Essays in Housing Markets
Date
2020
Authors
Advisors
Journal Title
Journal ISSN
Volume Title
Repository Usage Stats
views
downloads
Abstract
The essays in housing markets contained within this dissertation examine the effect of policy decisions on housing market outcomes in the emerging market context of China and the developed market context of US. Specifically, I estimate the effect of demand- and supply-side quantitative allocation policies on the price elasticity of housing supply and the home price volatility across municipalities in China. At the transaction level, I use Chinese land supply data to examine the substitution of land use types, and present evidence on politically driven land supply decisions that favor industrial land use and specific industries to increase local officials’ promotion probabilities. For the US mortgage market, I leverage a unique dataset from Freddie Mac’s national mortgage lender survey to examine the effect of quantitative easing on mortgage-backed securities pricing and primary mortgage rates. I find that large-scale purchases of mortgage-backed securities by the Federal Reserve is associated with substantial declines in mortgage rates across the country, but local economic and housing conditions are also important contributing factors to cross-sectional dispersion in mortgage rates. The combined results of these essays reveal policy decisions can have significant impact on housing market outcomes and provide directions for future research.
Type
Department
Description
Provenance
Subjects
Citation
Permalink
Citation
Yi, Mingzhe (2020). Essays in Housing Markets. Dissertation, Duke University. Retrieved from https://hdl.handle.net/10161/20911.
Collections
Except where otherwise noted, student scholarship that was shared on DukeSpace after 2009 is made available to the public under a Creative Commons Attribution / Non-commercial / No derivatives (CC-BY-NC-ND) license. All rights in student work shared on DukeSpace before 2009 remain with the author and/or their designee, whose permission may be required for reuse.