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on Urban and Real Estate Economics |
| By: | Pierre M. Picard (University of Manchester); Pascal Mossay (Universidad de Alicante) |
| Abstract: | Social interactions are at the essence of societies and explain the gathering of individuals in villages, agglomerations, or cities. We study the emergence of multiple agglomerations as resulting from the interplay between spatial interaction externalities and competition in the land market. We show that the geographical nature of the residential space tremendously affects the properties of spatial equilibria. In particular, when agents locate on an open land strip (line segment), a single city emerges in equilibrium. In contrast, when the spatial economy extends along a closed land strip (circumference), multiple equilibria with odd numbers of cities arise. Spatial equilibrium configurations involve a high degree of spatial symmetry in terms of city size and location, and can be Pareto-ranked. |
| Keywords: | social interaction, multiple agglomerations, spatial economy. |
| JEL: | R10 R12 R13 |
| Date: | 2010–03 |
| URL: | http://d.repec.org/n?u=RePEc:ivi:wpasad:2010-14&r=ure |
| By: | Hensvik, Lena (IFAU - Institute for Labour Market Policy Evaluation) |
| Abstract: | This paper studies how local school competition affects teacher wages at markets where wages are set via individual wage bargaining. Using regional variation in private school entry generated by a Swedish reform which allowed private schools to enter freely and a comprehensive matched employer employee data covering all high school teachers in Sweden over 16 years, I analyze the effects of competition on wages as well as labor flows. The results suggest that competition translates into higher wages, also for teachers in public schools. While the average increases are modest new teachers gain 2 percent and high ability teachers in math and science receive 4 percent higher wages in the most competitive areas compared to areas without any competition from private schools. Several robustness checks support a causal interpretation of the results which together highlight the potential gains from school competition through a more differentiated wage setting of teachers. |
| Keywords: | Private school competition; teacher wages; monopsony power |
| JEL: | J24 J31 J42 |
| Date: | 2010–06–07 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:ifauwp:2010_008&r=ure |
| By: | Theresa Grafeneder-Weissteiner; Klaus Prettner |
| Abstract: | This article investigates agglomeration processes in ageing societies by introducing an overlapping generation structure into a New Economic Geography model. Whether higher economic integration leads to spatial concentration of economic activity crucially hinges on the economies' demographic properties. While population aging as represented by declining birth rates strengthens agglomeration processes, declining mortality rates weaken them. This is due to the fact that we allow for nonconstant population size. In particular, we show that population growth acts as an important dispersion force that augments the distributional effects on agglomeration processes resulting from the turnover of generations. |
| Keywords: | Agglomeration; Population Aging; Population |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:vid:wpaper:1005&r=ure |
| By: | David Cuberes (Dpto. Fundamentos del Análisis Económico) |
| Abstract: | Using two comprehensive datasets on population of cities (1800-2000) and metropolitan areas (1960-2000) for a large set of countries, I present three new empirical facts about the evolution of city growth. First, the distribution of cities growth rates is skewed to the right in most countries and decades. Second, within a country, the average rank of each decade's fastest growing cities tends to increase over time. Finally, this rank grows faster in periods of rapid growth in urban population. These facts can be interpreted as evidence in favor of the idea that urban agglomerations have historically grown following a sequential growth pattern: within a country, the initially largest city is the first one to grow rapidly for some years. At some point, the growth rate of this city slows down and the second largest city is then the fastest-growing one. Eventually, the third largest city starts growing fast as the two largest cities slow down, and so on. |
| Keywords: | City growth, increasing returns, congestion costs, urbanization, Gibrat's Law |
| JEL: | O14 O33 O57 |
| Date: | 2010–03 |
| URL: | http://d.repec.org/n?u=RePEc:ivi:wpasad:2010-05&r=ure |
| By: | Knetsch, Thomas A. |
