In housing markets, neighborhood characteristics are a key source of information heterogeneity: sellers are usually better informed about neighborhood values than buyers are, but some sellers and buyers are better informed than their peers are. Consistent with predictions from a new framework for analyzing such markets with heterogeneous assets and differentially informed agents, we find that c...

This research was conducted in the Districts of Tebet and Setiabudi, with method field through surveys, using questionnaires. The target population is high school teachers, proportional random sampling technique, total 156 sample 112 people. Test instrument to get validity statement items reliability Pearson Product Moment Alpha Cronbach. principal's transformational leadership has a rtt = 0.94...

We study what happens to identified shocks and dynamic responses when the data generating process features q disturbances but 1 < variables are used in an empirical model. Identified linear combinations of current past values all structural do not necessarily combine same type. Theory-based restrictions may be insufficient obtain dynamics. revisit evidence regarding transmission house price ...

Feedback from AGN is thought to be key in shaping the life cycle of their host galaxies by regulating star-formation activity. Therefore, understand impact on star formation, it essential trace molecular gas out which stars form. In this paper we present first systematic study CO properties hosts at z~2 for a sample 27 X-ray selected spanning two orders magnitude bolometric luminosity (Lbol= 10...

This study uses a boundary design and propensity score methods to the effects of 1930s-era Home Owners Loan Corporation (HOLC) “redlining” maps on long-run trajectories urban neighborhoods. The led reduced home ownership rates, house values, rents increased racial segregation in later decades. A comparison either side city-level population cutoff that determined whether were drawn finds broadly...

This paper studies how the impact of monetary policy depends on distribution savings from refinancing mortgages. We show that efficacy is state dependent, varying in a systematic way with pool potential refinancing. construct quantitative dynamic life-cycle model accounts for our findings and use it to study response consumption change mortgage rates These effects are strongly dependent. also l...

We quantify reference dependence and loss aversion in the housing market using rich Danish administrative data. Our structural model includes aversion, dependence, financial constraints, a sale decision, matches key nonparametric moments, including “hockey stick” listing prices with nominal gains, bunching at zero realized gains. Households derive substantial utility from gains over original ho...

We explore the impact of central government grants on local house prices in England using a panel data set of local authorities (LAs) from 2001 to 2008. Electoral targeting of grants to LAs by the incumbent national government provides an exogenous source of variation in grants that we exploit to identify their causal effect on house prices. Our results indicate substantial or even full capital...

We show that a strong linear relationship exists between income and house price quantiles in Sydney (Australia), Houston, and the state of Texas. This suggests that the house price distribution is closely approximated by the income distribution after a location-scale transformation. The slope of the line changes over time in response to changes in the mortgage market. We argue that this finding...

Competing with Asking Prices In many markets, sellers advertise their good with an asking price. This is a price at which the seller is willing to take his good off the market and trade immediately, though it is understood that a buyer can submit an offer below the asking price and that this offer may be accepted if the seller receives no better offers. Despite their prevalence in a variety of ...