Effects Of Fiscal Policies On House Prices
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Effects Of Fiscal Policies On House Prices
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Author : David Stadelmann
language : en
Publisher: Nomos Verlagsgesellschaft
Release Date : 2010
Effects Of Fiscal Policies On House Prices written by David Stadelmann and has been published by Nomos Verlagsgesellschaft this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Fiscal policy categories.
Why is housing more expensive in some places than in others? What communal characteristics influence house prices? Do property price differentials between communities exist due to differences in local taxes and public services and, if so, do they persist over time? Do property prices reflect differences in communal debts and what are the consequences? These questions are analyzed and answered in this dissertation. They form part of the grand quest - in urban economics, local public finance, and economic geography - to understand the location decisions of people and the consequences of their choices. The subprime mortgage crisis in the US and the resulting financial turmoil have shown that information concerning the determinants of property values is of major importance for property owners, policy makers, mortgage banks, and other financial institutions. By analyzing the influence of fiscal policies and diverse communal factors on housing prices, this book contributes to enhancing the understanding of those communal characteristics that determine property values. Dissertation.
The Effects Of Housing Prices And Monetary Policy In A Currency Union
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Author : Oriol Aspachs-Bracons
language : en
Publisher: International Monetary Fund
Release Date : 2011-01-01
The Effects Of Housing Prices And Monetary Policy In A Currency Union written by Oriol Aspachs-Bracons and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-01 with Business & Economics categories.
The recent boom-and-bust cycle in housing prices has refreshed the debate on the drivers of housing cycles as well as the appropriate policy response. We analyze the case of Spain, where housing prices have soared since it joined the EMU. We present evidence based on a VAR model, and we calibrate a New Keynesian model of a currency area with durable goods to explain it. We find that labor market rigidities provide stronger amplification effects to all type of shocks than financial frictions do. Finally, we show that when the central bank reacts to house prices, the non-durable sector suffers an important contraction. As a result, the boom-and-bust cycle would not have been avoided if Spain had remained outside the EMU during the 1996-2007 period.
Can Property Taxes Reduce House Price Volatility Evidence From U S Regions
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Author : Mr.Tigran Poghosyan
language : en
Publisher: International Monetary Fund
Release Date : 2016-11-27
Can Property Taxes Reduce House Price Volatility Evidence From U S Regions written by Mr.Tigran Poghosyan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-27 with Business & Economics categories.
We use a novel dataset on effective property tax rates in U.S. states and metropolitan statistical areas (MSAs) over the 2005–2014 period to analyze the relationship between property tax rates and house price volatility. We find that property tax rates have a negative impact on house price volatility. The impact is causal, with increases in property tax rates leading to a reduction in house price volatility. The results are robust to different measures of house price volatility, estimation methodologies, and additional controls for housing demand and supply. The outcomes of the analysis have important policy implications and suggest that property taxation could be used as an important tool to dampen house price volatility.
Recognizing The Bias
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Author : Mrs.Nina Budina
language : en
Publisher: International Monetary Fund
Release Date : 2015-11-24
Recognizing The Bias written by Mrs.Nina Budina and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-11-24 with Business & Economics categories.
This paper argues that asset price cycles have significant effects on fiscal outcomes. In particular, there is evidence of debt bias—the tendency of debt to increase over the cycle— that is significantly larger for house price cycles than stand-alone business cycles. Automatic stabilizers and discretionary fiscal policy generally respond to output fluctuations, whereas revenue increases due to house price booms are largely treated as permanent. Thus, neglecting the direct and indirect impact of asset prices on fiscal accounts encourages procyclical fiscal policies.
Macroprudential Policies And House Prices In Europe
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Author : Mr.Marco Arena
language : en
Publisher: International Monetary Fund
Release Date : 2020-02-20
Macroprudential Policies And House Prices In Europe written by Mr.Marco Arena and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-20 with Business & Economics categories.
