About: Real Estate Prices and Their Impact on Czech Households     Goto   Sponge   NotDistinct   Permalink

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  • The present proposal intends to investigate the impact of changes in real estate prices on households in the Czech Republic. First, it will be determined if the housing prices in the Czech Republic have really been too high as judged by fundamental factors, in this case rents. Implications of a standard present value model for investment in housing will be tested by newly developed panel data stationarity tests and a value of a bubble indicator will be calculated. The second part of the project will use an econometric model to evaluate how shocks to apartment prices affect consumption of individual households. This effect will be distinguished for apartment owners and renters. The analysis will be conducted using a unique panel dataset, which contains variation of the price for housing across households. Finally, parameters of a new process for real estate returns will be estimated. The process encompasses scenarios often observed in the data on housing returns. For example, rapidly decreasing housing returns may be accompanied by a higher volatility, similar to the situation in Japan in the early 1990s and in the United States today. The process will then be used in a life-cycle model to quantify the impact of changes in housing prices on welfare of households. The model will be calibrated to conditions prevailing in the Czech economy, including a country and education specific income profiles for households. (en)
  • Projekt si klade za cíl zjistit na základě srovnání nájmů a cen bytů, zda je či byla na českém realitním trhu cenová bublina. Dále je cílem kvantifikace dopadu změn cen nemovitostí na spotřebu a blahobyt jednotlivých domácností. K tomuto účelu budou použity regresní model a model životního cyklu. (cs)
Title
  • Ceny nemovitostí a jejich vliv na české domácnosti (cs)
  • Real Estate Prices and Their Impact on Czech Households (en)
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  • ceny nemovitostí; bublina; spotřeba; blahobyt (en)
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