Three essays on the housing market and the macroeconomy
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 econo...
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| Formato: | tesis doctoral |
| Estado: | Versión publicada |
| Fecha de publicación: | 2017 |
| País: | España |
| Recursos: | CBUC, CESCA |
| Repositorio: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/404726 |
| Acesso em linha: | http://hdl.handle.net/10803/404726 |
| Access Level: | acceso abierto |
| Palavra-chave: | OLG models Housing markets Housing bubbles Housing booms and busts Preference for housing services Expenditure shares for housing services Rental and real estate purchase subsidies Experimental asset markets Homeownership rates Country heterogeneity Cultural transmission of preferences Migration Models OLG Mercats d'habitatge Bombolles immobiliàries Preferència pels serveis d'habitatge Proporcions de despesa per als serveis d'habitatge Lloguer i subsidis de compra d'habitatge Mercats d'actius experimentals Taxes de propietat d'habitatge Heterogeneïtat dels països Transmissió cultural de les preferències Migració 33 |
| Resumo: | 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. |
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