I develop and estimate a monetary business cycle model with nominal loans and collateral constraints tied to housing values. Demand shocks move housing and nominal prices in the same direction, and are amplified and propagated over time. The financial accelerator is not uniform: nominal debt dampens supply shocks, stabilizing the economy under interest rate control. Structural estimation suppor...

A necessary condition for justifying a policy such as subsidized low-income housing, either via tenant-based rental assistance or construction of public or private projects, is that it has a real effect on market outcomes. In this paper, we examine one aspect of the real effect of subsidized housing – does it increase the housing stock? If subsidized housing raises the quantity of occupied hous...

In recent years, China's commodity housing prices is soaring highly, especially in large cities such as Shanghai. To research the factors affecting Shanghai housing prices, screening variables by the supply and demand perspective, making the variable linear regression by gradually removing the variable method, the results showed that: In the Shanghai-specific context, lending rates and GDP impa...

In 2004, the Western Australian state government announced and implemented policy incentives for first-home buyers in the form of either total conveyance duty (stamp duty) exemptions or significant reductions for specified price bands of housing. This paper analyses the impact of this policy on demand in the Perth housing market. Results confirm an immediate and significant impact on demand in ...

We study the wage structure during economic transition in the context of Chinese cities and examine the effect of China’s urban housing reforms on the urban wage structure (1988-2005). We find that these reforms, which untied access to housing from state-sector employment, shifted approximately 17% of the labor force from the state sector to the private sector, increasing the private sector lab...