Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/314755 
Year of Publication: 
2025
Series/Report no.: 
CESifo Working Paper No. 11716
Publisher: 
CESifo GmbH, Munich
Abstract: 
This paper explores the macroeconomic consequences of regulatory barriers in housing markets. We take a European perspective, allowing us to offer novel facts, theory, and methodology. Our focus is on Germany, a compelling case exemplifying key characteristics unique to European city systems. To take our model to the data, we estimate its structural equations for the population elasticities of urban benefits and costs using rich micro-data. The quantified model receives strong support from several sources of independent evidence. We study the effects of a counterfactual reduction of land-use regulations on aggregate welfare and evaluate the effect of cities on growth.
Subjects: 
city systems
urban growth
urban benefits and costs
land-use regulations
amenities
location fundamentals
JEL: 
C52
R12
D24
Document Type: 
Working Paper
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