Heterogeneous rental markets in a DSGE model of the euro area

Patrick Hirsch

VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy from Verein für Socialpolitik / German Economic Association

Abstract: The euro area economies are bound together by monetary policy while still inhibiting many heterogeneities. Amongst them the share of homeowners. This paper presents a medium scale New Keynesian DSGE model of the euro area with an extensive housing market which explicitly models endogenous tenure choice. Results from the calibrated model indicate that there are various parameters determining the ownership rate. Dependent on the drivers of the homeownership, shocks have substantial heterogeneous effects on real variables when rates differ across countries.

Keywords: DSGE; ownership-rates; housing; heterogeneities; monetary union (search for similar items in EconPapers)
JEL-codes: E32 (search for similar items in EconPapers)
Date: 2019
New Economics Papers: this item is included in nep-dge, nep-mac and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:vfsc19:203633

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