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The Effects Of Price Uncertainty On Housing Demand
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Book Synopsis The Effects of Price Uncertainty on Housing Demand by : Lu Han
Download or read book The Effects of Price Uncertainty on Housing Demand written by Lu Han and published by . This book was released on 2015 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how price risk affects housing demand. It identifies two relevant channels: a financial risk effect that reduces demand, and a hedging effect that increases demand since current homes may hedge future housing costs. The latter dominates when hedging incentives are strong, namely when the likelihood of moving up the housing ladder is high and the tendency to move across markets is low. For households with weak hedging incentives, the paper finds negative effects of price risk on the timing and size of home purchases, but positive effects for households with strong hedging incentives.
Book Synopsis The Effects of Price Uncertainty on Home Purchase Decisions Over the Life-Cycle by : Lu Han
Download or read book The Effects of Price Uncertainty on Home Purchase Decisions Over the Life-Cycle written by Lu Han and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a life-cycle model of housing demand for repeated home purchase market with uncertain house prices and lumpy transaction costs. By extending the (S,s) methodology to a non-stationary discrete time framework with multivariate stochastic price processes, I derive optimal home purchase decision rules and the housing risk premium. This allows me to characterize a self-hedging mechanism in an incomplete market: households use earlier accumulated housing wealth to hedge against the future housing cost risk. As a result, the direction of the effects of price uncertainty on housing demand depends critically on households' future housing consumption plans. When price uncertainty increases, households consume (and thereby invest in) less housing if they plan to realize the housing wealth gain. However, they will instead take bigger housing positions if they plan to move to a bigger home in a correlated housing market in the future.
Book Synopsis Price Uncertainty, Homeownership and Housing Demand by : Tracy Margo Turner
Download or read book Price Uncertainty, Homeownership and Housing Demand written by Tracy Margo Turner and published by . This book was released on 2000 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Effects of Uncertainty on Home Purchase Decisions Over the Life Cycle by : Lu Han
Download or read book Effects of Uncertainty on Home Purchase Decisions Over the Life Cycle written by Lu Han and published by . This book was released on 2005 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Hedging House Price Risk in the Presence of Lumpy Transaction Costs by : Lu Han
Download or read book Hedging House Price Risk in the Presence of Lumpy Transaction Costs written by Lu Han and published by . This book was released on 2009 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a life-cycle model of housing demand with uncertain house prices and lumpy transaction costs. The paper extends the (S,s) methodology to a non-stationary discrete time framework with multivariate stochastic price processes. This allows the characterization of a self-hedging mechanism in an incomplete housing market: households use earlier accumulated housing wealth to hedge against future housing cost risk. As a result, the direction of the effect of price uncertainty on housing demand depends critically on households' future housing consumption plans. When price uncertainty increases, households consume (and thereby invest in) less housing if they plan to realize the housing wealth gain. However, they will instead take bigger housing position if they plan to move to a bigger home in a correlated housing market in the future.
Book Synopsis Global Liquidity, House Prices, and the Macroeconomy by : Ambrogio Cesa-Bianchi
Download or read book Global Liquidity, House Prices, and the Macroeconomy written by Ambrogio Cesa-Bianchi and published by International Monetary Fund. This book was released on 2015-01-29 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we first compare house price cycles in advanced and emerging economies using a new quarterly house price data set covering the period 1990-2012. We find that house prices in emerging economies grow faster, are more volatile, less persistent and less synchronized across countries than in advanced economies. We also find that they correlate with capital flows more closely than in advanced economies. We then condition the analysis on an exogenous change to a particular component of capital flows. We find that a global liquidity shock, identified by aggregating bank-to-bank cross border flows and by using the external instrumental variable approach of Stock and Watson (2012) and Mertens and Ravn (2013), has a much stronger impact on house prices and consumption in emerging markets than in advanced economies. In our empirical model, holding house prices or the exchange rate constant in response to this shock tends to dampen its effects on consumption in emerging economies.
Book Synopsis The Effects of Housing Prices and Monetary Policy in a Currency Union by : Oriol Aspachs-Bracons
Download or read book The Effects of Housing Prices and Monetary Policy in a Currency Union written by Oriol Aspachs-Bracons and published by International Monetary Fund. This book was released on 2011-01-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent boom-and-bust cycle in housing prices has refreshed the debate on the drivers of housing cycles as well as the appropriate policy response. We analyze the case of Spain, where housing prices have soared since it joined the EMU. We present evidence based on a VAR model, and we calibrate a New Keynesian model of a currency area with durable goods to explain it. We find that labor market rigidities provide stronger amplification effects to all type of shocks than financial frictions do. Finally, we show that when the central bank reacts to house prices, the non-durable sector suffers an important contraction. As a result, the boom-and-bust cycle would not have been avoided if Spain had remained outside the EMU during the 1996-2007 period.
