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 ...
The German government has committed to reducing the primary energy demand of buildings by 80% by 2050 and to attaining a thermal retrofit rate of 2%. Achieving both goals will require deep thermal retrofits across the existing building stock. To meet this challenge, the government is exploring what role tax support options could play in encouraging thermal retrofits and ensuring that they deliver the ...
Wird ein Flughafen neu gebaut oder ausgeweitet, steigt die Lärmbelästigung im Umkreis erheblich. Die Preise für Wohnungen und Häuser, die unterhalb der Flugkorridore liegen, sinken in der Folge spürbar. Bereits die Erwartungen bezüglich der künftigen Lärmbelastung können zu deutlichen Preisrückgängen auf dem lokalen Immobilienmarkt führen. Diese Studie beziffert die Auswirkungen von Lärmerwartungen ...
In this paper, we examine the effects of an airport expansion on the prices of houses and flats located under the planned flight corridors. We focus on the role of expectations about the exposure to noise and find that proximity to the planned corridors significantly reduces real estate prices in the affected areas, by around 41% to 60%, depending on the sample. Hereby, the various plans of expanding ...
Untersuchungen über die Preise auf dem Markt für Wohnimmobilien geben in aller Regel Aufschluss über die Preise für Wohnungen in einer bestimmten Lage oder mit einer bestimmten Beschaffenheit. Das DIW Berlin hat ein Verfahren entwickelt, mit dem die Preise für verschiedenartige Wohnungen zu einer einheitlichen Größe zusammengefasst werden. Damit kann die Preisentwicklung übergreifend etwa für alle ...
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 ...
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 increase in liquidity has contributed to the formation of price bubbles in asset markets in the years preceding the financial crisis. If linkages are strong, the inclusion of asset prices in the monetary policy rule may limit speculative runs ...