| Abstract: | Real residential investment in Germany is found to be cointegrated with population, real national income per capita and real house prices. This evidence is consistent with a model where the trend in housing demand is determined by demographic factors and economic well-being to which supply adjusts so slowly that real house prices are affected persistently. Reunification seems to have induced two structural changes in the empirical housing market model. First, the speed of equilibrium adjustment via residential investment slowed down substantially and real house prices lost the capacity to contribute to the adjustment process. Second, the degree of persistence in the error correction term increased a lot. The changing features are key to explain significant differences in alternative trend-cycle decompositions of residential investment. -- |
| Keywords: | Residential investment,vector autoregression,trend-cycle decomposition,Germany |
| JEL: | E22 C32 |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdp1:201010&r=ure |
| By: | Filippo Randelli (Diparimento di Scienze Economiche, Università degli Studi di Firenze) |
| Abstract: | The paper explores the use of open source geographic information system (GIS) applied to firms. Most data available in a company have a spatial dimension and even decisions in marketing and management often have a spatial dimension. The paper is focus on illustrating the variegated opportunities for an open source GIS based strategy for firms. We argue that open source GIS are today as good as its proprietary competitors, and under certain circumstances, they are a superior alternative to their proprietary counterparts. A GIS based strategy for firms, as any other new application of geographical knowledge, it is a prospect of a new area for geography studies. This paper can be considered an initial essay on the role that geographers can play in spatial analysis applied to business strategy. The application is an example of applied geography supporting firm strategies and it has the purpose to identify spatial customer potentials for a specific infrastructure, the inland terminal of Guasticce (Italy). |
| Keywords: | spatial analysis, open source, Geographic Information System (GIS), geography, inland port |
| JEL: | R00 R40 |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:frz:wpaper:wp2010_08.rdf&r=ure |
| By: | Tomohiro MACHIKITA (Inter-disciplinary Studies Center, Japan External Trade Organization); Yasushi UEKI (Bangkok Research Centre- Japan External Trade Organization, Thailand) |
| Abstract: | The main purpose of this paper is to provide empirical evidence on the inter-firm production networks in Southeast Asian developing economies. Using firm-level data obtained from a questionnaire survey of manufacturing firms in Indonesia, the Philippines, Thailand, and Vietnam in 2008, this paper presents the regional distribution of main customers and suppliers and their geographical proximity. Firm-level capabilities and transaction costs associated with specific inter-firm relationships would influence the distances between customers and suppliers. Ordered logistic estimations are carried out to examine factors affecting the spatial architecture of the production networks in the region. |
| Date: | 2010–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:era:wpaper:dp-2010-01&r=ure |
| By: | Dan A. Black; Natalia Kolesnikova; Lowell J. Taylor |
| Abstract: | How significant was the economic progress of African-Americans in the U.S. between 1970 and 2000? In this paper we examine this issue for black men 25-55 years old who live in 14 large U.S. metropolitan areas. We present the evidence that significant racial disparities remain in education and labor market outcomes of black and white men. We discuss changes in industrial composition, migration, and demographic changes that might have contributed to the stagnation of economic progress of black men between 1970 and 2000. In addition, we show that there was no progress in a financial well-being of black children, relative to white children, between 1970 and 2000. |
| Keywords: | African Americans - Economic conditions |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedlwp:2010-015&r=ure |
| By: | Jesse Bricker; Kalena Cortes; Chris Rohlfs |
| Abstract: | Absences in Chicago Public High Schools are 3-7 days per year higher in first period than at other times of the day. This study exploits this empirical regularity and the essentially random variation between students in the ordering of classes over the day to measure how the returns to classroom learning vary by course subject, and how much attendance in one class spills over into learning in other subjects. We find that having a class in first period reduces grades in that course and has little effect on long-term grades or grades in related subjects. We also find moderately-sized negative effects of having a class in first period on test scores in that subject and in related subjects, particularly for math classes. |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2010-33&r=ure |
| By: | Dr. Mitsuyo ANDO (Faculty of Business and Commerce, Keio University, Japan); Dr. Fukunari Kimura (Faculty of Economics, Keio University, Economic Research Institute for ASEAN and East Asia (ERIA)) |
