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Comparing Wealth Effects: The Stock Market versus the Housing Market
We examine the link between increases in housing wealth, financial wealth, and consumer spending. We rely upon a panel of 14 countries observed annually for various periods during the past 25 years…
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Doing Well by Doing Good: Green Office Buildings
This paper provides the first credible evidence on the economic value of "green buildings" derived from impersonal market transactions rather than engineering estimates. We analyze clusters of…
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Mortgage Terminations, Heterogeneity, and the Exercise of Mortgage Options
As applied to the behavior of homeowners with mortgages, option theory predicts that mortgage prepayment or default will be exercised if the call or put option in in the money by some specific…
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Urban Diversity and Economic Growth
This paper considers the heterogeneity and diversity of cities as sources of economic growth. It links modern notions of economic growth to the distinguishing characteristics of cities and to the…
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Residential energy use and conservation: Economics and demographics
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Wealth Effects Revisited 1975-2012
We re-examine the links between changes in housing wealth, financial wealth, and consumer spending. We extend a panel of U.S. states observed quarterly during the seventeen-year period, 1982 through…
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Is Housing Unaffordable? Why Isn't It More Affordable?
This paper reviews trends in housing affordability in the U.S. over the past four decades. There is little evidence that owner-occupied housing has become less affordable. In contrast, there have…
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The Dynamics of Real Estate Prices
Several studies of housing price trends recommend combining statistical analysis to repeat sales of residential properties. Recently, price indices derived from these techniques have formed the basis…
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Consumer choice of dwelling, neighborhood and public services☆
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Economic Fundamentals in Local Housing Markets: Evidence from U.S. Metropolitan Regions
This paper investigates the effects of national and regional economic conditions on outcomes in the single-family housing market: housing prices, vacancies, and residential construction activity. Our…
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