Interest rates and the spatial polarization of housing markets / Francisco Amaral, Martin Dohmen, Sebastian Kohl and Moritz Schularick
Resumen.
Bibliografía.
Rising within-country differences in house values are a much-debated trend in the United States and internationally. Using new long-run regional data for 15 advanced economies, we show that standard explanations linking growing price dispersion to rent dispersion are contradicted by an important stylized fact: rent dispersion has increased far less than price dispersion. We propose a new explanation: a uniform decline in real risk-free interest rates can have heterogeneous spatial effects on house values. Falling real safe rates disproportionately push up prices in large agglomerations where initial rent-price ratios are low, leading to housing market polarization on the national level.
INTERES
TIPOS
PRESTAMOS HIPOTECARIOS
VIVIENDA
PRECIOS
MERCADO
ESTADOS UNIDOS
Amaral, Francisco
The American Economic Review 2640-205X v. 6, n. 1, March 2024, p. 89-104