Book Synopsis The Inflation of House Prices, Its Extent, Causes, and Consequences by : Leo Grebler
Download or read book The Inflation of House Prices, Its Extent, Causes, and Consequences written by Leo Grebler and published by Free Press. This book was released on 1979 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Housing Boom and Bust by : Thomas Sowell
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.
Book Synopsis The Pricing-Out Phenomenon in the U.S. Housing Market by : Francesco Beraldi
Download or read book The Pricing-Out Phenomenon in the U.S. Housing Market written by Francesco Beraldi and published by International Monetary Fund. This book was released on 2023-01-06 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic further extended the multi-year housing boom in advanced economies and emerging markets alike against massive monetary easing during the pandemic. In this paper, we analyze the pricing-out phenomenon in the U.S. residential housing market due to higher house prices associated with monetary easing. We first set up a stylized general equilibrium model and show that although monetary easing decreases the mortgage payment burden, it would raise house prices, lower housing affordability for first-time homebuyers, and increase housing wealth inequality between first-time and repeat homebuyers. We then use the U.S. household-level data to quantify the effect of the house price change on housing affordability relative to that of the interest rate change. We find evidence of the pricing-out effect for all homebuyers; moreover, we find that the pricing-out effect is stronger for first-time homebuyers than for repeat homebuyers. The paper highlights the importance of accounting for general equilibrium effects and distributional implications of monetary policy while assessing housing affordability. It also calls for complementing monetary easing with well-targeted policy measures that can boost housing affordability, particularly for first-time and lower-income households. Such measures are also needed during aggressive monetary tightening, given that the fall in house prices may be insufficient or too slow to fully offset the immediate adverse impact of higher rates on housing affordability.
Book Synopsis Handbook of Real Estate and Macroeconomics by : Leung, Charles K.Y.
Download or read book Handbook of Real Estate and Macroeconomics written by Leung, Charles K.Y. and published by Edward Elgar Publishing. This book was released on 2022-06-16 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Handbook collects a set of academic and accessible chapters to address three questions: What should real estate economists know about macroeconomics? What should macroeconomists know about real estate? What should readers know about the interaction between real estate and macroeconomics?
Book Synopsis Stabilising House Prices by : Arzu Uluc
Download or read book Stabilising House Prices written by Arzu Uluc and published by . This book was released on 2015 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Taxation and House-Price Uncertainty by : Steven M. Sheffrin
Download or read book Taxation and House-Price Uncertainty written by Steven M. Sheffrin and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Purchasing a home involves a large and localized investment that leaves many families exposed to volatile house prices and at risk of losing their home equity. Price movements are typically not synchronized across cities, suggesting the potential for efficiency gains through risk sharing across households. In this paper, we consider the possibility of risk sharing through capital gains taxation. When full loss offset is permitted, potential gains and losses are reduced at the household level by taxation and distributed nationally, thereby allowing the tax authority to diversify away the local risks associated with owner-occupied housing. We simulate the effect of a capital gains tax with full loss offset on tenure choice and housing demand using micro-level data from the American Housing Survey, spanning ten years, from 1985 to 1995, and measures of time varying risk and return.
Book Synopsis Price Expectations and the U.S. Housing Boom by : Pascal Towbin
Download or read book Price Expectations and the U.S. Housing Boom written by Pascal Towbin and published by International Monetary Fund. This book was released on 2015-07-30 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Between 1996 and 2006 the U.S. has experienced an unprecedented boom in house prices. As it has proven to be difficult to explain the large price increase by observable fundamentals, many observers have emphasized the role of speculation, i.e. expectations about future price developments. The argument is, however, often indirect: speculation is treated as a deviation from a benchmark. The present paper aims to identify house price expectation shocks directly. To that purpose, we estimate a VAR model for the U.S. and use sign restrictions to identify house price expectation, housing supply, housing demand, and mortgage rate shocks. House price expectation shocks are the most important driver of the boom and account for about 30 percent of the real house price increase. We also construct a model-based measure of exogenous changes in price expectations and show that this measure leads a survey-based measure of changes in house price expectations. Our main identification scheme leaves open whether expectation shifts are realistic or unrealistic. In extensions, we provide evidence that price expectation shifts during the boom were primarily unrealistic and were only marginally affected by realistic expectations about future fundamentals.
Book Synopsis The Economic Implications of Social Cohesion by : Jeff Dayton-Johnson
Download or read book The Economic Implications of Social Cohesion written by Jeff Dayton-Johnson and published by University of Toronto Press. This book was released on 2003-01-01 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essays examine the impact of social networks and collective action on growth and other economic outcomes, contributing to understanding of the interaction between economic processes and their social framework.
Book Synopsis Finance Market Rigidities and the Effects on Estimates of Price Elasticity of Housing Demand by : Glenn Jones
Download or read book Finance Market Rigidities and the Effects on Estimates of Price Elasticity of Housing Demand written by Glenn Jones and published by . This book was released on 1982 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Housing Economics by : George Fallis
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.
