Download or read book Three Essays of Housing Price Dynamics written by Wensheng Kang and published by . This book was released on 2009 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays. The first essay estimates the joint effects of spatial diffusion and high-tech industry fluctuations on housing prices. The work finds these effects are significant but generate different housing price dynamics. The spatial diffusion effect is instantaneous but short-lived, whereas the high tech industry effect is persistent. This conclusion is supported by estimates of a dynamic panel model using data of 42 MSAs (Metropolitan Statistics Area) and Vector Autoregressive models using data of each MSA. The second essay examines the gain of housing portfolio efficiency obtainable through a mixed portfolio by combining geographic characteristics and high-tech industry activities across 40 metropolitan areas. A Bayesian stochastic search is conducted to compute the efficient covariance matrix for the high-dimensional posterior distribution of the panel-data model. Quadratic programming of Fortran/IMSL subroutines is applied to simulate the risk-return efficient frontier of various diversification strategies. The evidence shows that the mixed diversification strategy outperforms the geography based strategy. The gain is superior and can reach as high as 50% in relative risk reduction during high-tech cycle growth periods. The third essay examines the transmission mechanism of tech-pole housing prices and investigates the economic forces behind it. For this purpose, I develop a MCMC algorithm to extract the common stochastic trend and cycle of the integrating prices and conduct Bayesian stochastic search for restriction selection of the panel data model. The evidence shows that the transmission magnitude and persistence depend importantly on the degree of IT-industry concentration between two metropolitan areas. While the common stochastic trend behind the price dynamics is primarily determined by normal income, the monetary policy is responsible for the common boom and bust of tech-pole housing cycles. The policy implication for the real asset pricing and risk hedging strategies are also discussed.
Download or read book House Price Dynamics and Traffic Mode Choice written by Thomas Maier and published by . This book was released on 2006 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on House Prices written by Jing Zhang and published by . This book was released on 2014 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first essay questions the common treatment in the housing literature that the logarithm of real house price has a unit root. Those papers study the cointegration relationship of real house price and economic fundamental variables such as real income, and apply the error correction specification for modeling and forecasting real house prices. My study argues that the logarithm of real house price is not a unit root process. Instead, the evidence from a 120-year national dataset and metro area level and state level panel data sets point towards trend stationarity with structural breaks. I also find that the apparent reason that the most cited papers in the literature do not reject a unit root is that they do not include the most recent house price data. One result of this conclusion is that the validity of analyses of house prices based on cointegration and error correction models is questioned.
Download or read book Three Essays on Housing Markets written by Christian Langholz Carstensen and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Three Essays on Housing Affordability and Housing Supply Regulation Dynamics written by Ranjini Neogi and published by . This book was released on 2012 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Prices Rents and Homeownership written by Philippe Bracke and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis includes three self-contained chapters whose common theme is the analysis of house price and rent movements, and how these movements influence the economic actions of individuals. In Chapter 1, I analyse a micro dataset on housing sales and rentals in Central London. I show that the ratio between prices and rents differ across property types: bigger and better located properties have higher price-rent ratios. These differences in price-rent ratios can be explained through a hedging model where households avoid rent risk by increasing their demand for homeownership. Consistently with this hypothesis, I find that rental prices for bigger properties and properties in more expensive neighbourhoods are not growing significantly faster than for other properties, but are more volatile. In Chapter 2, together with my two co-authors Christian Hilber and Olmo Silva, I study the relationship between homeownership and entrepreneurship by exploiting the longitudinal dimension of the British Household Panel Survey (BHPS) and constructing a detailed monthly-spell dataset that tracks individuals' job histories and tenure choices, coupled with other time-varying characteristics. Our fixed-effect estimates show that purchasing a house reduces the likelihood of starting a business by 20-25%. This result is driven by homeowners with mortgages and persists for several years after entering homeownership. The negative relationship can be rationalised by portfolio considerations: leveraged housing investments crowd out entrepreneurial investments. Alternative explanations based on credit constraints find little support in our data. In Chapter 3, I analyse the duration of house price upturns and downturns in the last 40 years for 19 OECD countries and provide two results. First, upturns display duration dependence: they are more likely to end as their duration increases. Second, downturns display lagged duration dependence: they are less likely to end if the previous upturn was particularly long. Both these facts are consistent with a boom-bust view of housing price dynamics, where booms represent departures from fundamentals that are increasingly difficult to sustain, and busts serve as readjustment periods.
