Research

Frontloading Wealth: How Parental Transfers Shape Housing and Savings  (Job Market Paper)
Abstract: Parents transfer substantial wealth to their children during their lifetime, yet the timing and consequences of these inter vivos transfers remain poorly understood. I show that most parental transfers occur around first-time home purchases, while transfers are largely unrelated to other life events. Because they are predominantly received by already wealthier children, these transfers increase absolute wealth inequality in the short run. Next, I identify the causal effect of parental home purchase transfers on housing outcomes and subsequent wealth accumulation, exploiting exogenous variation from a Dutch tax-exemption policy. While transfers promote wealth accumulation by enabling homeownership, recipients use them primarily to reduce mortgage debt. As a result, the initial wealth gains dissipate over time, as recipients consume the savings from lower debt service rather than reinvesting them.  
Presentations: Netherlands Bureau for Economic Policy Analysis (2025); University of Konstanz (2025); Maastricht University (2025)

Supporting Young Homebuyers  (with Max Löffler)
Abstract: Many countries support young homebuyers financially, but the effects of such targeted policies on homeownership, efficiency, and welfare are not well understood. We study a high-profile transfer tax exemption for young homebuyers introduced in the Netherlands in 2021. The reform offers quasiexperimental variation across time, buyers, and housing units, which we exploit using multiple identification strategies and high-quality administrative data. The policy substantially increased housing transactions, but we can exclude even modest effects on overall homeownership. Instead, we document large timing responses, with bunching around key policy dates and the age threshold. We also show that more than half of the exemption was capitalized into house prices, benefitting sellers rather than buyers. To assess the policy’s welfare implications, we use our reduced-form estimates in a simple assignment model with indivisible housing. While the exemption increased economic surplus, the gains accrued primarily to upper-middle-class households, raising doubts about the policy’s effectiveness as a tool for improving social welfare.
Presentations: Cambridge University (2025); Helsinki GSE (2025); FIT Tampere (2025); Tilburg University (2025); Tinbergen Institute (2025); Verein für Socialpolitik (2025); UEA European Meeting (2025); ZEW Public Finance Conference (2025)

Bidder Beware: Intergenerational Wealth Transfers in the Residential Housing Market  (with Jaap Bos and Nils Kok) 
Abstract: Using an unanticipated tax-exemption policy in the Netherlands, we study the effect of wealth transfers on housing market outcomes. We find that buyers who receive a wealth transfer purchase homes that are 20-35% more expensive, and overpay for a given home by 0.5-2.0%, relative to other buyers. Overpayment is driven by the tightness of the local market in which a home is bought. At the local market level, the policy increases prices due to a spillover effect, whereby home buyers who did not receive a transfer similarly raise their bids in response to an influx of wealth transfer recipients.
Presentations: AREUEA-ASSA Conference (2025); AREUEA International (2023); UEA European Meeting (2023)

Ethnic Matching in Residential Housing Markets  (with Jaap Bos and Olivier Marie)
Abstract: Housing market access for racial and ethnic minorities has been of interest to researchers and policymakers for decades. However, the housing market experiences of minorities have almost exclusively been studied in the distinctly unique setting of the U.S. market. In this paper, we study homebuyers with migratory background in the Netherlands and discover the presence of ethnic networks as an important driver behind access to homeownership. We begin by documenting that ethnic matching of buyers and sellers is decidedly non-random. Instead, we find a strong preference for within-ethnicity matching between migrant homebuyers and -sellers. Next, we study sale prices, and find that within-ethnicity transactions among migrants sell at a substantial discount, relative to other transactions in a neighborhood, holding fixed the unit’s assessed value. This is inconsistent with ethnic homophily, which would predict price premia in within-ethnicity transactions. Instead, it suggests that migrant buyers frequently rely on sellers from their existing network in order to access homeownership.
Presentations: Annual Meeting of the Scottish Economic Society (2025)