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on Urban and Real Estate Economics |
| By: | Christian A. L. Hilber; Teemu Lyytikäinen |
| Abstract: | We estimate the effect of the UK Stamp Duty Land Tax (SDLT) - a transfer tax on the purchase price of property or land - on different types of household mobility using micro data. Exploiting a discontinuity in the tax schedule, we isolate the impact of the tax from other determinants of mobility. We compare homeowners with self-assessed house values on either sides of a cut-off value where the tax rate jumps from 1 to 3 percent. We find that a higher SDLT has a strong negative impact on housing-related and short distance moves but does not adversely affect job-induced or long distance mobility. Overall, our results suggest that transfer taxes may mainly distort housing rather than labor markets. |
| Keywords: | transfer taxes, stamp duty, transaction costs, homeownership, household mobility |
| JEL: | D23 H21 H27 J61 R21 R31 R38 |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:cep:sercdp:0216&r=ure |
| By: | Miles, David K; Sefton, James |
| Abstract: | This paper develops a model of the evolution of housing and of housing costs over time and across locations. It aims to understand how housing wealth and the cost of housing have moved over the past and how they might evolve into the future. We use a framework that combines features of a Ramsey two-sector growth model with a model of the geography of residential development that tracks the change in location of the population over time. We use the model to cast light on several issues: Can we expect housing costs to continue rising relative to the price of other goods? Are there conditions where housing costs can be expected to persistently rise faster than incomes? What accounts for the tendency of housing costs in some countries to rise in real terms but at a rate slower than the rise in incomes while in other countries housing costs to income ratios have been on an upwards trend for decades? We find that taking account of the fixity of land supply, rising populations and the changing technology of transport are central to the different paths of housing costs and patterns of residential development across developed economies. We also find that the future path of housing costs is extremely sensitive to two parameters - elasticities of substitution between land and structure in creating housing services and substitutability between housing and consumption goods in utility. The interactions between factors that affect the geographic pattern of housing development and macroeconomic outcomes are explored and we draw out implications for policy. |
| Keywords: | Housing Supply; Spatial Geography; Two Sector Growth Model |
| JEL: | G11 G12 |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:12103&r=ure |
| By: | Lambertini Luisa; Nuguer Victoria; Uysal Pinar |
| Abstract: | This paper models the housing sector, mortgages and endogenous default in a DSGE setting with nominal and real rigidities. We use data for the period 1981-2006 to estimate our model using Bayesian techniques. We analyze how an increase in risk in the mortgage market raises the default rate and spreads to the rest of the economy, creating a recession. In our model two shocks are well suited to replicate the subprime crisis and the Great Recession: the mortgage risk shock and the housing demand shock. Next we use our estimated model to evaluate a policy that reduces the principal of underwater mortgages. This policy is successful in stabilizing the mortgage market and makes all agents better off. |
| Keywords: | Housing;Mortgage Default;DSGE model;Bayesian Estimation |
| JEL: | G01 E44 G21 C11 |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:bdm:wpaper:2017-06&r=ure |
| By: | Mohanty, Biswajit (A.B. College, Bhadrak, Odisha); Bhanumurthy, N. R. (National Institute of Public Finance and Policy); Dastidar, Ananya Ghosh (University of Delhi) |
| Abstract: | The literature on regional growth suggests that divergences in infrastructure is a major factor behind the wide and persistent regional growth imbalances in India. Using a state infrastructure-expenditure function, the paper examines the possible factors that determine infrastructure expenditure and its implication for regional imbalance in infrastructure creation across 14 major Indian states. We, in the present study, find that factors such as resource mobilization, per capita income, and population density may result in unequal infrastructure expenditure across states. We also find that factors such as more spending by the infrastructure-deficit states, political stability, and positive spatial dependence in infrastructure expenditure among states have a balancing effect on infrastructure creation across regions. These results suggest the need for augmenting the financial capacity of the infrastructure-deficit states and strengthening the positive spatial dependence among states through creation of interstate infrastructure networks (railways, national highways etc.) and conducive investment climate, which could boost competition among states for better infrastructure creation. |
| Keywords: | infrastructure ; regional imbalance ; spatial dependence ; Indian states |
| JEL: | H54 R11 R12 C31 |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:17/197&r=ure |
| By: | Lewis Glover, Renée (Federal Reserve Bank of Atlanta); Carpenter, Ann (Federal Reserve Bank of Atlanta); Duckworth, Richard (Federal Reserve Bank of Atlanta) |
| Abstract: | Over the past decade, housing costs have risen faster than incomes. The need for affordable rental housing has well outpaced the number of available units as well as funding allocations at the federal level. Local regulation and land use policies that increase the cost of subsidized, mixed-income housing construction and preservation have contributed to the affordability problem. {{p}} To meet the affordable housing needs in U.S. communities, innovation, creativity, and "out of the box" thinking may be required, particularly as it relates to reducing the rapidly increasing costs of development. Another consideration is pursuing mixed-income development, as it is more financially sustainable than low-income housing. Mixed-income neighborhoods are also desirable as they can lead to substantially better outcomes for families because the higher disposable incomes of a broader economic mix of families attract additional private investment, amenities, and opportunities. {{p}} This discussion paper explores new ideas about how affordable housing in an economically integrated, mixed-income community setting could be developed and operated in an environment of declining government subsidies. Based on interviews with housing stakeholders in Atlanta, Georgia, Jacksonville, Florida, and Nashville, Tennessee, we have compiled ideas that could be scalable and replicable and could result in substantial cost savings without compromising mission, integrity, performance, or accountability. Specific suggestions include standardizing qualifying income targets and other standards imposed by funders and reducing building and permitting barriers to development, such as limited zoning for multifamily housing and regulations limiting wood frame construction. More generally, participants thought existing stakeholders could better address the underlying political environment by creating a unified constituency to advocate for more mixed-income communities. These ideas and lessons learned from the mixed-use, mixed-income revitalization experience may inform and assist cities in rebuilding or enhancing their urban core. |