| Abstract: | This paper analyzes the spatial pattern of production/distribution networks in East Asia. Two issues are investigated. The one is how the formation of networks has changed the intra- and inter-regional trade pattern. We find that an explosive expansion of intra-regional trade in machinery parts and components, in particular among developing countries, contributes to the current dense networking. The other is how corporate firms effectively organize fragmentation in terms of geographical distance and disintegration. The micro data of Japanese firms indicate that long-distance transactions are mainly intra-firm while transactions in local markets are predominantly arm’s-length (inter-firm), suggesting the formation of agglomeration. |
| Date: | 2009–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:era:wpaper:dp-2009-20&r=ure |
| By: | Daniel C. Monchuk; Dermot J. Hayes (Center for Agricultural and Rural Development (CARD); Food and Agricultural Policy Research Institute (FAPRI)); John Miranowski; Dayton M. Lambert |
| Abstract: | This study examines aggregate county income growth across the 48 contiguous states from 1990 to 2005. To control for endogeneity we estimate a two-stage spatial error model and infer parameter significance by implementing a number of spatial bootstrap algorithms. We find that outdoor recreation and natural amenities favor positive growth in rural counties, densely populated rural areas enjoy stronger growth, and property taxes correlate negatively with rural growth. We also compare estimates from the aggregate county income growth model with per capita income growth and find that these two growth processes can be quite different. |
| Keywords: | county income growth, rural development, spatial bootstrapping. |
| JEL: | O18 R11 R58 |
| Date: | 2010–05 |
| URL: | http://d.repec.org/n?u=RePEc:ias:fpaper:10-wp507&r=ure |
| By: | Poutvaara, Panu (University of Helsinki); Ropponen, Olli (University of Helsinki) |
| Abstract: | In this paper, we study how high school students reacted to the shocking news of a school shooting. The shooting coincided with national high-school matriculation exams. As there were exams both before and after the shooting, we can perform a difference-in-differences analysis to uncover how the school shooting affected the test scores compared to previous years. We find that the average score of young men declined due to the school shooting, whereas we do not observe a similar pattern for women. |
| Keywords: | school shootings, school performance, shocking news, gender differences, treatment effect models |
| JEL: | C21 J16 I19 |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp5009&r=ure |
| By: | Szanyi, Miklós; Iwasaki, Ichiro; Csizmadia, Péter; Illéssy, Miklós; Makó, Csaba |
| Abstract: | In the epoch of globalization, small or medium-sized national companies have great difficulties in finding an appropriate place for themselves in global labor division systems. They most frequently apply either strategies that help them becoming part of global value chains as regular suppliers, or they try to locate in which they might cooperate with other small companies in industrial clusters to compete with larger multinational companies. In both cases, communication, knowledge transfer, and cooperative actions among companies are essential for improving competitive capacities. Since this type of cooperation relies heavily on close, regular contact and face-to-face interaction, the spatial concentration of actors can improve the chances for success. Literature on the topic of supplier networks and spillover effects, as well as that on industrial clusters, emphasizes the importance of a "critical mass" of companies and other organizations and institutions. The authors first define and describe the types of synergies that stem from co-location of cooperating market actors. In addition the potential linkages among the two types of networks, supplier chains and clusters are explained. After a brief overview of the related literature, the authors introduce a new, refined measurement method of spatial concentration with empirical survey results from Hungary. |
| Keywords: | industry cluster, supplier network, foreign direct investment, Hungary |
| JEL: | D24 F23 L14 L16 P23 R12 |
| Date: | 2010–05 |
| URL: | http://d.repec.org/n?u=RePEc:hit:hituec:a539&r=ure |
| By: | Oliver Falck (Ifo Institute for Economic Research at the University of Munich); Christina Guenther (Max Planck Institute of Economics, Evolutionary Economics Group; WHU- Otto Beisheim School of Management); Stephan Heblich (Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group); William R. Kerr (Harvard Business School, Entrepreneurial Management Unit) |
