This is a past event
The seminar will be held in the MacRobert Building MR047 and via MS Teams on March 21st from 12:00pm - 2:00pm.
Join Dr Sofie Waltl from the University of Cambridge as they discuss their research on the external shocks on housing markets.
Abstract: We develop a practical framework to holistically test for the impact of events affecting a housing market yet originating from housing-external sources. For that we classify events along three dimensions to judge which types of reactions are expected to evolve and how to formulate systematic hypotheses: prices versus quantities, supply versus demand, and immediate versus gradually evolving.
These three dimensions translate into clear guidance about which data type (deeds versus adverts) as well as hedonic modelling and testing strategy should ideally be applied. For that, we also formulate a quasi-hedonic count model allowing us to test for quantity effects complementing the classical hedonic price model. We apply this framework to the Austrian real estate market together with a variety of overlapping and disruptive events respectively triggered by the COVID-19 pandemic, the implementation of a policy tightening lending standards as well as the cost-of-living crisis and increased mortgage interest rates.
We strategically incorporate contextual and regime variables into a hierarchical hedonic house price and a hedonic-style count model, and test for their significance. The proposed testing strategy consistently yields the expected results and by that resolves some housing market puzzles.
- Speaker
- Dr Sofie Waltl
- Hosted by
- University of Aberdeen Business School
- Venue
- MacRobert Building
- Contact
-
No booking required.