Measuring and Explaining House Price Developments
Measuring and Explaining House Price Developments

Author: Paul de Vries

Publisher: IOS Press

Published: 2010

Total Pages: 227

ISBN-13: 1607506653

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This study discusses ways of measuring and explaining the development of house prices. The goal of the research underpinning this dissertation was to develop a methodological framework for studying these developments. This framework relates, first, to correcting for changes in the composition of dwellings and, second, to the fundamentals of the price development. Using the weighted repeat sales method and sale price appraisal ratio (SPAR) method, house price indexes were developed for the Netherlands. Both the Dutch land registry office and Statistics Netherlands publish the SPAR based house price index monthly. To explain and predict changes in prices, a house price model is presented. As suggested in literature on western housing markets, the Dutch house price developments can be explained by demand-oriented short-run term variables and a long-run term variable.

Innovation Development for Highly Energy-efficient Housing
Innovation Development for Highly Energy-efficient Housing

Author: Erwin Mlecnik

Publisher: IOS Press

Published: 2013

Total Pages: 440

ISBN-13: 1614992355

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In previous years we have seen a recognition of the significant potential that exists for reducing energy use through innovation in residential buildings. This study investigates innovation challenges and identifies opportunities that could lead to a rapid increase in the adoption of highly energy-efficient housing concepts, particularly that of the passive house. To this end, it exemplifies, interprets and develops the innovation adoption theory through an investigation of views and experiences on the supply side, the demand side and the policy side. It highlights successful innovation trajectories and barriers experienced by businesses. It addresses both problems and positive experiences from the perspective of the end user and investigates different policy approaches. As such, the research reveals important features of innovation-adoption strategies in the building sector. It shows how multi-player enterprise collaboration plays a key role, and the study also recommends the development of quality assurance schemes. It makes a valuable contribution to discussions about how active the role of government policymakers and enterprise networks should be.

Old-Age Provision and Homeownership – Fiscal Incentives and Other Public Policy Options
Old-Age Provision and Homeownership – Fiscal Incentives and Other Public Policy Options

Author: Martina Eckardt

Publisher: Springer

Published: 2018-05-10

Total Pages: 253

ISBN-13: 3319752111

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In light of demographic change and the growing problems of traditional old-age security systems, this book discusses two essential instruments in connection with privately providing for old-age security: (1) savings in private pension schemes and (2) building up equity for home-ownership. Further, it assesses the relationship between the two instruments and offers a unique overview of the latest market developments. In order to represent the profound differences between the individual member states of the EU, this book features six country-specific studies – covering Germany, Hungary, Ireland, Italy, the Netherlands and the United Kingdom – that provide detailed insights into the complexity of local private pension schemes, mortgage markets, and housing markets. Lastly, the book discusses public policies and fiscal incentives intended to better integrate residential property with private pensions. It will appeal to both, private households seeking to build up old-age security, as well as policy makers interested in providing secure pension schemes.

Can Global Liquidity Forecast Asset Prices?
Can Global Liquidity Forecast Asset Prices?

Author: Mr.Reginald Darius

Publisher: International Monetary Fund

Published: 2010-08-01

Total Pages: 25

ISBN-13: 1455205265

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During the period leading up to the global financial crisis many asset classes registered rapid price increases. This coincided with a significant rise in global liquidity. This paper attempts to determine the extent to which the rise in asset prices was influenced by developments in global liquidity. We confirm that global liquidity had a significant impact on the buildup in house prices; however, the impact on equity prices was limited. In contrast to common perception, we find that the impact of global liquidity declined during the period of the Great Moderation. The paper also examines spillovers from global liquidity to domestic variables and concludes that domestic factors generally played a more significant role in house price appreciation relative to global factors. This contradicts the hypothesis of weakened potency of domestic monetary policy in the presence of increased international liquidity.

House Price Developments in Europe
House Price Developments in Europe

Author: Angana Banerji

Publisher: International Monetary Fund

Published: 2008-09-01

Total Pages: 66

ISBN-13: 1451870698

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House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the "fast lane", the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends in user costs, and housing markets in these countries seem relatively more susceptible to adverse developments in fundamentals. Real house price declines among the slow movers are harder to explain, although ample supply, low home ownership, and less complete mortgage markets are likely factors. The impact of macroeconomic, prudential and structural policies on housing markets can be large and should be a factor in policy decisions.

