Download or read book Shortrun Response of Housing Markets to Demand Shifts written by C. Peter Rydell and published by RAND Corporation. This book was released on 1979 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents a theory of short-run market adjustments to exogenous demand shifts that is consistent with evidence from the Housing Assistance Supply Experiment (HASE). It is argued that (1) a 1.0 percent shift in rental demand leads to a rent change of only 0.26 percent, whereas capital value can change as much as 5.0 percent; and (2) landlords derive capital value in a tightening market primarily from decreased vacancy loss (because of monopolistic competition among themselves) rather than from increased nominal rent. Using HASE data, the theory predicts that a housing allowance program would cause short-run rent increases of 0.6 to 1.0 percent and capital value increases of 1.6 to 6.5 percent, depending on the size and duration of allowance-induced demand shifts.
Download or read book Hot Property written by Rob Nijskens and published by Springer. This book was released on 2019-06-14 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.
Download or read book The Housing Boom and Bust written by Thomas Sowell and published by Basic Books (AZ). This book was released on 2009-05-12 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.
Download or read book The Demand for Durable Goods written by Arnold C. Harberger and published by . This book was released on 1960 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: A publication of the Research Group in Public Finance.
Download or read book Housing and Mortgage Markets in Historical Perspective written by Eugene N. White and published by University of Chicago Press. This book was released on 2014-10-17 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: The central role of the housing market in the recent recession raised a series of questions about similar episodes throughout economic history. Were the underlying causes of housing and mortgage crises the same in earlier episodes? Has the onset and spread of crises changed over time? How have previous policy interventions either damaged or improved long-run market performance and stability? This volume begins to answer these questions, providing a much-needed context for understanding recent events by examining how historical housing and mortgage markets worked—and how they sometimes failed. Renowned economic historians Eugene N. White, Kenneth Snowden, and Price Fishback survey the foundational research on housing crises, comparing that of the 1930s to that of the early 2000s in order to authoritatively identify what contributed to each crisis. Later chapters explore notable historical experiences with mortgage securitization and the role that federal policy played in the surge in home ownership between 1940 and 1960. By providing a broad historical overview of housing and mortgage markets, the volume offers valuable new insights to inform future policy debates.
Download or read book Housing Demand in the Short Run written by John M. Quigley and published by . This book was released on 1973* with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Modelling Spatial Housing Markets written by Geoffrey Meen and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spatial fixity is one of the characteristics that distinguishes housing from most other goods and services in the economy. In general, housing cannot be moved from one part of the country to another in response to shortages or excesses in particular areas. The modelling of housing markets and the interlinkages between markets at different spatial levels - international, national, regional and urban - are the main themes of this book. A second major theme is disaggregation, not only in terms of space, but also between households. The book argues that aggregate time-series models of housing markets of the type widely used in Britain and also in other countries in the past have become less relevant in a world of increasing income dispersion. Typically, aggregate relationships will break down, except under special conditions. We can no longer assume that traditional location or tenure patterns, for example, will continue in the future. The book has four main components. First, it discusses trends in housing markets both internationally and within nations. Second, the book develops theoretical housing models at each spatial scale, starting with national models, moving down to the regional level and, then, to urban models. Third, the book provides empirical estimates of the models and, finally, the models are used for policy analysis. Analysis ranges over a wide variety of topics, including explanations for differing international house price trends, the causes of housing cycles, the role of credit markets, regional housing market interactions and the role of housing in urban/suburban population drift.
Download or read book Fundamental Drivers of House Prices in Advanced Economies written by Ms.Nan Geng and published by International Monetary Fund. This book was released on 2018-07-18 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: House prices in many advanced economies have risen substantially in recent decades. But experience indicates that housing prices can diverge from their long-run equilibrium or sustainable levels, potentially followed by adjustments that impact macroeconomic and financial stability. Therefore there is a need to monitor house prices and assess whether they are sustainable. This paper focuses on fundamentals expected to drive long run trends in house prices, including institutional and structural factors. The scale of potential valuation gaps is gauged on the basis of a cross-country panel analysis of house prices in 20 OECD countries.
