Essays On Housing Markets
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Essays On Housing Markets
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Author : Christian Landers Redfearn
language : en
Publisher:
Release Date : 2000
Essays On Housing Markets written by Christian Landers Redfearn and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
Essays On Housing Markets Microform
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Author : Ho-Cheung Ho
language : en
Publisher: National Library of Canada = Bibliothèque nationale du Canada
Release Date : 1996
Essays On Housing Markets Microform written by Ho-Cheung Ho and has been published by National Library of Canada = Bibliothèque nationale du Canada this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Housing categories.
Essays In Housing Markets
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Author : Nadezda Andreevna Kotova
language : en
Publisher:
Release Date : 2021
Essays In Housing Markets written by Nadezda Andreevna Kotova and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
This dissertation studies inefficiencies and riskiness in the US housing market. In Chapter I, coauthored with Anthony Lee Zhang, we study liquidity in residential real estate markets and show that market illiquidity is a key determinant of individual house price risk. In Chapter II, coauthored with Zi Yang Kang, we study how the quality of houses traded in a market evolves in the presence of predictable cyclical changes in market conditions. Chapter III studies how industrial concentration creates risk concentration through amplified pass-through of industry-specific productivity shocks into local house prices, wages, and employment.
Three Essays On Housing Markets And Housing Policies
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Author : Zhejin Zhao
language : en
Publisher:
Release Date : 2018
Three Essays On Housing Markets And Housing Policies written by Zhejin Zhao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
This thesis contains three empirical essays on housing markets and housing policies. In the first essay, we investigate the effects of rent control on rents using historical panel data in Lyon over a 78-year period. We use multiple regressions with fixed effects as the main form of analysis. Our results show that the causal effect of rent control on rents in Lyon is significantly negative. In the second essay, I study how age influences housing demand based on household level data from China. The two-stage hedonic house price model used in this essay allows me to estimate the pure age effect on housing demand, after housing quality and other household's characteristics are controlled for. The results demonstrate that the willingness-to-pay for a constant-quality house will decrease slightly or keep constant when a representative household head becomes old, if the household head's educational attainment is controlled for. In contrast, it will drop rapidly if the household head's educational attainment is not controlled for. Therefore, this essay concludes that the total housing demand will not decrease with population aging, because the current middle- aged generation get educated more than the current old generation. Finally, in the third essay, in the framework of Rosen-Roback model, I analyze how housing costs affect the ratio of high-skilled to low-skilled workers, explicitly the skill intensity ratio (SIR), across cities in China. To avoid endogeneity issues, I use both share of unavailable land and historical housing prices as instruments of current housing prices. The results show that average housing prices have significant positive effects on the SIR in 2010 when workers' mobility is relaxed, but insignificant effects on the SIR in 2000 when workers' mobility was tightly regulated.
Housing Markets And Policy
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Author : Peter Malpass
language : en
Publisher: Routledge
Release Date : 2009-09-10
Housing Markets And Policy written by Peter Malpass and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-09-10 with Architecture categories.
This book of specially commissioned essays by distinguished housing scholars addresses the big issues in contemporary debates about housing and housing policy in the UK. Setting out a distinctive and coherent analysis, it steers a course between those accounts that rely on economic theory and analysis and those that emphasize policy. It is informed by the idea that the 1970s was a pivotal decade in the second half of the twentieth century, and that since that time there has been a profound transformation in the housing system and housing policy in the UK. The contributors describe, analyze and explain aspects of that transformation, as a basis for understanding the present and thinking about the future. The analysis of housing is set within an understanding of the wider changes affecting the economy and the welfare state since the crises of the mid 1970s.
Three Essays On Housing Markets
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Author : Christian Langholz Carstensen
language : en
Publisher:
Release Date : 2020
Three Essays On Housing Markets written by Christian Langholz Carstensen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
This thesis consists of three independent chapters which all revolve around the investment decisions of households on the housing market. Although the chapters vary in method and subject, they all emphasize the distributional consequences of a policy or business cycle uctuation.
