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236 results, from 171
  • Diskussionspapiere 1417 / 2014

    Speculative Price Bubbles in Urban Housing Markets in Germany

    The surge in the German house prices starting in 2010 raised fears about the emergence of a speculative bubble. Given a local nature of housing markets, it is not clear to what extent the bubble, if any, is spread across different cities. In this paper, we test for speculative house price bubbles in 127 large German cities over the last 20 years. Along with testing bubbles for each city separately, ...

    2014| Konstantin A. Kholodilin, Claus Michelsen, Dirk Ulbricht
  • Refereed essays Web of Science

    The Economic Effects of a Central Bank Reacting to House Price Inflation

    What are the economic effects of a central bank that takes the evolution of house prices into account? In an attempt to answer this question, we use a New Keynesian dynamic stochastic general equilibrium model with a housing sector to explore the economic impacts of a central bank reacting to house price inflation. We examine this in the context of two different shocks that are associated with two ...

    In: Journal of Housing Economics 26 (2014), S. 119-125 | Guido Baldi
  • DIW Economic Bulletin 11 / 2014

    Private Net Worth in Eastern and Western Germany Only Converging Slowly

    Very nearly 25 years after the fall of the Berlin Wall, households in eastern Germany have an average net worth of 67,400 euros which is less than half that of their counterparts in western Germany with an average net worth of 153,200 euros. In both parts of the country, real estate ownership is quantitatively the most important asset type. Although the share of owner-occupiers has increased significantly ...

    2014| Markus M. Grabka
  • Diskussionspapiere 1410 / 2014

    Small Might Be Beautiful, but Bigger Performs Better: Scale Economies in "Green" Refurbishments of Apartment Housing

    The energy efficiency of the residential housing stock plays a key role in strategies to mitigate climate change and global warming. In this context, it is frequently argued that private investment and the quality of thermal upgrades is too low in the light of the challenges faced and the potential energy cost savings. While many authors address the potential barriers for investors to increase energy ...

    2014| Claus Michelsen, Sebastian Rosenschon, Christian Schulz
  • Externe Monographien

    Spatial Dependence and Spatial Heterogeneity in the Analysis of Regional Economic Performance and House Price Developments: Dissertation

    When analyzing economic aspects at regional levels, the spatial dimension of the data plays a crucial role. This is the case as spatial data and models are often characterized by two spatial effects, namely spatial dependence and spatial heterogeneity. The field of spatial econometrics is a separate field in econometrics that explicitly incorporates these spatial effects into econometric models. Following ...

    Berlin: Freie Univ. Berlin, FB Wirtschaftswiss., 2013, XXX, 103 S. | Katharina Pijnenburg
  • DIW Economic Bulletin 6 / 2013

    Real Estate Booms and Price Bubbles: What Can Germany Learn from Other Countries?

    When speculative price bubbles on real estate markets burst, the effects for the real economy are often devastating taking the form of substantial losses in production and employment. This paper discusses the degree to which institutional frameworks can prevent speculative bubbles from emerging and expanding. Comparing experiences in different countries indicates that, in Germany, institutional regulations ...

    2013| Christian Dreger, Konstantin A. Kholodilin
  • Externe Monographien

    Sustainable Energy Consumption in Residential Buildings

    Heidelberg: Physica- Verl., 2013, 263 S.
    (ZEW Economic Studies ; 44)
    | Klaus Rennings, Bettina Brohmann, Julia Nentwich, Joachim Schleich, Thure Traber, Rolf Wüstenhagen (Eds.)
  • Diskussionspapiere 1270 / 2013

    The Spatial Dimension of US House Price Developments

    Spatial heterogeneity and spatial dependence are two well established aspects of house price developments. However, the analysis of differences in spatial dependence across time and space has not gained much attention yet. In this paper we jointly analyze these three aspects of spatial data. We apply a panel smooth transition regression model that allows for heterogeneity across time and space in spatial ...

    2013| Katharina Pijnenburg
  • Refereed essays Web of Science

    Is There a Bubble in the Chinese Housing Market?

    For many analysts, the Chinese economy is being spurred on by a bubble in the housing market, probably driven by the fiscal stimulus package and massive credit expansion, with potentially adverse effects on the real economy. The house price development is investigated by panel cointegration techniques. Evidence is based on a data-set for 35 major cities. Cointegration is detected between real house ...

    In: Urban Policy and Research 31 (2013), 1, S. 27-39 | Christian Dreger, Yanqun Zhang
  • Refereed essays Web of Science

    An Early Warning System to Predict Speculative House Price Bubbles

    In this paper, the authors construct country-specific chronologies of the house price bubbles for 12 OECD countries over the period 1969:Q1-2009:Q4. These chronologies are obtained using a combination of a fundamental approach and a filter approach. The resulting speculative bubble chronology is the one which provides the highest concordance between these two techniques. In addition, the authors suggest ...

    In: Economics 7 (2013), 9, 26 S. | Christian Dreger, Konstantin A. Kholodilin
236 results, from 171
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