Global firms finance themselves through foreign subsidiaries, often shell companies in tax
havens, which obscures their true economic location in official statistics. We associate the …

Many cities have attracted a flurry of out‐of‐town (OOT) home buyers. Such capital inflows
affect house prices, rents, construction, labor income, wealth, and ultimately welfare. We …

Real and private-value assets—defined here as the sum of real estate, infrastructure,
collectibles, and noncorporate business equity—compose an investment class worth an …

This article offers a monetary perspective on capital flows and the Eurozone's north-south
divide. It argues that finance-centric narratives in comparative political economy rightly …

I estimate the effects of second‐home buying (existing homeowners acquiring additional
properties) on the housing boom and bust, by constructing a new measure and using a new …

We use a unique quasi-experiment–spillovers from the imposition of purchase restrictions
on local housing to nearby unregulated cities–to study the effects of out-of-town housing …

This paper provides a monetary perspective on capital flows and their effects on
geographically uneven economic dynamics. Contributing to debates on global imbalances …

This paper studies the impact of foreign buyer taxes on house prices using recent law
changes in Canada, Australia, and New Zealand. Counterfactual house prices are estimated …

We use a dynamic hierarchical factor model to identify the national, regional and local
factors of the city-level housing price growth in China. During the zero-lower-bound (ZLB) …

This paper demonstrates that the measured stock of China's holding of US assets could be
much higher than indicated by the US net international investment position data due to …