Essays On Housing Markets
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Author : Takeshi Yamazaki
language : en
Publisher:
Release Date : 2000
Essays On Housing Markets written by Takeshi Yamazaki and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
Essays On Housing Markets Housing Market Policies And Taxation
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Author : Shahar Rotberg
language : en
Publisher:
Release Date : 2019
Essays On Housing Markets Housing Market Policies And Taxation written by Shahar Rotberg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This thesis collects three papers studying topics related to housing markets, taxation, and macroeconomics. In Chapter 1, I study how capital and housing should be taxed. I formulate a housing model where credit is limited and the ability to invest capital varies across households. I calibrate the model to U.S. data and use it to determine the effect of housing and capital income taxation on the housing market and societal welfare. My main finding is that housing should be taxed at a positive rate and capital income should be subsidized. On the one hand, the housing tax raises housing costs for both renters and home-owners. On the other hand, the capital income subsidy encourages the most productive households to increase their capital investments, and thus, wages paid to labor rise. Since wages rise more rapidly than housing costs, overall welfare rises. In Chapter 2, I examine the misallocation of residential land in Israel and its implications for income taxation and societal welfare. I develop a methodology to calibrate a housing model to a transition path of over 50 years of Israeli data on land sales and show that Israel's government substantially oversold land and could have reduced its income tax rate by 1.8 percentage points. Restricting land sales is optimal because initial retired households own little land, initial housing demand is low and grows faster than interest rates, and because of the need to preserve land for large future generations. In Chapter 3, I explore the effect of wage income expectations on housing prices. I build a housing model, calibrate it to U.S. data, and show that wage income expectations alone can explain about 20% of the 2008 boom-bust in U.S. housing prices. The result is an outcome of households' perception that their expected life-time wage income is going up (down) during a sequence of good (bad) income shocks, which leads to a rapid increase (decrease) in housing demand and thus housing prices. This phenomenon is absent with rational expectations.
Ph D Serie
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Author : Claes Bäckman
language : en
Publisher:
Release Date : 2017
Ph D Serie written by Claes Bäckman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Essays In Housing Markets And Financial Fragility
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Author : Deeksha Gupta
language : en
Publisher:
Release Date : 2018
Essays In Housing Markets And Financial Fragility written by Deeksha Gupta and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
This dissertation is motivated by the housing crisis of 2008. It consists of three chapters. In the first chapter, "Too Much Skin-in-the-Game? The Effect of Mortgage Market Concentration on Credit and House Prices," I propose a new theory to help explain the housing crisis. During the housing boom, a small number of institutions--the government-sponsored enterprises (GSEs) and a few banks--held most of U.S. mortgage risk. I develop a theory in which such concentration of mortgage exposure can explain features of the housing crisis. I show that large lenders with many outstanding mortgages have incentives to extend risky credit to prop up house prices. An increase in concentration can lead to a boom with worsening credit quality and a subsequent bust with widespread defaults. In the second chapter, "Concentration and Lending in Mortgage Markets," joint with Ronel Elul and David Musto, we attempt to test the theory described in the first chapter. We provide evidence that concentration in mortgage markets can create perverse lending incentives. We exploit variation in the size of the GSEs' outstanding mortgage exposure across MSAs. Using a loan-level dataset, we provide evidence that the GSEs were more likely to engage in high-risk activities in areas where they had a large exposure to outstanding mortgages. We also provide evidence that this relationship is driven by an incentive to keep house prices high. In the final chapter, "Housing Booms and the Crowding-Out Effect," joint with Itay Goldstein, we study the effect that investment in real estate assets has on the economy. We develop a theory in which housing price booms can sometimes lead to a crowding-out of corporate investment. We show that an increase in real estate prices does not necessarily increase aggregate investment even when firms actively use real estate assets as collateral to borrow against and invest the proceeds in positive NPV projects. We argue that at times, it can be optimal to decrease the price of housing rather than to support high housing prices to stimulate the economy and characterize when this is the case.