such as noise and visual pollution, which can lead to local tensions and community resistance against the energy transition. This paper examines negative and positive externalities associated...

Using French micro-data, we show that rapid structural transformation in densely populated cities is driven by the expansion of large tradable services firms and the departure of large manufacturing firms. This reallocation is accompanied by sharply rising house prices but without a compensating...

This paper examines the relationship between location, liquidity, and prices in housing markets. We construct spatial datasets for German and U.S. cities and show that liquidity and prices decline with distance to the city center. To rationalize these results, we build a structural model with...

This paper quantifies the role of housing wealth in the transmission of monetary policy to consumption in 20 advanced economies. Using Bayesian VAR models we identify structural shocks with a novel combination of sign and maximum forecast error variance restrictions, isolating the housing wealth...

This paper establishes a novel city size premium which may be termed the capitalization premium. Real estate investors derive benefits from investing in larger cities, most notably lower housing risk and/or higher expected rent growth. Standard asset valuation implies that, given the level of...

We show that high-income buyers earn higher capital gains on housing using detailed transaction data from Denmark. Geographic location statistically accounts for nearly all the difference, with little role for aggregate market timing, property type, or other buyer characteristics. This finding...

• The rise in total upfront cash requirement has become the main obstacle to homeownership in Germany. Between 2015 and 2024, the average household needed a median of 9.37 years to save the necessary funds for a home purchase. • A substantial share of this burden comes not from the price...

This paper examines the evolution of the Portuguese residential real estate market during the first twenty-five years of the 21st century, focusing on the short-run determinants of housing transaction values. Using quarterly data from 2000 to 2025, the study applies an econometric time-series...

This paper critically evaluates the Urban Institute's Land Use Reforms and Housing Costs (2024) study, which aims to link zoning reforms to housing supply using machine-learning analysis of newspaper articles. The study identifies 180 "major" land-use reforms across eight U.S. metropolitan areas...

Macroprudential policies are a key policy tool for financial regulators, but concerns persist that these policies restrict access to homeownership. I examine this concern using crosscountry data on homeownership for 28 countries. I find little evidence that macroprudential policies reduce...