Das House Kapital: A Long-Run Theory of House Prices and Housing Wealth

Over the last 70 years, many advanced countries have experienced growing real house prices and an increasing housing wealth-to-income ratio. To explain these long-run patterns, this paper introduces a novel multi-sector growth model where housing …

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 …

The Marital Wealth Gap: Micro Causes and Macro Consequences

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 …