| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6214 |
| DP6214 Intermediation and Investment Incentives | |
| Martin Peitz; Paul Belleflamme | |
| 发表日期 | 2007-03-23 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | A reduction in inflation can fuel run-ups in housing prices if people suffer from money illusion. For example, investors who decide whether to rent or buy a house by simply comparing monthly rent and mortgage payments do not take into account that inflation lowers future real mortgage costs. We decompose the price-rent ratio in a rational component ? meant to capture the proxy effect and risk premia ? and an implied mispricing. We find that inflation and nominal interest rates explain a large share of the time-series variation of the mispricing, and that the tilt effect is very unlikely to rationalize this finding. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Behavioural finance Housing Inflation illusion Interest rate Mortgages Money illusion Real estate |
| URL | https://cepr.org/publications/dp6214 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535049 |
| 推荐引用方式 GB/T 7714 | Martin Peitz,Paul Belleflamme. DP6214 Intermediation and Investment Incentives. 2007. |
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