Travail de recherche/Working paper
Résumé : We are grateful to the Alexander von Humboldt Foundation for partially funding the acquisition of data from the Regional Real Estate Information System (RIWIS) and to Duncan Roth of the Institute for Employment Research (IAB) for providing us with the early unemployment rate series at the district level in Germany. We would also like to thank the participants at the Southwestern Society of Economists in association with the Federation of Business Disciplines, held in Houston, TX, 8-11 March 2023, for helpful comments and the organizers of that conference for awarding us the ‘McGraw Hill / Irwin Distinguished Paper Award’. We would also like to thank the participants of the AsRES GCREC Joint International Real Estate Conference in Hong Kong SAR, the MAGKS Workshop in Rauischholzhausen and the research seminars at Toyo University in Tokyo and Masaryk University in Brno. Finally, we thank the anonymous reviewers and the editor for their insightful comments and suggestions.