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Diskussionspapiere 414 / 2004
This study uses the hedonic approach to measure the amenity value of climate in Germany. Unlike in earlier research separate hedonic wage and house price regressions are estimated for relatively small geographic areas and formal tests undertaken to determine whether the coefficients describing the impact of climate variables are homogenous across these areas. Evidence suggests that German households ...
2004| Katrin Rehdanz, David Maddison
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Diskussionspapiere 860 / 2009
The appropriate design of monetary policy in integrated financial markets is one of the most challenging areas for central banks. One hot topic is whether the rise in liquidity in recent years has contributed to the formation of price bubbles in asset markets. If strong linkages exist, the inclusion of asset prices in the monetary policy rule can eventually limit speculative runs and negative effects ...
2009| Christian Dreger, Jürgen Wolters
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Refereed essays Web of Science
Hedonic regression has become the standard approach for modeling the behavior of house prices. Usually, the common price component is modeled via dummy variables. Based on an approximation for the present value, we deliver an economic interpretation of the common price component. This allows to include explanatory factors like inflation rates, mortgage rates and building permissions. The notional rents ...
In:
Journal of Real Estate Finance and Economics
28 (2004), 1, S.37-57
| Axel Werwatz, Rainer Schulz
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FINESS Working Papers 7.4 / 2009
This paper explores the importance of housing and mortgage market heterogeneity in 13 European countries for the transmission of monetary policy. We use a pooled VAR model which is estimated over the period 1995-2006 to generate impulse responses of key macroeconomic variables to a monetary policy shock. We split our sample of countries into two disjoint groups according to the impact of the monetary ...
2009| Kai Carstensen, Oliver Hülsewig, Timo Wollmershäuser
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SOEPpapers 186 / 2009
Homeownership rates are very different across European countries. They range from below 50% in Germany to over 80% in Greece, Spain or Ireland. However the differences lie not only in the overall homeownership rates but also in its structure, and this is the focus of this paper. Its aim is to study the impact of microeconomic factors on household's tenure choice, using a cross-country comparative approach. ...
2009| Monika Bazyl
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Diskussionspapiere 283 / 2002
Housing is a critical component of household well being and the extent to which minority households have achieved parity with Germans is a measure of the extent to which this population is integrated into the larger German society. Specifically we examine whether the housing conditions for immigrants2 has improved between 1985 and 1998 despite the greater barriers to upward mobility for low skill workers ...
2002| Anita I. Drever, William A. V. Clark
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Refereed essays Web of Science
Concerns about global warming and growing scarcity of fossil fuels require substantial changes in energy consumption patterns and energy systems, as targeted by many countries around the world. One key element to achieve such transformation is to increase energy efficiency of the housing stock. In this context, it is frequently argued that private investments are too low in the light of the potential ...
In:
Urban Studies
54 (2017), 14, S. 3218-3238
| Claus Michelsen, Andreas Mense, Konstantin Kholodilin
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Refereed essays Web of Science
This study investigates the relationship between regional housing market fundamentals and energy consumption. We argue that dwellings, in particularly rental properties, are not only consumer goods, but also constitute financial market assets. Properties are spatially fixed and traded in regional contexts, where real estate market characteristics like vacancy, income levels, and expectations determine ...
In:
The Energy Journal
37 (2016), 4, S. 25-43
| Marius Claudy, Claus Michelsen
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Externe Monographien
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
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Diskussionspapiere 1410 / 2014
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