Essays On The Macroeconomics Of Housing Markets
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Essays On The Macroeconomics Of Housing Markets
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Author : Fabian Greimel
language : en
Publisher:
Release Date : 2020*
Essays On The Macroeconomics Of Housing Markets written by Fabian Greimel 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.
Essays On The Macroeconomics Of Housing Markets
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Author : Boaz Abramson
language : en
Publisher:
Release Date : 2022
Essays On The Macroeconomics Of Housing Markets written by Boaz Abramson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
This dissertation studies the macroeconomic implications of government policies and house- hold decisions for housing market outcomes. The first chapter, "The Welfare Effects of Eviction and Homelessness Policies", studies the effects of various rental market policies that address evictions and homelessness. I find that "Right-to-Counsel" drives up rents so much that homelessness increases, and welfare is dampened. While lawyers make it harder to evict delinquent tenants, they are unable to prevent evictions because defaults on rent are driven by persistent shocks to income that cannot easily be smoothed across time. In contrast, rental assistance lowers tenants default risk and as a result reduces both homelessness and evictions and increases welfare. the second chapter, "Self-Assessed Financial Literacy in Housing Markets", studies the role of financial knowledge in home- ownership decisions. I show that households who self-assess them- selves to be more financially literate are more likely to own a house and take a more levered position on their house. I find that this is because households with higher levels of self-assessed financial knowledge have access to more accommodating mortgage terms and better risk-return tradeoffs in the housing market.
Essays In Applied Macroeconomics
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Author : Andrea Giovanni Gazzani
language : en
Publisher:
Release Date : 2017
Essays In Applied Macroeconomics written by Andrea Giovanni Gazzani and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Finance categories.
This thesis studies the interaction between the real economy and assets like housing and bonds, and provide a new methodology to assess more accurately the spillovers from financial markets to the real economy. The first chapter analyses of the role of expectations of future fundamentals in the housing market and their macroeconomic implications. News represent the component of expectations that proves to be correct in the future. Noise constitutes the component of expectations that does not materialize in the future. I find that fundamentals in the housing market are aligned with the real economy and that news shocks are the dominant driver of the housing market in the long run. However, the bulk of fluctuations in housing prices at high-medium frequencies is generated by noise. Notably, the latest housing cycle of the 2000s is entirely driven by expectations unrelated with fundamentals. The second chapter, jointly written with Alejandro Vicondoa, develops a novel methodology, called Bridge Proxy-SVAR, to study the relationship between time series sampled at different frequencies. Instead of using a joint system, we rely on two systems at different frequencies and bridge them through an instrumental variable approach. We carry out identification at the highest available frequency and study the responses of the macroeconomic aggregates in a second stage. Our analytical, simulation and empirical results show that the Bridge Proxy-SVAR significantly mitigates temporal aggregation biases and it is particularly appealing to study the financial spillovers to the real economy. In fact, in the third chapter, jointly written with Alejandro Vicondoa, we provide novel evidence on the large macroeconomic spillovers from changes in the liquidity of bonds. In particular, we analyze Italian sovereigns and find that liquidity shocks, orthogonal to changes in default risk, generate strong recessionary effect. Liquidity and default risk affect the real economy through different channels. By analyzing survey data, we find that liquidity shocks, differently from spikes in yields, do no lead to an increase in the rate requested by banks for loans. On the other hand, banks make their deadlines tighter and reduce the amount available for loan because they report problems with the liquidity and asset position.
Three Essays On The Housing Market And The Macroeconomy
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Author : Stefanie J. Huber
language : en
Publisher:
Release Date : 2017
Three Essays On The Housing Market And The Macroeconomy written by Stefanie J. Huber 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.
