Using a repeat sales data set, this paper tests whether a single small seller can influence the selling price of their house. We find that this influence exists and that it dominates the influence of commonly-used market conditions. Since the estimated magnitude of this effect is much higher than expected, we verify the estimate using several supplementary tests. JEL: C78, D80, R21, R31

The responsiveness of house prices to monetary policy shocks depends on the nature shock—expansionary versus contractionary—and local housing supply elasticities. These findings are established using a panel 263 US metropolitan areas. Expansionary have larger impact in supply-inelastic Contractionary orthogonal In supply-elastic areas, contractionary greater than expansionary do. opposite holds...

School choice systems aspire to delink residential location and school assignments by allowing children apply schools outside of their neighborhood. However, programs also affect incentives live in certain neighborhoods, this feedback may undermine the goals choice. We investigate possibility developing a model public narrows range between highest lowest quality compared neighborhood assignment...

Using data on the universe of housing transactions in England and Wales over a 20-year period, we document that sale prices selling propensities are affected by house prevailing period which properties were previously bought. administrative mortgages, show cognitive frictions explain most history dependence prices, whereas credit more relevant for propensities. We corroborate our analysis with ...

Despite the near ubiquity of intertemporal choice, there is little consensus on rate at which individuals trade present and future costs benefits. We contribute to this debate by estimating discount rates from extensive data housing transactions spatiotemporal variation in property taxes England. Our findings imply long-term average net growth nominal that are between 3 4 percent. The close cor...

We analyze the ups and downs in economic growth recent decades by constructing a model with recurrent bubbles, crashes, endogenous growth. Once realized, bubbles crowd investment stimulate growth, but expectation about future crowds out reduces identify bubbly episodes estimating using US data. Counterfactual simulations suggest that IT housing not only caused booms also lifted GDP almost 2 per...

This paper investigates the interrelationship between urbanization, structural transformation, and post-2000 Chinese housing boom through lens of a dynamic spatial equilibrium model that features migration rich market structure with mortgages. Urbanization transformation emerge as key drivers China's house price boom, while at same time rising prices impede these forces economic transition. Pol...

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 ...

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...