Leveraged
Leveraged

Author: Moritz Schularick

Publisher: University of Chicago Press

Published: 2022-12-13

Total Pages: 318

ISBN-13: 022681694X

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An authoritative guide to the new economics of our crisis-filled century. Published in collaboration with the Institute for New Economic Thinking. The 2008 financial crisis was a seismic event that laid bare how financial institutions’ instabilities can have devastating effects on societies and economies. COVID-19 brought similar financial devastation at the beginning of 2020 and once more massive interventions by central banks were needed to heed off the collapse of the financial system. All of which begs the question: why is our financial system so fragile and vulnerable that it needs government support so often? For a generation of economists who have risen to prominence since 2008, these events have defined not only how they view financial instability, but financial markets more broadly. Leveraged brings together these voices to take stock of what we have learned about the costs and causes of financial fragility and to offer a new canonical framework for understanding it. Their message: the origins of financial instability in modern economies run deeper than the technical debates around banking regulation, countercyclical capital buffers, or living wills for financial institutions. Leveraged offers a fundamentally new picture of how financial institutions and societies coexist, for better or worse. The essays here mark a new starting point for research in financial economics. As we muddle through the effects of a second financial crisis in this young century, Leveraged provides a road map and a research agenda for the future.

Macroeconomic Measurement Versus Macroeconomic Theory
Macroeconomic Measurement Versus Macroeconomic Theory

Author: Merijn Knibbe

Publisher: Routledge

Published: 2019-12-06

Total Pages: 264

ISBN-13: 1351136690

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Ideally, scientific theory and scientific measurement should develop in tandem, but in recent years this has not been the case in economics. There used to be a time when leading economists, or their students, established or led statistical offices and took care that the measurements were consistent with the theory (and vice versa). Not anymore. Macroeconomic theorists and macroeconomic statisticians do not even speak the same language any longer. They do use the same words, such as ‘consumption’, ‘investments’ or ‘unemployment’ but the meanings can often be different. This book maps the differences between macroeconomic theory and measurement and explores them in some detail while also tracking their intellectual, historical and, in some cases, ideological origins. It also explores the possible policy implications. In doing so, the book draws on two separate strands of literature which are seldom used in unison: macro-statistical manuals and theoretical macro-papers. By doing so, the book contributes to the effort to bridge the gap between them without compromising on the idea that a meaningful science of economics should, in the end, be based upon individual people and households and their social and cultural embedding instead of a ‘representative consumer’, or Robinson Crusoe figure. This work is essential reading for students, economists, statisticians, and professionals.

Sweden
Sweden

Author: International Monetary Fund. European Dept.

Publisher: International Monetary Fund

Published: 2015-12-02

Total Pages: 34

ISBN-13: 151352500X

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This Selected Issues paper examines the labor market and migration in Sweden. Sweden enjoys a broadly well-functioning labor market. The labor force has been expanding at a healthy pace, in part reflecting rising participation including by females. This paper discusses the compositional changes in the labor force, employment, and unemployment over the past decade. A brief overview of migration flows, their composition, and their demographic benefits is provided. An assessment of the potential implications of the projected increase in migration for unemployment is done. The features of Sweden’s labor market that contribute to the higher unemployment rates of the lower skilled and foreign-born are also outlined.

Euro Area Policies
Euro Area Policies

Author: International Monetary Fund. Monetary and Capital Markets Department

Publisher: International Monetary Fund

Published: 2018-07-19

Total Pages: 145

ISBN-13: 1484369440

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The FSAP team undertook a thorough top-down stress testing analysis using end-2017 data. This note covers the methodology and results of the scenario-based solvency tests, the single factor sensitivity tests, and the liquidity tests. The stress test exercise was carried out on a sample of major euro area banks supervised by the Single Supervisory Mechanism (SSM). The analysis is heavily dependent on comprehensive and granular supervisory data on individual banks’ positions shared by the European Central Bank (ECB). While FSAP results are not directly comparable to the 2018 EU-wide stress test results due to differences in scenarios, methodologies, and objectives, they provide an assessment of the system-wide resilience of the euro area banking sector at the current juncture.

Israel
Israel

Author: International Monetary Fund. European Dept.

Publisher: International Monetary Fund

Published: 2014-02-12

Total Pages: 45

ISBN-13: 1475590148

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This Selected Issues paper examines the housing market in Israel. Property prices in Israel are currently about 25 percent above their equilibrium value, owing largely to low mortgage interest rates and supply shortages. Price-to-income and price-to-rent ratios are well above their equilibrium value. The risk of a sharp correction in housing prices—although mitigated by the supply shortages—remains a concern and could have important macro-financial implications. To contain such risks, macroprudential policies should be further tightened. At the same time, concerted efforts should be made to alleviate supply-side constraints.