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  1. Das House Kapital
    Autor*in: Grossmann, Volker; Larin, Benjamin; Steger, Thomas M.
    Erschienen: 2021
    Verlag:  University of Fribourg, Switzerland, Faculty of Economics and Social Sciences, Fribourg

    The housing wealth-to-income ratio has been increasing in most developed economies since the 1950s. We provide a novel theory to explain this long-term pattern. We show analytically that house prices grow in the steady state if i) the housing sector... mehr

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    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 263
    Fernleihe:
    keine Fernleihe

     

    The housing wealth-to-income ratio has been increasing in most developed economies since the 1950s. We provide a novel theory to explain this long-term pattern. We show analytically that house prices grow in the steady state if i) the housing sector is more land-intensive than the non-housing sector, or ii) technological progress in the construction sector is weaker than in the non-housing sector. Despite growing house prices and housing wealth, the housing wealth-to income ratio is constant in steady state. We hence study the dynamics in the housing wealth-to- income ratio by computing transitions. The model is calibrated separately to the US, UK, France, and Germany. On average, we replicate 89 percent of the observed increase in the housing wealth-to-income ratio. The key for replicating the data is the differentiation between residential land as a non-reproducible factor and residential structure as reproducible factor. The transition process from the calibrated model points to two driving forces of an increasing housing wealth-to-income ratio: i) A long- lasting construction boom that brought about a pronounced build-up in the stock of structures and ii) an increase in the demand for residential land that resulted in surging residential land prices.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working papers SES / Université de Fribourg, Faculté des sciences economiques et sociales ; n. 523 (3.2021)
    Schlagworte: Housing Wealth; Economic Growth; Wealth-to-Income Ratio; House Price; Land Price
    Umfang: 1 Online-Ressource (circa 69 Seiten), Illustrationen
  2. House price and economic activity in India
    a Wavelet analysis
    Autor*in: Pal, Swarup Kumar; Saha, Anjana; Ray, Partha
    Erschienen: [2021]
    Verlag:  Indian Institute of Management Calcutta, Calcutta

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working paper series / Indian Institute of Management Calcutta ; no. 864
    Schlagworte: Immobilienpreis; Bruttoinlandsprodukt; Fourier-Analyse; Indien; House Price; India; GDP; Wavelet
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  3. Leaving households behind
    institutional investors and the U.S. housing recovery
    Autor*in: Lambie-Hanson, Lauren; Li, Wenli; Slonkosky, Michael
    Erschienen: January 2019
    Verlag:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

    Ten years after the mortgage crisis, the U.S. housing market has rebounded significantly with house prices now near the peak achieved during the boom. Homeownership rates, on the other hand, have continued to decline. We reconcile the two phenomena... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 438
    Fernleihe:
    keine Fernleihe

     

    Ten years after the mortgage crisis, the U.S. housing market has rebounded significantly with house prices now near the peak achieved during the boom. Homeownership rates, on the other hand, have continued to decline. We reconcile the two phenomena by documenting the rising presence of institutional investors in this market. Our analysis makes use of housing transaction data. By exploiting heterogeneity in zip codes' exposure to the First Look program instituted by Fannie Mae and Freddie Mac that affected investors' access to foreclosed properties, we establish the causal relationship between the increasing presence of institutions in the housing market and the subsequent recovery in house prices and decline in homeownership rates between 2007 and 2014. We further demonstrate that institutional investors contributed to the improvement in the local labor market by reducing overall unemployment rate and by increasing total employment, construction employment in particular. Local housing rents also rose

     
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    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working paper / Research Department, Federal Reserve Bank of Philadelphia ; 19, 01 (January 2019)
    FRB of Philadelphia Working Paper ; No. 19-1
    Schlagworte: Institutional investor; House Price; Homeownership; Foreclosure; Mortgage Crisis
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen