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International Monetary Fund
The paper discusses the flexicurity model, its key policy elements, and association with a low unemployment rate and a high standard of social security for the unemployed. It provides details of an empirical analysis of unemployment performance and the flexicurity model. It also presents selected stylized facts about Danish housing price developments and focuses on tax treatment affecting the market. It also shows an empirical result on developments in the housing finance market and in the Danish taxation of housing.
International Monetary Fund
This Selected Issues paper for Belgium evaluates whether price increases in Belgium are excessive. It assesses the household and bank balance sheets and their vulnerability to a slowdown in housing prices, and identifies differences in real estate markets between Belgium and other countries. The paper analyzes policy and institutional factors that may have contributed to housing price developments in Belgium. It identifies potential policies that are available to avert a buildup of pressures. The paper also describes the model setup and calibration of some crucial economic relations and parameters.
Mr. Marcello M. Estevão and Ms. Evridiki Tsounta
The recent crisis has had differential effects across U.S. states and industries causing a wide geographic dispersion in skill mismatches and housing market performance. We document these facts and, using data from the 50 states plus D.C from 1991 to 2008, we present econometric evidence that supports that changes in state-level unemployment rates are linked to skill mismatches and housing market performance even after controlling for cyclical effects. This result suggests some causality going from mismatches and housing conditions to unemployment rates. The numerical estimates imply that the structural unemployment rate in 2010 was about 1¾ percentage points higher than before the onset of the housing market meltdown at end-2006. Reversing this increase may require targeted active labor market policies and measures to expedite the adjustment in housing markets, as our results suggest weak housing market conditions interact negatively with skill mismatches to produce higher unemployment rates in the United States.