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- W140945184 abstract "This thesis is motivated by the steadily increasing interest in the dynamic relationship between the macro-economy and the real estate sector. One of the main issues in this respect is to study the investment dynamics. Since the bursting of the U.S. housing bubble in 2006 is identified as the point of origin of the so called subprime crises, which led to the collapse of the U.S. financial system, the dynamics of real estate investments is of particular interest.In the first part of my thesis I investigate the dynamics of residential investment and its relationship to the overall economy by the means of a dynamic stochastic general equilibrium (DSGE) model in which a consumption good sector and a housing sector are incorporated. Residential investment is characterized in this model by a time-to-build restriction. The model is brought to U.S. quarterly data - in the period 1970 - 2007 - in order to evaluate whether it can account for stylized facts of the U.S. housing economy as well as the U.S. Macro - economy.Another much talked real estate topic with respect to the subprime crisis is the relationship between bank lending, property prices and economic activity. To that end, the second part of my thesis examines the potential effects of macro-policy and bank lending shocks on the German real estate sector. In particular, the importance of macroeconomic factors like credit to real estate construction, residential investment, and gross domestic product for the dynamics of German commercial real estate prices are analyzed by the means of a structural Vector-Autoregression (SVAR). The SVAR estimation is conduct for both, aggregate Germany and the largest regional states of Bavaria and Nordrhein-Westfalen for the period 1975 to 2004." @default.
- W140945184 created "2016-06-24" @default.
- W140945184 creator A5010608418 @default.
- W140945184 date "2010-10-11" @default.
- W140945184 modified "2023-09-27" @default.
- W140945184 title "Real estate investment dynamics" @default.
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