| Abstract: | We identify the impact of local firm concentration on incumbent performance with a quasi natural experiment. When Germany was divided after World War II, many firms in the machine tool industry fled the Soviet occupied zone to prevent expropriation. We show that the regional location decisions of these firms upon moving to western Germany were driven by non-economic factors and heuristics rather than existing industrial conditions. Relocating firms increased the likelihood of incumbent failure in destination regions, a pattern that differs sharply from new entrants. We further provide evidence that these effects are due to increased competition for local resources. |
| Keywords: | Agglomeration, competition, firm dynamics, labor, Germany |
| JEL: | R10 L10 H25 O10 J20 |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:hbs:wpaper:10-112&r=ure |
| By: | Juan Contreras & Joseph Nichols |
| Abstract: | We estimate the marginal propensity to consume (MPC) out of permanent and transitory shocks to house price appreciation. We consider two different models under which those shocks may affect consumption. In the first one, housing is a risky asset. In the second one, housing has a role as a consumption and as an investment good. In both, changes in the rate of house price appreciation may affect nonhousing consumption. Shocks to appreciation rates may happen when increases in future house prices are expected to differ from the current ones because heterogeneity, market failures or errors in expectations. We test the implications of those models empirically using the PSID's imputed total consumption from food consumption and self-reported house values, and base our identification strategy on two sources of variation in the appreciation rate. The first source depends on the fact that home prices are far more cyclical in areas where the supply of housing is relatively inelastic. The second source is households' perceptions about which parts of shocks to appreciation rates are permanent or transitory. We model households' self-reported rate of appreciation as an AR(1) process and use both the Hodrick-Prescott and the Kalman filter to separate households' perceptions about permanent and transitory shocks to appreciation. Our results show that (1) consumption responses to house wealth shocks vary greatly by area and depend upon the area-specific levels of temporal persistence and variance of those shocks; (2) the overall MPC out of those shocks is 3.5%; (3) the MPC out of permanent shocks is between 3.4% and 9.1%; and (4) the MPC out of transitory shocks is between 0.5% and 3.3%. |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2010-32&r=ure |
| By: | Andreas Nastansky; Hans Gerhard Strohe |
| Abstract: | This paper reviews theoretical and empirical evidence of asset price movements impact on the real economic activity. A key channel is the wealth effect on consumption. Fluctuations in stock prices and housing prices influence the households wealth and could have important impacts on households consumption. In addition, stock prices may affect corporate sector investments and property prices may affect building activity. Here, the method of cointegration is used to estimate the wealth effect and the investment effect in aggregate time series for Germany after the Reunification in 1990. Moreover, we discuss the role of asset prices in the monetary policy strategy of the ECB. |
| Keywords: | Stock Prices, Property Prices, Consumption, Investment, Central Banking Policy |
| JEL: | E58 E22 E21 C32 |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:pot:statdp:38&r=ure |
| By: | Jesse Edgerton |
| Abstract: | Recent literature has estimated that the 2003 dividend tax cut caused a large increase in aggregate dividend payouts, which would imply that dividend taxation creates large efficiency costs relative to the amount of revenue raised. I document that dividend payouts by real estate investment trusts also rose sharply following the tax cut, even though REIT dividends did not qualify for the cut. Using REITs as a control group in a simple difference-in-differences framework produces small and statistically insignificant estimates of the effect of the tax cut on aggregate dividend payouts. I further document that the ratio of dividend payouts to corporate earnings changed little after the tax cut, and that the ratio of dividend payouts to share repurchases fell dramatically. These facts suggest that contemporaneous increases in earnings and investor demand for payouts drove the observed increases in aggregate dividend payouts, with at most a modest role for the tax cut. |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2010-34&r=ure |
| By: | Jacint Balaguer Coll (Universitat Jaume I); José C. Pernías (Dpto. de Economía) |
