Arbeitspapier
A regional model of the Danish housing market
We estimate a regional model of the prices of Danish single-family houses and show that submarkets are interconnected via relative prices, giving rise to a ripple effect. We find strong evidence of a ripple effect in the short run of the model, but less so in the long run. We extend the model to allow for heterogeneity in fundamental elasticities based on factors such as local supply constraints and demographic compositions. We find that house prices are more sensitive to developments in fundamental factors, such as the housing stock, income and user costs in e.g. the Copenhagen area. Additionally, we document that the ripple effect is stronger from Copenhagen to other parts of Denmark than it is in the opposite direction.
- Sprache
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Englisch
- Erschienen in
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Series: Danmarks Nationalbank Working Papers ; No. 121
Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
Asset Pricing; Trading Volume; Bond Interest Rates
Housing Supply and Markets
regional house prices
global VAR models
- Handle
- Letzte Aktualisierung
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20.09.2024, 08:23 MESZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Hviid, Simon Juul
- Danmarks Nationalbank
Entstanden
- 2017