@techreport{Dummler2010User,
abstract = {We develop a formula for user costs of housing on the basis of a neoclassical approach to housing investment which does not impose a perfect capital market assumption. We suggest that the definition for the user costs of housing should be extended by an additional term which mirrors the credit constraints a household would be faced with. This extension term consists of the inflation gap between consumer and house price inflation multiplied with an average loan-to-value ratio and the real house prices. The empirical relevance of our finding is confirmed by a VECM. A time series for the user costs of housing is calculated using this extended definition.},
address = {Frankfurt, M.},
author = {Tobias D\"{u}mmler and Stephan Kienle},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
isbn = {978-3-86558-625-4},
keywords = {C32; E13; E22; 330; Housing investments; user costs of housing; cointegration; Wohnkosten; Wohneigentum; Wohnungsbauinvestition; Verschuldungsrestriktion; Kapitalkosten; Sch\"{a}tzung; Deutschland},
language = {eng},
number = {2010,12},
publisher = {Dt. Bundesbank},
title = {User costs of housing when households face a credit constraint: evidence for Germany},
type = {Discussion Paper Series 1: Economic Studies},
url = {http://hdl.handle.net/10419/36660},
year = {2010}
}