Download or read book Three Essays on House Price Inflation written by Ronald Franklin Ferguson and published by . This book was released on 1981 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Housing Markets written by Christian Langholz Carstensen and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Housing Markets written by Christian Landers Redfearn and published by . This book was released on 2000 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inflation Expectations Housing Market Dynamics and Global Common Output Gap written by Dong Fu and published by . This book was released on 2007 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Housing Prices written by Yifan Chen and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation examines the dynamics between housing prices, firms, and households. The first chapter focuses on sequential information revelation in the housing markets; the second chapter investigates the impact of house price appreciation on the returns of value versus growth firms; the third chapter estimates the effect of gun control on home values. In Chapter 1, I use Amazon's progressive revelation of its new headquarters locations in Virginia and New York to demonstrate that the housing market fully incorporates information about future demand well before disclosure. Spatial difference-in-differences analysis shows that housing prices near the Virginia headquarters exhibit 4.9% premia before Amazon's headquarters decision but no additional increase upon decision. Price premia for New York reach 17.5% before the decision but disappear once Amazon cancels the headquarters. Other finalist cities exhibit no price premia, precluding the possibility of speculation. Overall, this study suggests that the housing market can quickly incorporate private information about future demand shocks. In Chapter 2, I investigate the value-growth premium puzzle by merging insights from urban economics and finance that relate firm location to its stock performance. The value-growth premium in locations with high historical house price appreciation is 3.6% per year larger than the premium in areas that experienced little house price appreciation. The results support investment-based models explaining the value premium; moreover I find the house price channel reduces returns of growth firms rather than increasing returns of value firms. House price appreciation remains significant after controlling for common explanations of the premium. In Chapter 3, using cross-border variation in the timing of state gun control law passage dates, I find that the introduction of universal background checks for gun sales results in a roughly 2.3 percent decline in housing prices on average. I find a more significant decrease in housing prices, i.e., up to 5.3 percent, if the state is neighboring a Republican rather than a Democratic state. This result is robust to several specification tests and does not appear to be associated with neighborhood crime rate changes.
Download or read book Three Essays about Housing Issues in New Contexts Demand for Housing Attributes Housing Price Indices and Location Choices Under Displacement written by Esteban Alejandro Lopez Ochoa and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays in Housing Economics written by Hanfu Li and published by . This book was released on 2013 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: The result is consistent with the intuition that people tend to have a higher stress level due to the loss of home equity and this loss of home equity also increases the possibility of foreclosure, which is occurring in states with large house price declines, and thus increases homeowners' debt stress.
Download or read book Three Essays on Expectations and Housing Price Volatility written by Jim Clayton and published by . This book was released on 1993 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Four Essays on Housing Market Dynamics written by Yasuhiro Nakagami and published by . This book was released on 1989 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on the Housing Market and the Macroeconomy written by Stefanie J. Huber and published by . This book was released on 2017 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Three Essays on Housing and Labor Economics written by XUE HU and published by . This book was released on 2017 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: These essays contribute towards our understanding of housing and labor economics. This dissertation is composed of three chapters. In the first chapter, I explore the impact of negative housing equity on households' geo- graphical mobility using data from Panel Study of Income Dynamics. The empirical analysis implies that addressing the endogeneity nature of homeowners' underwater mortgage status is crucial. Even with comprehensive controls for households' demographic characteristics and macro-level factors, omitted variable bias such as homeowners' attitudes towards their financial responsibility may still generate estimation bias that is quite large. After proper instrumenting for homeowners' underwater mortgage status using local shocks from housing and labor markets, the estimation results show that having underwater mortgages is associated with an average decline in mobility rate of about 17 percentage points. The second chapter investigates the role of housing choice and mortgage on employment transitions when there are uncertainties regarding income and house prices. Motivated by the empirical evidence on large employment-transition disparities between homeowners and renters, I develop and estimate a structural model in which mortgage obligations motivate homeowners to exert greater job-search efforts during unemployment spells. The model is used to understand individuals' response to housing and labor market shocks. I find that while the decline in house prices creates negative labor market externalities for renters, tightening mortgage constraints result in greater job search incentives for homeowners. With concurrent negative labor market shocks, the probability of transitioning out of unemployment for both renters and homeowners declines. Two policy experiments are conducted. The first shows that lower refinance cost discourages housing equity accumulation and is associated with a decline in the average employment rate. The second demonstrates that a lower down payment requirement encourages the transition into home ownership, which has positive labor market implications, especially for younger individuals. The first two chapters explore the relation between underwater mortgage and geographical mobility and impacts of mortgage debt obligation on employment incentives. Both analyses are based on individual-level data. The last chapter investigates the mysteries of regional housing market disparities from a macro perspective. This chapter shows that local economic conditions are correlated with deviations between house prices and rents in a price-rent model framework, suggesting that the demand for credit and housing is greater when a variety of local economic conditions are more supportive. Several different measures of local economic conditions are considered in this chapter: local unemployment rates, local unemployment rates relative to the natural rate of unemployment, local inflation rates, and measures of local perceptions of the cost of credit. This chapter attempts to offer explanations not as how or why house prices increased, but rather, given the myriad of national factors making home purchase easier and cheaper, where house prices increased. This approach also resolves a bit of a puzzle as to why the housing bubble was so pronounced in some areas and not others.
