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Distributional Consequences of Surging Housing Rents

The trajectories of real housing rents and house prices have shown an upward sloping trend in most industrialized countries since WW2. The burden of rising housing rents is likely to be distributed unequally because income-poor households devote a …

Das House Kapital

The housing wealth-to-income ratio has been increasing in most developed economies since the 1950s. We provide a novel theory to explain this long-term pattern. We show analytically that house prices grow in the steady state if i) the housing sector …

Bubble-Driven Business Cycles

Pronounced and persistent fluctuations in aggregate wealth and real activity - boom-bust episodes - have become more prevalent in recent history. In this paper, I provide a quantitative explanation for such boom-bust episodes based on rational …

Demographic Change, Household Portfolio, and Rates of Return

Housing and inequality: Renters vs Owners

Taxing Housing Wealth? Not Such a Good Idea After All!

Fiscal Autonomy and Fiscal Sustainability: Subnational Taxation and Public Indebtedness in Contemporary Spain

This study assesses fiscal sustainability in contemporary Spain at the regional level. Spain consists of 17 autonomous regions, two fiscal regimes differing in taxing autonomy, and two path-dependent types of communities with more and less …