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Deutsche Bundesbank, Forschungszentrum, Frankfurt am Main >
Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank >
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http://hdl.handle.net/10419/36660
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| Title: | | User costs of housing when households face a credit constraint: evidence for Germany  |
| Authors: | | Dümmler, Tobias Kienle, Stephan |
| Issue Date: | | 2010 |
| Series/Report no.: | | Discussion Paper Series 1: Economic Studies 2010,12 |
| 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. |
| Subjects: | | Housing investments user costs of housing cointegration |
| JEL: | | C32 E13 E22 |
| ISBN: | | 978-3-86558-625-4 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank
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