85 records from EconBiz based on author Name

1. Agglomeration spillover effects in German land and house prices at the city and county levels

abstract

We estimate spatial German land price effects using the county-level residential land prices from 2014 to 2018. We show that county-level spatial agglomeration effects play a large and significant role in explaining the cross-county variations in land prices. For example, a 1 % increase in the median income has an increase of 3.45 % in land prices, whereas a 1 % increase in the population density accounts for an increase of 5.47 % increase in land prices. We find that similar empirical patterns also hold for house prices but less so for the seven major German cities. Moreover, housing supply factors such as the available land to build and housing stocks are crucial factors in explaining land and house prices. Furthermore, we show that the land price spillover effects are among the dominating factors in the formation of regional house prices. These results suggest that changes in agglomeration variables such as median income (productivity) and population density cannot completely explain disparate local land and house prices. Lastly, estimating two different land price measurements for Germany shows that direct and indirect agglomeration spillover effects can explain more variation in residential land prices than vacant land prices.

Braun, Stefanie; Lee, Gabriel S.;
2021
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link

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2. Measuring the energy-related uncertainty index

Tam Hoang-Nhat Dang; Nguyen Phuc Canh; Lee, Gabriel S.; Binh Quang Nguyen; Thuy Thu Le;
2023
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link

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3. The prices of residential land in German counties

abstract

We estimate changes in the value and price of residential land for 379 German counties ("Landkreise") from 2014 to 2017 using a total of 42,685 observations. We use the two-step residual method that decomposes the value of a home into the value of the structure and land value. Despite the short time series, we show that the price of residential land has become relatively more expensive in the majority of German counties. More specifically, we show that the cumulative change in land values varies between 9% and 171% (excluding Berlin with exorbitant high increases of 668% and Saarland with a decrease of 18%) from 2014 to 2017. On average, the home values increased by 30% and 15% for West and East Germany respectively, whereas the land values increased by 108% and 91% for West and East Germany. Our findings imply that cycles in the German land values are more likely to affect the evolution of house prices more in the future than they did in the past. Moreover, our estimated land prices vary significantly to the current land price valuation by one of the German state governments (Hessen).

Braun, Stefanie; Lee, Gabriel S.;
2020
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link

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4. Time-varying risk shocks and the zero lower bound

abstract

This paper shows that increased volatility of Örm-level productivity can push the nominal interest rate to its lower bound with large amplification effects on macroeconomic aggregates. The framework combines a simple canonical Önancial accelerator model, time varying risk shocks, and a zero lower bound on the nominal interest rate. The amplification mechanism results from a portfolio re-balancing from households, who reduce capital investment in favor of risk-free bonds. Consequently, the capital loan volume decreases which then leads to a large decline in economic activity. We show that a substantial drop in output is accompanied by small changes in ináation. We, thus, also address the "Missing Deáation Puzzle" in the Phillips Curve literature.

Strobel, Johannes; Lee, Gabriel S.; Salyer, Kevin Duff;
2019
Type: Konferenzbeitrag; Conference paper; Graue Literatur; Non-commercial literature;
Availability: Link

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5. On the measure of private rental market regulation index and its effects on housing rents : cross-country evidence

Weber, Jan Philip; Lee, Gabriel S.;
2018
Type: Graue Literatur; Non-commercial literature;
Availability: Link

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6. Agglomeration spillover effects in German land and house prices at the city and county levels

Braun, Stefanie; Lee, Gabriel S.;
2021
Type: Working Paper;
Availability:

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7. The effects of institutional, political and macroeconomic factors on the German housing and land markets

Braun, Stefanie; Lee, Gabriel S.;
2021
Type: Hochschulschrift; Graue Literatur; Non-commercial literature;
Availability: Link Link Link

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8. Uncertainty, financial development, and FDI inflows : global evidence

Nguyen Phuc Canh; Lee, Gabriel S.;
2021
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link
Citations: 37 (based on OpenCitations) Cited By

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9. The prices of residential land in German counties

Braun, Stefanie; Lee, Gabriel S.;
2021
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link
Citations: 1 (based on OpenCitations) Cited By

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10. The prices of residential land in German counties

Braun, Stefanie; Lee, Gabriel S.;
2020
Type: Working Paper;
Availability:

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