Fig. 6
From: How does immigration affect housing costs in Switzerland?
Source: Own calculations based on data from Wüest Partner and Federal Statistical Office
House prices and immigration—MS-regions from 1985–2016: Event study by year. Notes: The figure shows the estimated coefficients \(\delta _{1,t}\) and \(\delta _{2,t}\) and associated 95% confidence intervals of equation (5). The effect for the highly treated MS-regions (\(\delta _{1,t}\)) is shown in blue and the effect for the moderately treated MS-regions (\(\delta _{2,t}\)) is shown in orange. In Panel A, the dependent variable is the annual change in the log of the price index for single-family homes. In Panel B, the dependent variable is the annual change in the log of the price index for owner-occupied apartments. All regressions include year fixed effects and the annual change in the unemployment rate lagged by one year as a control variable. Standard errors are clustered by MS-regions. The 67th and 33rd percentiles of the distribution of the stock of EU-15 foreigners relative to total population in year 1980 across MS-regions are used as cut-off levels.