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http://hdl.handle.net/10419/36660
  

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dc.contributor.authorDümmler, Tobiasen_US
dc.contributor.authorKienle, Stephanen_US
dc.date.accessioned2010-06-30en_US
dc.date.accessioned2010-07-20T13:42:35Z-
dc.date.available2010-07-20T13:42:35Z-
dc.date.issued2010en_US
dc.identifier.isbn978-3-86558-625-4en_US
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_US
dc.language.isoengen_US
dc.publisherDt. Bundesbank Frankfurt, M.en_US
dc.relation.ispartofseriesDiscussion Paper Series 1: Economic Studies 2010,12en_US
dc.subject.jelC32en_US
dc.subject.jelE13en_US
dc.subject.jelE22en_US
dc.subject.ddc330en_US
dc.subject.keywordHousing investmentsen_US
dc.subject.keyworduser costs of housingen_US
dc.subject.keywordcointegrationen_US
dc.subject.stwWohnkostenen_US
dc.subject.stwWohneigentumen_US
dc.subject.stwWohnungsbauinvestitionen_US
dc.subject.stwVerschuldungsrestriktionen_US
dc.subject.stwKapitalkostenen_US
dc.subject.stwSchätzungen_US
dc.subject.stwDeutschlanden_US
dc.titleUser costs of housing when households face a credit constraint: evidence for Germanyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn630339503en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bubdp1:201012-
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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