| Abstract: | Based on the assumption that location is especially relevant in the lodging industry, we exploit a dataset of Spanish hotels to examine the relationship between spatial competition and retail price level and dispersion. Our results support the hypothesis that a greater density of competitors implies both a lower level and less dispersion of retail prices. We find that close competitors, in terms of hotel category and distance, have a stronger effect on price setting behavior. Moreover, we report weak evidence that the relationship between spatial competition and price level depends on whether the day considered belongs to the midweek or the weekend. Therefore, variation in the type of consumers seems to play quite an important role in explaining the relationship. Partiendo del supuesto de que la localización es especialmente relevante para el sector del alojamiento, utilizamos una base de datos de hoteles españoles para examinar la relación entre competencia espacial y el nivel y la dispersión de los precios de las habitaciones. Nuestros resultados confirman la hipótesis de que una mayor densidad de competidores implica niveles de precios menores y menor dispersión de precios. Los competidores cercanos, ya lo sean en términos de categoría hotelera como de distancia, tienen una mayor influencia sobre la fijación de precios. Adicionalmente, encontramos evidencia débil acerca de que la relación entre competencia espacial y el nivel de precios depende de si el día considerado es laborable o corresponde al fin de semana. Por tanto, las variaciones en el tipo de consumidores parecen tener un papel importante en la explicación de esta relación. |
| Keywords: | Nivel de precios, dispersión de precios, competencia espacial, sector hotelero. Price level, price dispersion, spatial competition, hotel industry |
| JEL: | L11 L81 D43 |
| Date: | 2010–04 |
| URL: | http://d.repec.org/n?u=RePEc:ivi:wpasec:2010-03&r=ure |
| By: | Ricardo Mora; Javier Ruiz-Castillo |
| Abstract: | Recent research has shown that two entropy-based segregation indices possess an appealing mixture of basic and subsidiary but useful properties. It would appear that the only fundamental difference between the mutual information, or M index, and the Entropy, Information or H index, is that the second is a normalized version of the first. This paper introduces another normalized index in that famiy, the H* index that, contrary to what is often asserted in the literature, is the normalized entropy index that captures the notion of segregation as departures from evenness. More importantly, the paper shows that applied researchers may do better using the M index than using either H or H* in two dircunstances: (i) if they are interested in the decomposability of segregation measures for any partition of organizational units into larger clusters and of demographic groups into supergroups, and (ii) if they are interested in the invariance properties of segregation measures to changes in the marginal distributions by demographic groups and by organizational units |
| Keywords: | Multigroup segregation measurement, Axiomatic properties, Entropy based indicators, Econometric models |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:cte:werepe:we1012&r=ure |
| By: | Osvaldo Larrañaga; Amanda Telias |
| Abstract: | This study measures the contribution of inequality of opportunities on the educational attainment of Chilean students, captured through the SIMCE test scores. For this, it employs a recently introduced methodology that quantifies the effect of exogenous and endogenous factors on socioeconomic outcomes, using parametric and non-parametric techniques. The study applies this methodology for the SIMCE tests in Mathematics and Language in the 1999 to 2007 period for fourth grade primary, eighth grade primary and for second grade of secondary school. The results show a reduction in the percentage of inequality of SIMCE results arising from exogenous circumstances, which can be interpreted as a decrease in inequality of opportunities. This conclusion is robust to the estimation technique and the schooling grade. In addition, the results reveal that inequality of opportunities is greater in secondary school than in primary school. |
| JEL: | I21 D39 D63 |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:udc:wpaper:wp310&r=ure |
| By: | Arnold, S |
| Abstract: | The daily commute is an important element of transport and travel behaviour in the UK, and as such is relevant to discussions about the environment and sustainability, as well as social well-being. Economic research on the matter focuses on cost and structural factors, with preferences being given, whilst the psychological literature looks at how preferences are formed from attitudes and values, but tends to underplay the role of structural variables. This paper develops a simple structure of how attitudes, values and behaviours are linked, and tests them with multinomial and ordered regressions using data from Defra’s 2007 Survey of Attitudes and Behaviours in Relation to the Environment. The results found that attitudes towards cars and driving were a significant factor in transport choices, but environmental beliefs were only mildly significant, and only for some travel choices. Structural variables, here proxied by distance to work, were influential in most travel choices, as was age. Stated environmental behaviours however, were almost entirely insignificant. The results were robust, and suggest that policies aimed at structural or attitudinal change would be more effective than policies aimed at changing people’s environmental values. |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:eid:wpaper:07/10&r=ure |