This thesis sheds light on certain macroeconomic aspects of the housing market. Chapter 1 explores a novel channel for house price bubble formation: the demand for housing consumption. I argue that the lower the demand for housing consumption, the larger the maximum bubble size, and the larger economies' vulnerability to house price bubbles. In terms of policy implications, I show that a help-to-buy scheme makes the economy more bubble-prone, while rental subsidies are an effective tool to reduce the prevalence of house price bubbles. Using a laboratory experiment, Chapter 2 supports the theoretical and empirical findings of Chapter 1. Chapter 3 investigates whether the persistent cross-country differences in homeownership rates are driven by cultural tastes. Analyzing the homeownership attitudes of second-generation immigrants in the United States leads to robust evidence for this hypothesis.
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.
Housing Markets In Europe
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Author : Olivier de Bandt
language : en
Publisher: Springer Science & Business Media
Release Date : 2010-10-14
Housing Markets In Europe written by Olivier de Bandt and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-10-14 with Business & Economics categories.
During the recession in the years 2008-2009, the most severe for mature economies in the post-war period, housing markets were often mentioned as having a special responsibility. The objective of this book is to shed light on the cyclical behaviour of the housing markets, its fundamental determinants in terms of supply and demand characteristics, and its relationship with the overall business cycle. The co-movements of house prices across countries are also considered, as well as the channel of transmission of house price changes to the rest of the economy. Particular attention is paid to the effects on private consumption, through possible wealth effects. The book is a compilation of original papers produced by economists and researchers from the four main national central banks in the euro area, also with the participation of leading academics.
Essays On Housing Collateral And Macroeconomics
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Author : Taejun Lim
language : en
Publisher:
Release Date : 2015
Essays On Housing Collateral And Macroeconomics written by Taejun Lim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Entrepreneurship categories.
"This thesis examines the role of housing as collateral and occupational choices in aggregate economies. Chapter 1 studies the impact of house price fuctuations on small businesses. The unprecedented upheavals in the U.S. housing market since 2000 and corresponding oscillations in home equity values profoundly affected the net worth and borrowing capacities of individual households. I develop a quantitative model where changes in house prices influence households' borrowing capacities, which in turn influence the entry-exit and expansion-contraction decisions of small business owners. I show that the housing collateral effect can explain the empirically observed strong correlation between house prices and small business activities (as measured by the number of businesses and the number of employees in the small business sector). Next, I conduct an experiment to measure how much of the shrinkage in small business activities during the recent recession can be explained by the housing collateral effect. I argue that the decrease in the value of housing as collateral, following the housing market crash in 2007, can account for 53 percent of the decrease in the number of small businesses and 98 percent of the decrease in the level of small business employment. In Chapter 2, I present an occupational choice model which emphasizes the use of housing as collateral and apply the model to examine the magnitude of the effect of a housing boom on economic growth in countries at different stages of financial development. The model results are twofold. First, a housing boom mitigates capital misallocation which results from an incomplete financial system, by expanding a business owner's borrowing capacity through an increase in collateral value, and thus boosts economy. Second, the impact of a housing boom is greater in countries with less developed financial systems. I provide empirical evidence to support the model results. To get around an endogeneity issue regarding housing booms (whether hous- ing booms boost economy through increases in collateral value or some other third factor boosts economy and thereby increases house prices), I focus on an essential difference between financial institutions (banks) and financial markets (stock mar- kets): only the former requires the provision of collateral in credit transactions. I use two sets of indicators - one for financial institutions and the other for financial markets - to proxy the level of financial development. The analysis of 23 housing boom episodes in 55 countries from 1997 to 2012 reveals that economic growth and financial development are inversely related when the level of financial development is measured by financial institutions, but unrelated when the level of financial development is measured by financial markets. The collateral impact of a housing boom also turns out to be greater in countries whose economies rely more on small firms. Both these empirical findings are in favor of the model results."--Pages v-vi.
Essays On International Macroeconomic Aspects Of Saving Housing And Labor Supply
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Author : Byoung Hoon Seok
language : en
Publisher:
Release Date : 2013
Essays On International Macroeconomic Aspects Of Saving Housing And Labor Supply written by Byoung Hoon Seok and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Balance of trade categories.
