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<p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;text-align:center">
<a name="_Hlk69118321"><span lang="EN-US" style="font-size:18.0pt">The Institute for Analytical Sociology Seminar</span></a><span style="mso-bookmark:_Hlk69118321"><span lang="EN-US" style="font-size:18.0pt;mso-fareast-language:SV"><o:p></o:p></span></span></p>
<p class="Pa8" align="center" style="margin-bottom:1.0pt;text-align:center"><span style="mso-bookmark:_Hlk69118321"><span class="A8"><span lang="EN-US" style="font-size:18.0pt;font-family:"Times New Roman",serif">Venue: KO301, Campus Norrköping & Online on
Zoom </span></span></span><span style="mso-bookmark:_Hlk69118321"><span class="A8"><span lang="EN-US" style="font-family:"Times New Roman",serif">(see Zoom link in the end of the email)</span></span></span><span style="mso-bookmark:_Hlk69118321"><span class="A6"><span style="font-size:9.0pt;font-family:"Times New Roman",serif;color:windowtext"><o:p></o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark:_Hlk69118321"><span class="A6"><span lang="EN-US" style="font-size:18.0pt;font-family:"Times New Roman",serif;color:#1F497D"><o:p> </o:p></span></span></span></p>
<p class="Pa8" align="center" style="margin-bottom:1.0pt;text-align:center"><span style="mso-bookmark:_Hlk69118321"><span lang="EN-US" style="font-size:18.0pt;font-family:"Times New Roman",serif">Thursday, April 6 @
<b><u>14:30CET</u></b></span><u><o:p></o:p></u></span></p>
<p class="Pa8" align="center" style="margin-bottom:1.0pt;text-align:center"><span style="mso-bookmark:_Hlk69118321"><span lang="EN-US">__________________________________________________</span></span><span style="mso-bookmark:_Hlk69118321"><span lang="EN-US" style="font-family:"Times New Roman",serif"><o:p></o:p></span></span></p>
<p class="MsoNormal" align="center" style="text-align:center"><span style="mso-bookmark:_Hlk69118321"><b><span lang="EN-US" style="font-size:18.0pt;mso-fareast-language:SV"><o:p> </o:p></span></b></span></p>
<p class="MsoNormal" align="center" style="text-align:center"><span style="mso-bookmark:_Hlk69118321"><b><span lang="EN-US" style="font-size:18.0pt;mso-fareast-language:SV"><o:p> </o:p></span></b></span></p>
<p class="MsoNormal" align="center" style="text-align:center"><span style="mso-bookmark:_Hlk69118321"><b><span lang="EN-US" style="font-size:18.0pt;color:black">Spatial Polarization and Housing Markets<o:p></o:p></span></b></span></p>
<p class="MsoNormal" align="center" style="text-align:center"><span style="mso-bookmark:_Hlk69118321"><b><span lang="EN-US" style="font-size:18.0pt"><o:p> </o:p></span></b></span></p>
<p class="MsoNormal" align="center" style="text-align:center"><span style="mso-bookmark:_Hlk69118321"><i><span lang="EN-US" style="font-size:12.0pt;mso-fareast-language:SV">Sebastian Kohl<o:p></o:p></span></i></span></p>
<p class="MsoNormal" align="center" style="text-align:center"><span style="mso-bookmark:_Hlk69118321"><i><span lang="EN-US" style="font-size:12.0pt;mso-fareast-language:SV">Freie Universität, Berlin<o:p></o:p></span></i></span></p>
<p class="MsoNormal" align="center" style="text-align:center"><span style="mso-bookmark:_Hlk69118321"><span lang="EN-US"><o:p> </o:p></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark:_Hlk69118321"><span lang="EN-US"><o:p> </o:p></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark:_Hlk69118321"><span lang="EN-GB" style="font-size:12.0pt">Abstract:<o:p></o:p></span></span></p>
<p><span style="mso-bookmark:_Hlk69118321"><span lang="EN-GB">Housing markets have seen increasing regional polarization of house prices, but not necessarily rents over the last decades of declining interest rates. This talk presents the first comprehensive
attempt to study within-country heterogeneity of resulting total housing returns over the long run. We introduce a new city-level data set covering cities in 15 OECD countries over the past 150 years and expose an important source of long-run return heterogeneity
within the same asset class: location. National housing markets are characterized by systematic spatial variation in housing risk. Total returns in large agglomerations are close to 100 basis points lower per year than in other parts of the same country. Building
on new regulation data, we show that this new stylized fact is robust for different periods of rent control intensity and different regimes of real estate taxation. The excess returns outside the large cities can be rationalized as a compensation for higher
risk, especially higher covariance with income growth and lower liquidity. Real estate in diversified large agglomerations is comparatively safe.<o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark:_Hlk69118321"><span lang="EN-US" style="font-size:12.0pt;color:black"><o:p> </o:p></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark:_Hlk69118321"><span lang="EN-US" style="font-size:12.0pt;color:black">Joint work with Francisco Amaral, Martin Dohmen, Moritz Schularick.</span></span><span style="mso-bookmark:_Hlk69118321"><span lang="EN-US" style="font-size:12.0pt"><o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark:_Hlk69118321"><span lang="EN-US" style="font-size:12.0pt"><o:p> </o:p></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark:_Hlk69118321"><span lang="EN-US">Topic: IAS Seminars<o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark:_Hlk69118321"><span lang="EN-US">Join Zoom Meeting<o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark:_Hlk69118321"></span><a href="https://liu-se.zoom.us/j/65535789369"><span style="mso-bookmark:_Hlk69118321"><span lang="EN-US">https://liu-se.zoom.us/j/65535789369</span></span><span style="mso-bookmark:_Hlk69118321"></span></a><span style="mso-bookmark:_Hlk69118321"><span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark:_Hlk69118321"><span lang="EN-US">Meeting ID: 655 3578 9369<o:p></o:p></span></span></p>
<span style="mso-bookmark:_Hlk69118321"></span>
<p class="MsoNormal"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="mso-ligatures:none;mso-fareast-language:SV">Best regards<br>
Madelene Töpfer<br>
</span><span lang="EN-US" style="mso-ligatures:none;mso-fareast-language:SV">Administrator<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="mso-ligatures:none;mso-fareast-language:SV"><img border="0" width="170" height="44" style="width:1.7708in;height:.4583in" id="_x0000_i1025" src="https://liu.se/mallar/signatur/liu_signatur_en.png" alt="Linköping University"></span><span style="mso-ligatures:none;mso-fareast-language:SV"><o:p></o:p></span></p>
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<p class="MsoNormal"><b><span lang="EN-US" style="font-size:10.0pt;font-family:"Arial",sans-serif;mso-ligatures:none;mso-fareast-language:SV">Institute for Analytical Sociology</span></b><span lang="EN-US" style="font-size:10.0pt;font-family:"Arial",sans-serif;mso-ligatures:none;mso-fareast-language:SV"><br>
S-601 74 Norrköping<br>
Phone: +46 (0)11-36 32 91<br>
Mobile: +46 (0)700 89 66 97<br>
Visiting address: </span><span lang="EN-US" style="mso-ligatures:none;mso-fareast-language:SV">Kopparhammaren 7, Kungsgatan 56D, Campus Norrköping</span><span lang="EN-US" style="font-size:10.0pt;font-family:"Arial",sans-serif;mso-ligatures:none;mso-fareast-language:SV">
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<p class="MsoNormal"><span lang="EN-US" style="font-size:10.0pt;font-family:"Arial",sans-serif;mso-ligatures:none;mso-fareast-language:SV">Please visit us at
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