| By: | Leme, Maria Carolina; D. Paredes, Ricardo; Portela, André |
| Abstract: | This paper analyses the impact of the decentralization in educational system that is taking place in Brazil inthe last decade, as a result of several laws that encourage municipalities to invest in fundamental education.The proficiency tests undertaken by the government allows to follow some public schools in two points intime. Therefore we were able to create an experimental group with the schools that were under state system inthe SAEB exam and have migrated to the municipality system by the time of Prova Brasil and a control groupwith the schools that were under the state system between the two exams and compare the difference in theirresults using a fixed effect panel data analysis. The difference in difference estimator indicates that there is nosignificant change in the performance of the students. |
| Date: | 2010–06–16 |
| URL: | http://d.repec.org/n?u=RePEc:fgv:eesptd:207&r=ure |
| By: | Tsuru, Tsuyoshi; Owan, Hideo; Uehara, Katsuhito |
| Abstract: | Using personnel and transaction data obtained from two auto dealerships located in a large city in Canada, we examine whether same or different ethnic matches between salespersons and customers affect the prices and quantities of transactions. First, compared with White-White matches, we find little evidence of price discrimination for different ethnicity matches (such as White vs. Middle East), and we detect neither premium price setting nor discounting among same ethnicity matches (such as Asian vs. Asian) relative to different ethnicity matches. Regarding quantity, however, sales ratios to ethnically-same customers are substantially higher than is the case for ethnically dissimilar customers. For example, East Asian salespersons concluded more than 30% of their sales with East Asian customers. Moreover, we find that high-performing salespersons skillfully utilize social networks to conclude transactions with customers of the same ethnicity, especially when business conditions are unfavorable. This finding suggests that social networks are important to understanding the nature of auto retail markets. |
| JEL: | M12 M5 J15 J33 |
| Date: | 2010–03 |
| URL: | http://d.repec.org/n?u=RePEc:hit:hituec:a529&r=ure |
| By: | Bande, Roberto (University of Santiago de Compostela, Spain); Karanassou, Marika (University of London) |
| Abstract: | This paper provides new evidence for the evolution of regional unemployment rates in Spain over the 1980-2000 period. We argue that interactive dynamic systems of labour demand, wage setting, and labour force equations (i) allow for a richer interpretation of regional disparities, and (ii) can capture the unemployment effects of growing variables such as capital stock. After classifying the 17 Spanish regions into high and low unemployment groups using kernel and cluster techniques, we estimate a structural labour market model for each group and evaluate the unemployment contributions of investment, benefits, taxes, and the oil price. We find that the main driving force of regional unemployment swings is capital accumulation. |
| Keywords: | regional unemployment, disparities, capital accummulation, kernel, cluster |
| JEL: | R23 J64 |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp5012&r=ure |
| By: | Kseniia Ursulenko (Osteuropa-Institut, Regensburg (Institut for East European Studies)) |
| Abstract: | This paper presents an overview of Kazakhstan’s regional development based on a description of principal economic and social indicators. The focus is on administratively defined regions (oblasts) of Kazakhstan. The main goal pursued in this report is to examine specific features of socio-economic development in particular regions of the country |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:ost:memopp:47&r=ure |
| By: | Chang, Kuang-Liang; Chen, Nan-Kuang; Leung, Charles Ka Yui |
| Abstract: | This paper confirms that a regime-switching model out-performs a linear VAR model in terms of understanding the system dynamics of asset returns. Impulse responses of REIT returns to either the federal funds rate or the interest rate spread are much larger initially but less persistent. Furthermore, the term structure acts as an amplifier of the impulse response for REIT return, a stabilizer for the housing counterpart under some regime, and, perhaps surprisingly, almost no role for the stock return. In contrast, GDP growth has very marginal effect in the impulse response for all assets. |
| Keywords: | monetary policy; yield curve; REITs; house prices; Markov Regime Switching |
| JEL: | R21 E40 G10 R33 |
