The housing market channel of monetary policy transmission in the Euro area

Purpose – The purpose of this paper is to explore the role of the housing market in the monetary policy transmission to consumption among euro area member states. It has been argued that the housing market in one country is then important when its mortgage market is well developed. The countries in the euro area follow unitary monetary policy, however, their housing and mortgage markets show some heterogeneity, which may lead to different policy effects on aggregate consumption through the housing market. Design/methodology/approach – The housing market can act as a channel of monetary policy shocks to household consumption through changes in house prices and residential investment – the housing market channel. We estimate vector autoregressive models for each country and conduct a counterfactual analysis in order to disentangle the housing market channel and assess its importance across the euro area member states. Findings – We find little evidence for heterogeneity of the monetary policy transmission through house prices across the euro area countries. Housing market variations in the euro area seem to be better captured by changes in residential investment rather than by changes in house prices. As a result we do not find significantly large house price channels. For some of the countries however, we observe a monetary policy channel through residential investment. The existence of a housing channel may depend on institutional features of both the labour market or with institutional factors capturing the degree of household debt as is the LTV ratio. Originality/value – The study contributes to the existing literature by assessing whether a unitary monetary policy has a different impact on consumption across the euro area countries through their housing and mortgage markets. We disentangle monetary-policy-induced effects on consumption associated with variations on the housing markets due to either house price variations or residential investment changes. We show that the housing market can play a role in the monetary transmission mechanism even in countries with less developed mortgage markets through variations in residential investment.

Spatial housing economics: a survey

This introduction to the Virtual Special Issue surveys the development of spatial housing economics from its roots in neo-classical theory, through more recent developments in social interactions modelling, and touching on the role of institutions, path dependence and economic history. The survey also points to some of the more promising future directions for the subject that are beginning to appear in the literature. The survey covers elements hedonic models, spatial econometrics, neighbourhood models, housing market areas, housing supply, models of segregation, migration, housing tenure, sub-national house price modelling including the so-called ripple effect, and agent-based models. Possible future directions are set in the context of a selection of recent papers that have appeared in Urban Studies. Nevertheless, there are still important gaps in the literature that merit further attention, arising at least partly from emerging policy problems. These include more research on housing and biodiversity, the relationship between housing and civil unrest, the effects of changing age distributions - notably housing for the elderly - and the impact of different international institutional structures. Methodologically, developments in Big Data provide an exciting framework for future work.

Reducing defects through organizational learning within a Housing Association environment

Housing Associations (HAs) contribute circa 20% of the UK’s housing supply. HAs are however under increasing pressure as a result of funding cuts and rent reductions. Due to the increased pressure, a number of processes are currently being reviewed by HAs, especially how they manage and learn from defects. Learning from defects is considered a useful approach to achieving defect reduction within the UK housebuilding industry. This paper contributes to our understanding of how HAs learn from defects by undertaking an initial round table discussion with key HA stakeholders as part of an ongoing collaborative research project with the National House Building Council (NHBC) to better understand how house builders and HAs learn from defects to reduce their prevalence. The initial discussion shows that defect information runs through a number of groups, both internal and external of a HA during both the defects management process and organizational learning (OL) process. Furthermore, HAs are reliant on capturing and recording defect data as the foundation for the OL process. During the OL process defect data analysis is the primary enabler to recognizing a need for a change to organizational routines. When a need for change has been recognized, new options are typically pursued to design out defects via updates to a HAs Employer’s Requirements. Proposed solutions are selected by a review board and committed to organizational routine. After implementing a change, both structured and unstructured feedback is sought to establish the change’s success. The findings from the HA discussion demonstrates that OL can achieve defect reduction within the house building sector in the UK. The paper concludes by outlining a potential ‘learning from defects model’ for the housebuilding industry as well as describing future work.

Are mortgage lenders guilty of the housing bubble? A UK perspective

Existing theoretical models of house prices and credit rely on continuous rationality of consumers, an assumption that has been frequently questioned in recent years. Meanwhile, empirical investigations of the relationship between prices and credit are often based on national-level data, which is then tested for structural breaks and asymmetric responses, usually with subsamples. Earlier author argues that local markets are structurally different from one another and so the coefficients of any estimated housing market model should vary from region to region. We investigate differences in the price–credit relationship for 12 regions of the UK. Markov-switching is introduced to capture asymmetric market behaviours and turning points. Results show that credit abundance had a large impact on house prices in Greater London and nearby regions alongside a strong positive feedback effect from past house price movements. This impact is even larger in Greater London and the South East of England when house prices are falling, which are the only instances where the credit effect is more prominent than the positive feedback effect. A strong positive feedback effect from past lending activity is also present in the loan dynamics. Furthermore, bubble probabilities extracted using a discrete Kalman filter neatly capture market turning points.