Macroprudential policy in Europe aligns with the objective of limiting systemic risk, namely the risk of widespread disruption to the provision of financial services that is caused by an impairment of all or parts of the financial system and that can cause serious negative consequences for the real economy.
It S Not All Fiscal
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Author : Laura Jaramillo
language : en
Publisher: International Monetary Fund
Release Date : 2015-05-26
It S Not All Fiscal written by Laura Jaramillo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-05-26 with Business & Economics categories.
We attempt to disentangle income and wealth effects on consumption by disaggregating both the different types of income and wealth. We estimate a consumption function for a panel of quarterly data for 14 advanced economies spanning 1998 to 2012, using an error correction specification. We find a significant long-term relation between consumption and the different components of income and wealth. While fiscal policy had direct effects on consumption, the analysis suggests that wealth effects were sizeable, and therefore need to be kept in mind when analyzing consumption trends going forward.
House Price Developments In Europe
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Author : Angana Banerji
language : en
Publisher: International Monetary Fund
Release Date : 2008-09-01
House Price Developments In Europe written by Angana Banerji and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-09-01 with Business & Economics categories.
House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the "fast lane", the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends in user costs, and housing markets in these countries seem relatively more susceptible to adverse developments in fundamentals. Real house price declines among the slow movers are harder to explain, although ample supply, low home ownership, and less complete mortgage markets are likely factors. The impact of macroeconomic, prudential and structural policies on housing markets can be large and should be a factor in policy decisions.
House Prices And The Macroeconomy
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Author : Charles Goodhart
language : en
Publisher: Oxford University Press
Release Date : 2007
House Prices And The Macroeconomy written by Charles Goodhart and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
House price bubbles, and their aftermath, have become a focus of macro-economic policy concern in most developed countries. This book elucidates the two-way relationship between house-price fluctuations and economic fundamentals. Housing has many features which make it distinct from other assets, like equity. Real estate is not only an asset but also a durable consumption good for households, providing shelter and other housing services. As a result, a house is often the largest and most important asset of households and therefore accounts for a major share of household wealth. Similarly a large share of bank assets is tied to housing values. House price fluctuations may, therefore, have a major effect on economic activity and the soundness of the financial system. Following an introductory chapter, the book is structured into three parts. The first demonstrates the importance of house prices as determinants or indicators of inflation and economic activity. The second focuses on the inter-relationships between bank credit extension and housing prices, and how bubbles can lead to financial crises. The third discusses resultant public policy issues, such as whether, and how, to include housing prices in a general inflation index, and how to restrain the housing/bank credit cycle.
Predicting Downside Risks To House Prices And Macro Financial Stability
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Author : Andrea Deghi
language : en
Publisher: International Monetary Fund
Release Date : 2020-01-17
Predicting Downside Risks To House Prices And Macro Financial Stability written by Andrea Deghi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-01-17 with Business & Economics categories.
This paper predicts downside risks to future real house price growth (house-prices-at-risk or HaR) in 32 advanced and emerging market economies. Through a macro-model and predictive quantile regressions, we show that current house price overvaluation, excessive credit growth, and tighter financial conditions jointly forecast higher house-prices-at-risk up to three years ahead. House-prices-at-risk help predict future growth at-risk and financial crises. We also investigate and propose policy solutions for preventing the identified risks. We find that overall, a tightening of macroprudential policy is the most effective at curbing downside risks to house prices, whereas a loosening of conventional monetary policy reduces downside risks only in advanced economies and only in the short-term.
Economic Issues In Retrospect And Prospect Ii
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Author : Alexandra Górecka
language : en
Publisher: IJOPEC PUBLICATION
Release Date :
Economic Issues In Retrospect And Prospect Ii written by Alexandra Górecka and has been published by IJOPEC PUBLICATION this book supported file pdf, txt, epub, kindle and other format this book has been release on with Business & Economics categories.