"In this dissertation, I focus on macroeconomic aspects of international trade and finance, and the role of idiosyncratic risks in macroeconomics. In the first chapter, the emphasis is on the role of 'learning-by-exporting' (exporters productivity improvement accompanied by increased exports) in explaining current account surpluses of fast growing developing countries, and the last two focus on the impact of idiosyncratic risks on labor supply and housing markets. In Chapter 1, I focus on the world-wide current account imbalances. Particularly, I study how we can explain the simultaneous growth and current account surpluses of rapidly growing economies such as China and other East Asian countries which contribute to global imbalances. The standard economic theory predicts that rapid growth induces net capital inflows due to higher return to capital. This is exactly the opposite of what we observe in the data. This chapter attempts to explore if learning-by-exporting helps explain this puzzling pattern of growth and savings of fast growing developing countries. It also examines what policies exploit learning-by-exporting, the welfare consequences for the world, and if restricting the set of policies to non-trade related policies matter. In order to answer these questions, I build up a two country general equilibrium growth model in which a developing economy benefits from learning-by-exporting as it trades with a developed economy. As the benchmark, I consider a setup in which the policies are restricted to non-trade related ones by the World Trade Organization (WTO) and compare it to a model with 'No-WTO restrictions'. The optimal policies in the presence of WTO restrictions rationalize the observed current account surpluses of rapidly growing developing economies. However, if there were no WTO restrictions, the developing countries would manipulate their terms of trade rather than their current account, which improves the welfare of both developing and developed countries. This highlights the fact that terms of trade manipulation can be 'win-win' in the presence of learning-by-exporting. This chapter also considers a 'Coordinated Policy' problem to obtain the first-best outcomes for the world. In this setup, the developing country's terms of trade deteriorate even more and it runs a greater current account deficit relative to the 'No-WTO Restrictions' case. The second chapter explores the impact of idiosyncratic risks on labor supply by skill level. It documents recent trends in relative labor supply of skilled men to unskilled men in the U.S. and attempts to explain the trends using changing wage structure. For the past four decades in the U.S., relative labor supply of skilled men to unskilled men has increased in spite of the rising college premium. This fact is in sharp contrast with previous studies supporting dominant income effects in the trends in hours worked before the 1970s. This chapter attempts to explain these recent changing patterns of labor supply using the different evolution of the second moment of wages, namely, wage volatility. Using the PSID, it documents that wage volatility rose for overall skill groups with even greater increases for skilled men than for unskilled men in recent decades. As wages become more volatile, individuals not only accumulate more precautionary savings but also increase work hours. This chapter develops a general equilibrium incomplete markets model, where heterogeneous agents receive productivity shocks drawn from skill-specific distribution. With the rising college premium and increased wage volatility for both skill groups, the model can replicate the increase in skilled-unskilled hours differentials. In Chapter 3, I attempt to explain increases in three aggregate variables in the U.S. housing market over the last 30 years: (i) the increase in the relative price of residential investment; (ii) the simultaneous increase in the share of expenditure devoted to residential investment; and (iii) the increase in the ratio of mortgage loans to GDP. As potential reasons behind these changes, I consider relatively low total factor productivity (TFP) growth in the construction sector, an increase in earnings volatility, and a decline in housing transaction costs. A lower TFP growth in the construction sector drives up the relative price of residential investment. However, it lowers the production of residential structures even more. In order to be consistent with increases in the expenditure share on residential investment and in the mortgage loans to GDP ratio, considering demand-side factors in the housing market is essential. Adding increased earnings volatility and decreasing housing transaction costs to the model can reproduce the increases in the expenditure share on residential investment and in the mortgage loans to GDP ratio. As a decline in transaction costs makes housing assets more liquid, housing assets become more attractive to households with precautionary saving motives in response to higher earnings risks. This raises the demand for residential investment, increasing both mortgage loans and the expenditure share on residential investment. This model can explain almost all of the changes in the three housing market variables in the U.S. data"--Pages v-vii.
Essays On Dynamic Interactions Between Housing Markets And The Macroeconomy
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Author : Kun Duan
language : en
Publisher:
Release Date : 2019
Essays On Dynamic Interactions Between Housing Markets And The Macroeconomy written by Kun Duan 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.
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.