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SafeHouse SIGNED

Housing, Finance and the Macroeconomy, 1870-2015

Total Cost €


EC-Contrib. €






 SafeHouse project word cloud

Explore the words cloud of the SafeHouse project. It provides you a very rough idea of what is the project "SafeHouse" about.

century    portfolios    2015    bust    history    banks    balance    houses    mortgage    estate    quantify    gap    causes    advice    residential    heterogeneity    evolution    crisis    health    followed    safe    housing    macroeconomic    13    canada    wealth    good    thirds    quantitative    inequality    house    popular    homes    price    first    later    boom    macroeconomy    avenues    exception    financed    close    beginning    wisdom    cycles    rule    home    implications    transformed    market    collection    markets    20th    household    1870    stability    ownership    combining    interaction    supply    extensive    asset    debt    rigorously    prone    live    investment    historical    households    europeans    epicentre    shocks    track    contribution    sheets    geographic    financial    time    safehouse    debated    episodes    credit    effort    loans    australia    risky    countries    risk    goals    ground    data    prices    variation    2008    break    pursue    japan    run   

Project "SafeHouse" data sheet

The following table provides information about the project.


Organization address
city: BONN
postcode: 53113

contact info
title: n.a.
name: n.a.
surname: n.a.
function: n.a.
email: n.a.
telephone: n.a.
fax: n.a.

 Coordinator Country Germany [DE]
 Total cost 1˙536˙130 €
 EC max contribution 1˙536˙130 € (100%)
 Programme 1. H2020-EU.1.1. (EXCELLENT SCIENCE - European Research Council (ERC))
 Code Call ERC-2017-COG
 Funding Scheme ERC-COG
 Starting year 2018
 Duration (year-month-day) from 2018-06-01   to  2023-05-31


Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 


 Project objective

Popular wisdom has it that no other investment is as ‘safe as houses’. Households have rigorously followed this investment advice. At the beginning of the 20th century, home ownership was the exception, not the rule. 100 years later, about two thirds of Europeans own the houses they live in. Homes have become the most important asset of households and mortgage loans have driven the growth of the financial sector, becoming its main asset. In the 2008 crisis, the housing market was the epicentre of shocks to the wealth of households and the health of banks. The rise of debt-financed home ownership has transformed household portfolios and the balance sheets of banks. Yet the effects on the macroeconomy and the implications for financial stability are not well understood. We do not have a good understanding of how risky residential real estate is as an asset, how growing housing wealth affected the overall wealth distribution, or why housing and credit markets are prone to creating boom-bust cycles. SafeHouse aims to close this gap and break new ground in the macroeconomic and financial history of housing markets in 13 European countries as well as Australia, Canada, Japan and the U.S. from 1870–2015. I will pursue three main goals. First, I will determine the long-run price of housing risk, its time variation, and geographic heterogeneity, based on an extensive data collection effort. Second, I will track the evolution of housing wealth in the 20th century and quantify its contribution to much-debated trends in wealth inequality. Third, I will study the causes of boom-bust episodes in housing markets, focusing in particular on the interaction between house prices and credit supply. By combining the production of new historical data with state-of-the-art quantitative analysis, SafeHouse will open new avenues for macroeconomic and financial research on housing markets, inequality, and financial stability.

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The information about "SAFEHOUSE" are provided by the European Opendata Portal: CORDIS opendata.

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