Reactivity of Nellore steers in two feedlot housing systems and its relationship with plasmatic cortisol

To evaluate reactivity to assess the temperament of Nellore steers in two feedlot housing systems (group pen or individual pen) and its relationship with plasmatic cortisol, 36 experimental units were observed five times at 28-day intervals of weight management during a 112-day feedlot confinement. A reactivity score scale ranging from 1 to 5 was applied when an animal was in the chute system. To the calmest animal, a reactivity score of 1 was ascribed and to the most agitated, 5. Blood samples were collected for cortisol analysis. No differences were found in reactivity and feedlot system. There was a relationship noted between reactivity and feedlot time in both housing systems (P < 0.01). There was a relation between reactivity and cortisol levels for group animals (P = 0.0616) and for individual ones (P < 0.01). Cortisol levels varied among housing systems (P < 0.01). Feedlot time influenced the cortisol levels (P < 0.09 individual; P < 0.01 group) and when variable time was included, these levels changed, decreasing in the group pen and increasing in individual pens. The continuous handling reduces reactivity and plasmatic cortisol, and group pen system seems to be less stressfully than individual pens. (C) 2010 Elsevier B.V. All rights reserved.

A Plant Needs Ants like a Dog Needs Fleas: Myrmelachista schumanni Ants Gall Many Tree Species to Create Housing

Hundreds of tropical plant species house ant colonies in specialized chambers called domatia. When, in 1873, Richard Spruce likened plant-ants to fleas and asserted that domatia are ant-created galls, he incited a debate that lasted almost a century. Although we now know that domatia are not galls and that most ant-plant interactions are mutualisms and not parasitisms, we revisit Spruce`s suggestion that ants can gall in light of our observations of the plant-ant Myrmelachista schumanni, which creates clearings in the Amazonian rain forest called ""supay-chakras,"" or ""devil`s gardens."" We observed swollen scars on the trunks of nonmyrmecophytic canopy trees surrounding supay-chakras, and within these swellings, we found networks of cavities inhabited by M. schumanni. Here, we summarize the evidence supporting the hypothesis that M. schumanni ants make these galls, and we hypothesize that the adaptive benefit of galling is to increase the amount of nesting space available to M. schumanni colonies.

A study visit to a vitual company

To integrate study visits to different workplaces in higher education implies important benefits for the course quality. The study visit gives the students a better understanding for the real situations they will meet in working life. However for practical and economical reasons is that not always possible. The purpose of this project is to create a virtual company that shall replace the real one for study visits. The goal is to create a realistic picture and that intended use of it can come as close as possible to a real study visit. It is also important to facilitate linking theory and practice. The virtual company is built up by pictures, videos and text. All material is made available on a web page and when entering the students will meet a layout of the company. From that position is it possible to walk around and look at videos from different workstations. Besides that can they also listen to interviews with managers and representatives of staff as well as reading reports concerning productivity and the work environment. The focus of the study visit is work sciences, therefore the material also include some visualized information about work hazards. On the web page there are also a number of tasks for the students to carry out. Until the autumn 2011, 132 students at Dalarna University have visited and produced reports from the virtual company. They were studying in programs for mechanical engineering, production technicians and human resource management. An evaluation among some ten students showed that the study visit to the virtual company is flexible in time and effective, but that students wish to have even more detailed information about the company. Experiences from four years of use in a number of classes show that the concept is worth further development. Furthermore with production of new material the concept is likely to be applicable for other purposes.

