Table of contents

  1. Front Matter
    Pages i-xvi
  2. The Rise of Major Cities: Causes and Consequences

    1. Front Matter
      Pages 1-1
    2. Lisette van Doorn, Amanprit Arnold, Elizabeth Rapoport
      Pages 3-13 Open Access
    3. Jamie Ratcliff
      Pages 15-21 Open Access
    4. Rob Nijskens, Melanie Lohuis
      Pages 23-35 Open Access
  3. Is There a Bubble in Major Cities?

    1. Front Matter
      Pages 37-37
    2. Stijn Claessens, Jochen Schanz
      Pages 39-49 Open Access
    3. John Muellbauer
      Pages 51-62 Open Access
    4. Laurent Clerc
      Pages 63-81 Open Access
    5. Hites Ahir, Prakash Loungani
      Pages 83-95 Open Access
  4. Housing Supply in Urban Areas

    1. Front Matter
      Pages 97-97
    2. Edward L. Glaeser
      Pages 99-108 Open Access
    3. Albert Saiz
      Pages 109-119 Open Access
    4. Laurens Ivens
      Pages 121-127 Open Access
    5. Kjersti Næss Torstensen, Kasper Roszbach
      Pages 129-139 Open Access
    6. Bahar Öztürk, Dorinth van Dijk, Frank van Hoenselaar, Sander Burgers
      Pages 141-152 Open Access
  5. Policy Responses

    1. Front Matter
      Pages 153-153
    2. Kajsa Ollongren
      Pages 155-158 Open Access
    3. Marco Lo Duca, Sergio Nicoletti-Altimari
      Pages 159-168 Open Access
    4. Grégory Claeys, Konstantinos Efstathiou, Dirk Schoenmaker
      Pages 169-179 Open Access

About this book


This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.
This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.


Open Access Urbanization Housing Markets Mortgage Credit Macroprudential Policy City Housing Bubble Housing Supply and Demand House Prices Housing Investment Financial Stability

Editors and affiliations

  • Rob Nijskens
    • 1
  • Melanie Lohuis
    • 2
  • Paul Hilbers
    • 3
  • Willem Heeringa
    • 4
  1. 1.De Nederlandsche BankAmsterdamThe Netherlands
  2. 2.De Nederlandsche BankAmsterdamThe Netherlands
  3. 3.De Nederlandsche BankAmsterdamThe Netherlands
  4. 4.De Nederlandsche BankAmsterdamThe Netherlands

About the editors

Dr. Rob Nijskens
Rob is an economist in the Financial Stability Division of DNB since 2012, specializing in analyzing financial stability risks in commercial and residential real estate markets. Together with Melanie Lohuis and Willem Heeringa he authored the 2017 DNB Occasional Study “The housing market in major Dutch cities”. He has also written extensively on commercial real estate, both in policy and academic contexts. His academic work has appeared in the Journal of Banking and Finance and the Handbook of Central Banking, Financial Regulation and Supervision. 
Next to his work on real estate, Rob conducts macroprudential analysis and performs research on early warning models. He also teaches macro- and financial economics at Tilburg University.
Rob holds a Master’s degree in International Economics and Finance from Tilburg University and a PhD in Economics from CentER, Tilburg University.

Melanie Lohuis
Melanie is a policy advisor in the Financial Stability department at the Netherlands Bank (DNB). She is the author of the Occasional Study “The housing market in major Dutch cities” (with Rob Nijskens and Willem Heeringa; DNB Occasional Studies Vol. 15-1, 2017). She also co-organized the high-level DNB seminar ‘Hot property: the housing market in major cities’, which brought together high-level policy makers, supervisors and academics from around the globe to address the challenges posed by rising house prices in major cities. 
Melanie has been working at DNB since 2014. Before she took up her current position in the Financial Stability department, she has been working in insurance supervision, payments policy and supervision policy. Prior to this, she conducted policy analysis at a strategic consultancy firm. 
Melanie studied International Economics & Business at the University of Groningen (BSc, MSc).

Prof. Dr. Paul Hilbers
Paul was appointed Director Financial Stability at the Netherlands Bank (DNB) in May 2015. He is a member of the Financial Stability Board's Standing Committee on Assessment of Vulnerabilities and alternate member of the BIS Committee on the Global Financial System. In addition, he is the Secretary of the Dutch Financial Stability Committee, a member of the Council of the Netspar Foundation and an external member of the Audit Committee of the Ministry of Foreign Affairs.
Before taking up his current position, Paul was Director of Supervision Policy at DNB. He has been a member of the Basel Committee and (co-) chair of the Task Forces on Impact & Accountability of Banking Supervision and Sovereign Exposures. Earlier in his career, he worked at the International Monetary Fund (IMF) in Washington for over 15 years. During that period he served as Manager in the IMF's Monetary and Capital Markets Department and Division Chief and Mission Chief in the European Department. 
Paul Hilbers was appointed part-time professor at Nyenrode Business Universiteit (NBU) in 2010. His field is Financial Sector Supervision and his chair is part of the Supervision Academy at NBU. Paul specializes in research that contributes to the further development of supervision and regulation of the financial sector. 
Paul studied Mathematics at the University of Utrecht (BA) and Econometrics at the Free University in Amsterdam (MA), where he also obtained his PhD in International Economics. He has published extensively on monetary, fiscal and financial sector issues.
Dr. Willem Heeringa
Willem is head of Macroprudential Analysis and Policy in the Financial Stability Division of DNB since 2013. Before taking up his current position, he was head of Economic Policy in the Economics and Research Division of DNB. Willem holds a Master’s degree in Monetary Economics from Groningen University and a PhD in Economics from Tilburg University. Willem has published on fiscal, pension and housing issues.

Bibliographic information