| Date: | 2009–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:23514&r=ure |
| By: | John M. Abowd; Lars Vilhuber |
| Abstract: | The Quarterly Workforce Indicators (QWI) are local labor market data produced and released every quarter by the United States Census Bureau. Unlike any other local labor market series produced in the U.S. or the rest of the world, the QWI measure employment flows for workers (accession and separations), jobs (creations and destructions) and earnings for demographic subgroups (age and gender), economic industry (NAICS industry groups), detailed geography (block (experimental), county, Core- Based Statistical Area, and Workforce Investment Area), and ownership (private, all) with fully interacted publication tables. The current QWI data cover 47 states, about 98% of the private workforce in those states, and about 92% of all private employment in the entire economy. State participation is sufficiently extensive to permit us to present the first national estimates constructed from these data. We focus on worker, job, and excess (churning) reallocation rates, rather than on levels of the basic variables. This permits comparison to existing series from the Job Openings and Labor Turnover Survey and the Business Employment Dynamics Series from the Bureau of Labor Statistics. The national estimates from the QWI are an important enhancement to existing series because they include demographic and industry detail for both worker and job flow data compiled from underlying micro-data that have been integrated at the job and establishment levels by the Longitudinal Employer-Household Dynamics Program at the Census Bureau. The estimates presented herein were compiled exclusively from public-use data series and are available for download. |
| JEL: | J6 C82 C43 |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:cen:wpaper:10-11&r=ure |
| By: | Kaliappa Kalirajan; Keijiro Otsuka |
| Abstract: | Though the literature on federalism explains the economic gains from decentralised decision making and related issues in India, there are very few empirical studies examining the causal relationship between decentralisation and development outcomes. Much of the demonstrated gains are in the nature of assertions or qualitative statements. This study, attempts to analyse and quantify the impact of decentralisation in India on its social infrastructure that needs to be supplied by governments as they are not optimally provided by the private sector and on rural development where about 70% of the population live. |
| Keywords: | Fiscal Decentralization, rural development, social infrastructure, India |
| JEL: | H30 H51 H52 |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:pas:asarcc:2010-14&r=ure |
| By: | Juan Esteban Carranza; Salvador Navarro |
| Abstract: | We estimate a dynamic model of mortgage default for a cohort of Colombian debtors between 1997 and 2004. We use the estimated model to study the efects on default of a class of policies that afected the evolution of mortgage balances in Colombia during the 1990's. We propose a framework for estimating dynamic behavioral models accounting for the presence of unobserved state variables that are correlated across individuals and across time periods. We extend the standard literature on the structural estimation of dynamic models by incorporating an unobserved common correlated shock that afects all individuals' static payofs and the dynamic continuation payofs associated with diferent decisions. Given a standard parametric specification the dynamic problem, we show that the aggregate shocks are identifed from the variation in the observed aggregate behavior. The shocks and their transition are separately identifed, provided there is enough cross-sectional variation of the observed states |
| Date: | 2010–06–22 |
| URL: | http://d.repec.org/n?u=RePEc:col:000130:007140&r=ure |
| By: | Khemani, Stuti |
| Abstract: | A recent trend in decentralization in several large and diverse countries is the creation of local jurisdictions below the regional level -- municipalities, towns, and villages -- whose spending is almost exclusively financed by grants from both regional and national governments. This paper argues that such grants-financed decentralization enables politicians to target benefits to pivotal voters and organized interest groups in exchange for political support. Decentralization, in this model, is subject to political capture, facilitating vote-buying, patronage, or pork-barrel projects, at the expense of effective provision of broad public goods. There is anecdotal evidence on local politics in several large countries that is consistent with this theory. The paper explores its implications for international development programs in support of decentralization. |
| Keywords: | Subnational Economic Development,Public Sector Economics,National Governance,Parliamentary Government,Banks&Banking Reform |
| Date: | 2010–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:5350&r=ure |