Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/36660
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dc.contributor.authorDümmler, Tobiasen
dc.contributor.authorKienle, Stephanen
dc.date.accessioned2010-06-30-
dc.date.accessioned2010-07-20T13:42:35Z-
dc.date.available2010-07-20T13:42:35Z-
dc.date.issued2010-
dc.identifier.isbn978-3-86558-625-4en
dc.identifier.urihttp://hdl.handle.net/10419/36660-
dc.description.abstractWe 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.en
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2010,12en
dc.subject.jelC32en
dc.subject.jelE13en
dc.subject.jelE22en
dc.subject.ddc330en
dc.subject.keywordHousing investmentsen
dc.subject.keyworduser costs of housingen
dc.subject.keywordcointegrationen
dc.subject.stwWohnkostenen
dc.subject.stwWohneigentumen
dc.subject.stwWohnungsbauinvestitionen
dc.subject.stwVerschuldungsrestriktionen
dc.subject.stwKapitalkostenen
dc.subject.stwSchätzungen
dc.subject.stwDeutschlanden
dc.titleUser costs of housing when households face a credit constraint: evidence for Germany-
dc.typeWorking Paperen
dc.identifier.ppn630339503en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:201012en

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