Interest rates and the spatial polarization of housing markets:
Rising within-country differences in house values are a much debated trend in the U.S. and internationally. Using new long-run regional data for 15 advanced economies, we first show that standard explanations linking growing price dispersion to rent dispersion are contradicted by an important styliz...
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| Main Authors: | , , , |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Bonn
Universität Bonn
November 2022
Köln Universität zu Köln November 2022 |
| Series: | ECONtribute discussion paper
No. 212 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | Rising within-country differences in house values are a much debated trend in the U.S. and internationally. Using new long-run regional data for 15 advanced economies, we first show that standard explanations linking growing price dispersion to rent dispersion are contradicted by an important stylized fact: rent dispersion has increased far less than price dispersion. We then propose a new explanation: a uniform decline in real risk-free interest rates can have heterogeneous spatial effects on house values. Falling real safe rates disproportionately push up prices in large agglomerations where initial rent-price ratios are low, leading to housing market polarization on the national level. |
| Physical Description: | 1 Online-Ressource (26 Seiten) Diagramme, Karte |
Staff View
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| 520 | 3 | |a Rising within-country differences in house values are a much debated trend in the U.S. and internationally. Using new long-run regional data for 15 advanced economies, we first show that standard explanations linking growing price dispersion to rent dispersion are contradicted by an important stylized fact: rent dispersion has increased far less than price dispersion. We then propose a new explanation: a uniform decline in real risk-free interest rates can have heterogeneous spatial effects on house values. Falling real safe rates disproportionately push up prices in large agglomerations where initial rent-price ratios are low, leading to housing market polarization on the national level. | |
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| spelling | Osswald do Amaral, Francisco Verfasser (DE-588)1124026746 aut Interest rates and the spatial polarization of housing markets Francisco Amaral, Martin Dohmen, Sebastian Kohl, Moritz Schularick Bonn Universität Bonn November 2022 Köln Universität zu Köln November 2022 1 Online-Ressource (26 Seiten) Diagramme, Karte txt rdacontent c rdamedia cr rdacarrier ECONtribute discussion paper No. 212 Rising within-country differences in house values are a much debated trend in the U.S. and internationally. Using new long-run regional data for 15 advanced economies, we first show that standard explanations linking growing price dispersion to rent dispersion are contradicted by an important stylized fact: rent dispersion has increased far less than price dispersion. We then propose a new explanation: a uniform decline in real risk-free interest rates can have heterogeneous spatial effects on house values. Falling real safe rates disproportionately push up prices in large agglomerations where initial rent-price ratios are low, leading to housing market polarization on the national level. Houseprices regional housing markets spatial polarization Regionale Disparität (DE-588)4293657-3 gnd rswk-swf Preisentwicklung (DE-588)4125931-2 gnd rswk-swf Wohnkosten (DE-588)4190169-1 gnd rswk-swf Immobilienwirtschaft (DE-588)4113997-5 gnd rswk-swf Immobilienwirtschaft (DE-588)4113997-5 s Preisentwicklung (DE-588)4125931-2 s Wohnkosten (DE-588)4190169-1 s Regionale Disparität (DE-588)4293657-3 s DE-188 Dohmen, Martin Verfasser (DE-588)1265147507 aut Kohl, Sebastian ca. 20./21. Jh. Verfasser (DE-588)1202970508 aut Schularick, Moritz 1975- Verfasser (DE-588)131841580 aut ECONtribute discussion paper No. 212 (DE-604)BV046875082 212 https://refubium.fu-berlin.de/handle/fub188/37283 Resolving-System kostenfrei Volltext |
| spellingShingle | Osswald do Amaral, Francisco Dohmen, Martin Kohl, Sebastian ca. 20./21. Jh Schularick, Moritz 1975- Interest rates and the spatial polarization of housing markets ECONtribute discussion paper Houseprices regional housing markets spatial polarization Regionale Disparität (DE-588)4293657-3 gnd Preisentwicklung (DE-588)4125931-2 gnd Wohnkosten (DE-588)4190169-1 gnd Immobilienwirtschaft (DE-588)4113997-5 gnd |
| subject_GND | (DE-588)4293657-3 (DE-588)4125931-2 (DE-588)4190169-1 (DE-588)4113997-5 |
| title | Interest rates and the spatial polarization of housing markets |
| title_auth | Interest rates and the spatial polarization of housing markets |
| title_exact_search | Interest rates and the spatial polarization of housing markets |
| title_exact_search_txtP | Interest rates and the spatial polarization of housing markets |
| title_full | Interest rates and the spatial polarization of housing markets Francisco Amaral, Martin Dohmen, Sebastian Kohl, Moritz Schularick |
| title_fullStr | Interest rates and the spatial polarization of housing markets Francisco Amaral, Martin Dohmen, Sebastian Kohl, Moritz Schularick |
| title_full_unstemmed | Interest rates and the spatial polarization of housing markets Francisco Amaral, Martin Dohmen, Sebastian Kohl, Moritz Schularick |
| title_short | Interest rates and the spatial polarization of housing markets |
| title_sort | interest rates and the spatial polarization of housing markets |
| topic | Houseprices regional housing markets spatial polarization Regionale Disparität (DE-588)4293657-3 gnd Preisentwicklung (DE-588)4125931-2 gnd Wohnkosten (DE-588)4190169-1 gnd Immobilienwirtschaft (DE-588)4113997-5 gnd |
| topic_facet | Houseprices regional housing markets spatial polarization Regionale Disparität Preisentwicklung Wohnkosten Immobilienwirtschaft |
| url | https://refubium.fu-berlin.de/handle/fub188/37283 |
| volume_link | (DE-604)BV046875082 |
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