Three essays on housing market analysis in Germany

Auteurs

• Chong Dae Kim

Paramètres

• Manuels
• Manuels universitaires

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This book comprises three papers focusing on real house prices in Germany, a country where these prices have experienced a steady decline over the past twenty-five years. The initial paper empirically examines housing development in Germany, revealing that real housing prices have recently increased in urban areas. The subsequent papers employ economic modeling to analyze these findings. The second paper utilizes a dynamic stochastic general equilibrium (DSGE) model, specifically the Iacoviello and Neri (2010) framework, to assess the effects of various economic shocks on real housing prices and related economic variables in Germany. The model parameters are calibrated using data from 1991 Q2 to 2014 Q4. The third paper focuses on integrating fixed interest rate periods into the MATLAB version of the IceACE model created by Erlingsson et al. (2014). These fixed periods, defined by Seubert and Weber (2013), range from five to fifteen years. The simulations reveal that while many variants exhibit similar behavior, two specific variants with restrictions on housing sales by households demonstrate a consistent increase in the mortgage stock. This comprehensive analysis provides valuable insights into the dynamics of the German housing market and its economic implications.

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• Année de publication: 2018