Stabilising House Prices: The Role of Housing Futures Trading

2015 ◽  
Author(s):  
Arzu Uluc
Keyword(s):  
House Prices ◽  
Futures Trading

Real Estate

2017 ◽  
Author(s):  
Stefan Homburg
Keyword(s):  
Real Estate ◽  
Great Recession ◽  
House Prices ◽  
Borrowing Constraints ◽  
Macroeconomic Models ◽  
Land Prices ◽  
The Great Recession ◽  
Quantitative Importance

Chapter 6 examines real estate as a neglected feature of actual economies. It begins with an empirical overview demonstrating the preeminent role of land as a part of nonfinancial wealth. Whereas many macroeconomic models represent nonfinancial wealth by a symbol K that is interpreted as machines and equipment (if not robots), the text makes clear that such items are of minor quantitative importance. In contemporary economies, nonfinancial wealth consists chiefly of real estate. This is the proper reason so many analysts conjecture a link between house prices and the Great Recession. Changes in house prices (primarily changes in land prices) operate on the economy through their influence on nonfinancial wealth. Nonfinancial wealth affects consumption directly and investment indirectly since it relaxes or tightens borrowing constraints. Building on the results obtained in previous chapters, the text studies housing manias and leverage cycles and relates its main findings to US data.

Land politics

2016 ◽  
Author(s):  
Brian Lund
Keyword(s):  
Interest Groups ◽  
House Prices ◽  
New Towns ◽  
Political Conflicts ◽  
Land Politics ◽  
General Elections ◽  
Local Use ◽  
Rural England ◽  
Green Belts

This chapter explores political conflicts over the land issue. It examines the role of land value in house prices over time, the thinking underlying Henry George’s land tax proposal, the fate of the various attempts to tax betterment value and Lloyd George’s challenge to the landed aristocracy. The politics of planning controls are reviewed with particular reference to the influence of interest groups such as the Campaign for the Protection of Rural England. The fortunes of Green Belts, New Towns, Eco-towns, Regional Development Agencies and the local use and national responses to development control are investigated. The connections between planning control and the containment of urban Britain are examined as are the electoral politics of land release in the 2010 and 2015 General Elections.

scholarly journals Time-varying role of macroeconomic shocks on house prices in the US and UK: evidence from over 150 years of data

2018 ◽  
Vol 58 (5) ◽  
pp. 2249-2285 ◽  
Author(s):  
Vasilios Plakandaras ◽  
Rangan Gupta ◽  
Constantinos Katrakilidis ◽  
Mark E. Wohar
Keyword(s):  
House Prices ◽  
Time Varying ◽  
Macroeconomic Shocks ◽  
The Us

scholarly journals MONETARY POLICY, HOUSING BOOMS, AND FINANCIAL (IM)BALANCES

2012 ◽  
Vol 17 (4) ◽  
pp. 830-860 ◽  
Author(s):  
Sandra Eickmeier ◽  
Boris Hofmann
Keyword(s):  
Monetary Policy ◽  
Private Sector ◽  
Global Financial Crisis ◽  
House Prices ◽  
Monetary Policy Shocks ◽  
Balance Sheets ◽  
Vector Autoregressive ◽  
Policy Shocks ◽  
The Global Financial Crisis

This paper applies a factor-augmented vector autoregressive model to U.S. data with the aim of analyzing monetary transmission via private sector balance sheets, credit risk spreads, and house prices and of exploring the role of monetary policy in the housing and credit boom prior to the global financial crisis. We find that monetary policy shocks have a persistent effect on house prices, real estate wealth, and private sector debt and a strong short-lived effect on risk spreads in money and mortgage markets. Moreover, the results suggest that monetary policy contributed considerably to the unsustainable precrisis developments in housing and credit markets. Although monetary policy shocks contributed discernibly at a late stage of the boom, feedback effects of other (macroeconomic and financial) shocks via lower policy rates kicked in earlier and appear to have been considerable.

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