Energy savings potential in existing houses : Energy simulation results for Dalarna's single-family housing stock

Vägar till en halverad energianvändning i Dalarnas byggnadsbestånd

The role of entrepreneurial networking on internationalization of a micro-sized Born Global Swedish fashion company : A narrative ethnographic research

Background: In recent studies a lot of attention is drawn to the connection between networking and entrepreneurship. Many scholars consider successful business and networking inseparable. Taking into consideration the topicality of the two notions discussed above the authors of this thesis decided to conduct the research dedicated to these phenomena in the field that interests them most – in the field of Swedish fashion. Purpose: The purpose of the thesis is to gain a deeper insight into entrepreneur’s experiences to point out the role of entrepreneurial networking in the process of internationalization of a micro-sized Swedish fashion company and to contribute to the research in this field by telling its unique story. Method: To achieve the purpose of the research a narrative ethnographic research was conducted. This research strategy was chosen because it suits the purpose best by giving an opportunity to get fresh insights into the field of entrepreneurial networking from the point of view of the entrepreneur. The data collected has a narrative nature therefore narrative analysis is used to present it. The methods of gathering the data are face-to-face interview and documents. Conclusion: we can define the most important role of entrepreneurial networking on the internationalization process of Odeur as an effective accelerator and a tool to fulfil the knowledge and expertise gaps in certain areas through other actors in the network.

Tha contribution of home-based technology to older people's quality of life in extra care housing

Background: British government policy for older people focuses on a vision of active ageing and independent living. In the face of diminishing personal capacities, the use of appropriate home-based technology (HBT) devices could potentially meet a wide range of needs and consequently improve many aspects of older people's quality of life such as physical health, psychosocial well-being, social relationships, and their physical or living environment. This study aimed to examine the use of HBT devices and the correlation between use of such devices and quality of life among older people living in extra-care housing (ECH).  Methods: A structured questionnaire was administered for this study. Using purposive sampling 160 older people living in extra-care housing schemes were selected from 23 schemes in England. A face-to-face interview was conducted in each participant's living unit. In order to measure quality of life, the SEIQoL-Adapted and CASP-19 were used.  Results: Although most basic appliances and emergency call systems were used in the living units, communally provided facilities such as personal computers, washing machines, and assisted bathing equipment in the schemes were not well utilised. Multiple regression analysis adjusted for confounders including age, sex, marital status, living arrangement and mobility use indicated a coefficient of 1.17 with 95% CI (0.05, 2.29) and p = 0.04 [SEIQoL-Adapted] and 2.83 with 95% CI (1.17, 4.50) and p = 0.001 [CASP-19].  Conclusions: The findings of the present study will be value to those who are developing new form of specialised housing for older people with functional limitations and, in particular, guiding investments in technological aids. The results of the present study also indicate that the home is an essential site for developing residential technologies.

Identity and image – the story of expertise in a manufacturing company

This thesis is an investigation on the corporate identity of the firm SSAB from a managerial viewpoint (1), the company communication through press releases (2), and the image of the company as portrayed in news press articles (3). The managerial view of the corporate identity is researched through interviews with a communication manager of SSAB (1), the corporate communication is researched through press releases from the company (2) and the image is researched in news press articles (3). The results have been deducted using content analysis. The three dimensions are compared in order to see if the topics are coherent. This work builds on earlier research in corporate identity and image research, stakeholder theory, corporate communication and media reputation theory. This is interesting to research as the image of the company framed by the media affects, among other things, the possibility for the company to attract new talent and employees. If there are different stories, or topics, told in the three dimensions then the future employees may not share the view of the company with the managers in it. The analysis show that there is a discrepancy between the topics on the three dimensions, both between the corporate identity and the communication through press releases, as well as between the communication through press releases and the image in news press articles.

AFFORDABLE HOUSING IN KENNEBEC COUNTY

http://digitalcommons.colby.edu/atlasofmaine2005/1025/thumbnail.jpg

Affordable Housing in Kennebec County

The U.S. Department of Housing and Urban Development defines affordable housing as a household paying no more than 30 percent of its annual income on housing. That is, families who pay more than 30 percent of their income on housing are considered cost burdened and may have difficulty affording necessities such as food, clothing, healthcare, and transportation. This project focused on Kennebec County, Maine. Between 1990 and 2000, market demand for housing increased at a faster rate than did the supply of housing. Despite the addition of 6,719 homes, the average home price increased faster than average household income. This raises the question of just how many households in Kennebec County are facing unaffordable housing. Using shapefiles and data provided by the US Census Bureau, a map was created with ArcGIS to illustrate the percentage of households, down to the Census Block level of detail, that are paying more than 30 percent of their income to housing. By looking at this information I was able to get a better picture of the housing situation and where in the county households are having the hardest time meeting their needs. The results indicate that households in the more urbanized sections of the county are more likely than rurally located households to be facing unaffordable housing. Namely, Waterville and Augusta held the highest percentage of households paying more than 30 percent of their income for housing.