Universität zu Köln

Zdrzalek, Jonas (2024). Essays on Financial and Real Estate Markets. PhD thesis, Universität zu Köln.

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Abstract

This dissertation generally addresses financial markets, with a particular focus on real estate markets. Financial markets are central to all economic activity, and in the real estate market, practically everyone participates, whether as a renter or owner. Real estate is typically the largest investment most people make in their lifetime, and it is often directly connected to financial markets since the property serves as collateral for the mortgage. The first chapter addresses collateralized lending — not necessarily related to housing—and differing expectations among agents regarding the future payouts of assets, and how this can change crises and their mechanisms. Chapter 2 focuses on real estate as a financial asset and investigates how liquidity depends on the heterogeneity of real estate, measured by its location. Chapter 3 explores the interaction between monetary policy and its transmission through real estate markets. The focus is on the heterogeneous impact of monetary policy on house prices across geographic locations.

Item Type:	Thesis (PhD thesis)
Translated abstract:	Abstract Language UNSPECIFIED English
Creators:	Creators Email ORCID ORCID Put Code Zdrzalek, Jonas jonaszdrzalek@gmx.de UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-744114
Date:	2024
Language:	English
Faculty:	Faculty of Management, Economy and Social Sciences
Divisions:	Exzellenzcluster ECONtribute
Subjects:	Economics
Uncontrolled Keywords:	Keywords Language Financial Crises UNSPECIFIED Belief Heterogeneity UNSPECIFIED Housing Liquidity UNSPECIFIED Spatial Equilibrium UNSPECIFIED Monetary Policy UNSPECIFIED Regional Housing Markets UNSPECIFIED
Date of oral exam:	20 December 2024
Referee:	Name Academic Title Schabert, Andreas Prof. Dr. Zimmernmann, Tom Prof. Dr.
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/74411