Download or read book The Economics of Housing Markets written by Richard F. Muth and published by Psychology Press. This book was released on 2001 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: A state of the art overview of theoretical and empirical aspects of housing market research.
Download or read book A Short term Forecast of the Housing Market Jacksonville Florida written by Reinhold Paul Wolff and published by . This book was released on 1953 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Housing Economics written by George Fallis and published by Butterworth-Heinemann. This book was released on 2014-05-12 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Housing Economics provides information pertinent to the fundamental aspects of housing economics. This book discusses the economic theory of how households make housing choices, how suppliers make decisions, and how changes in exogenous variables alter the market outcome. Organized into 10 chapters, this book begins with an overview of the nature of housing economics and explains why the standard microeconomic models need to be modified. This text then examines the demand side of the housing market. Other chapters provide an economic analysis of the supply side of the housing market. This book discusses as well the housing market models as they arise in a more macroeconomic context. The final chapter deals with the effects of different housing programs on consumers, producers, and the market equilibrium. This book is a valuable resource for undergraduate students of economics. Planners, urban geographers, policy analysts, and civil servants will also find this book useful.
Download or read book Fundamental and Speculative Demands for Housing written by Weicheng Lian and published by International Monetary Fund. This book was released on 2019-03-19 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper separates the roles of demand for housing services and belief about future house prices in a house price cycle, by utilizing a feature of user-cost-of-housing that it is sensitive to demand for housing services only. Optimality conditions of producing housing services determine user-cost-of-housing and the elasticity of substitution between land and structures in producing housing services. I find that the impact of demand for housing services on house prices is amplified by a small elasticity of substitution, and demand explained four fifths of the U.S. house price boom in the 2000s.
Download or read book Principles of Microeconomics written by N. Gregory Mankiw and published by Elsevier. This book was released on 1998 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Determinants of Housing Demand written by Eric Alan Hanushek and published by . This book was released on 1982 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Shortrun Response of Housing Markets to Demand Shifts written by Rand Corporation and published by . This book was released on 1976 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Housing Economics written by Geoffrey Meen and published by Springer. This book was released on 2016-04-29 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world has still to emerge fully from the housing-triggered Global Financial Crisis, but housing crises are not new. The history of housing shows long-run social progress, littered with major disasters; nevertheless the progress is often forgotten, whilst the difficulties hit the headlines. Housing Economics provides a long-term economic perspective on macro and urban housing issues, from the Victorian era onwards. A historical perspective sheds light on modern problems and the constraints on what can be achieved; it concentrates on the key policy issues of housing supply, affordability, tenure, the distribution of migrant communities, mortgage markets and household mobility. Local case studies are interwoven with city-wide aggregate analysis. Three sets of issues are addressed: the underlying reasons for the initial establishment of residential neighbourhoods, the processes that generate growth, decline and patterns of integration/segregation, and the impact of historical development on current problems and the implications for policy.
Download or read book Housing and the Monetary Transmission Mechanism written by Frederic S. Mishkin and published by . This book was released on 2007 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: The housing market is of central concern to monetary policy makers. To achieve the dual goals of price stability and maximum sustainable employment, monetary policy makers must understand the role that housing plays in the monetary transmission mechanism if they are to set policy instruments appropriately. In this paper, I examine what we know about the role of housing in the monetary transmission mechanism and then explore the implications of this knowledge for the conduct of monetary policy. I begin with a theoretical and empirical review of the main housing-related channels of the transmission mechanism. These channels include the ways interest rates directly influence the user cost of housing capital, expectations of future house-price movements, and housing supply; and indirectly influence the real economy through standard wealth effects from house prices, balance sheet, credit-channel effects on consumer spending, and balance sheet, credit-channel effects on housing demand. I then consider the interaction of financial stability with the monetary transmission mechanism, and discuss the ways in which the housing sector might be a source of financial instability, and whether such instability could affect the ability of a central bank to stabilize the overall macroeconomy. I conclude with a discussion of two key policy issues. First, how can monetary policy makers deal with the uncertainty with regard to housing-related monetary transmission mechanisms? And second, how can monetary policy best respond to fluctuations in asset prices, especially house prices, and to possible asset-price bubbles?