| Keywords: | affordable housing; mixed-income housing; housing policy; housing development |
| JEL: | H53 H75 I38 R21 R31 R38 |
| Date: | 2017–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedacd:2017-01&r=ure |
| By: | Konstantin A. Kholodilin (National Research University Higher School of Economics); Irina Krylova (National Research University Higher School of Economics); Darya Kryutchenko (St. Petersburg State University, Russia) |
| Abstract: | In the urban economics, the distribution of people and real estate prices depends on the location of the central business district. As distance from the city center increases, both prices and population density diminish, for travel costs increase in terms of time and money. As manufacturing gradually leaves the cities, the importance of consumer amenities as attractors of population to the urban areas increases. The role of the business center is being taken over by the consumer center. This paper identies the location of the consumer center of St. Petersburg - the second largest city in Russia and its former capital. For this purpose using data from open sources on the Internet regarding the location of dierent types of urban amenities, the indices of their spatial density are computed. Using weights based on coefficients of spatial variation and surveys, the individual indices are aggregated to two general centrality indices. Their unique maxima correspond to the city center of St. Petersburg, which is located on Nevsky prospekt, between Fontanka river and Liteinyi prospekt. |
| Keywords: | St. Petersburg; urban amenities; consumer city center; 2D kernel density estimation. |
| JEL: | R14 R15 C43 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:165/ec/2017&r=ure |
| By: | Marisa von Fintel (Department of Economics, Stellenbosch University); Servaas van der Berg (Department of Economics, Stellenbosch University) |
| Abstract: | In this paper we utilise a unique longitudinal school dataset from the Western Cape province of South Africa. We first explore the degree of persistence in the academic performance of learners over time in order to illustrate the importance of early detection of poor performance within the system. Thereafter, we make use of the longitudinal nature of the dataset in order to estimate the impact of school quality on academic performance following a fixed effects approach. We find that moving from a weaker school to a top performing school (a school within the top 20% of the performance distribution) is associated with an increase of 28% of a standard deviation in performance in mathematics, which translates to almost 1 additional year of education. For language, the impact is smaller at 6% of a standard deviation. However, this grows to 12% of a standard deviation for the sample of black learners, who might benefit the most from moving to a high performing school where the language used for instruction in all other subjects is taught well. These findings have important policy conclusions within the South African context, where school quality is heterogeneous and the weak performance of schools at the bottom of the performance distribution contribute to the perpetuation of poverty over time. |
| Keywords: | School quality, school choice, longitudinal data, South Africa |
| JEL: | I21 I24 I28 J13 O15 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:sza:wpaper:wpapers283&r=ure |
| By: | Holmlund, Helena (IFAU - Institute for Evaluation of Labour Market and Education Policy); Böhlmark, Anders (Stockholm University) |
| Abstract: | This paper studies the effects of school organisation on short- and long-run pupil outcomes, exploiting a policy change that reorganised Swedish middle school education. The reorganisation induced pupils to remain in small local schools throughout grades 1–9, as opposed to making a transition to large middle schools between grades 6 and 7. We find that the reorganisation had large consequences for pupils, who came to attend smaller schools closer to home, whose teachers had lower qualifications. Despite that the previous literature has found that school transitions and school size are important inputs in the education production function, we find no evidence that remaining in a small local school and avoiding a transition to a large middle school had effects on educational outcomes. We reconcile our evidence with the previous literature using a survey which shows that Swedish pupils do not perceive large differences in the school environment between schools of different grade configurations. |
| Keywords: | grade configuration; educational production; school transitions; school size |
| JEL: | H52 I21 I28 |
| Date: | 2017–05–18 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:ifauwp:2017_006&r=ure |
| By: | Mihnea Constantinescu (Bank of Lithuania); Povilas Lastauskas (Bank of Lithuania and Faculty of Economics, Vilnius University) |
| Abstract: | We employ the recent Jord? et al. (2016) and Knoll et al. (2017) datasets to investigate the long-run relationship between house prices and credit volume, allowing for interest rate, real exchange rate and real gross domestic product (GDP). We refine the analysis using more recent data at the quarterly-level to define relevant co-integrating relationships across a number of European economies. Housing, GDP and credit cross-sectional averages are included in the analysis to detect potential spill-over effects. Empirical results indicate cross-country heterogeneities and an uneven feedback mechanism between credit and housing – the full loop is established only for several countries in the dataset. Important results relate to the statistical properties of the housing time series. Grouping countries for panel-like econometric exercises may lead to spurious regression results, poor inference and misleading policy implications. Short-run dynamics, compared to the long-run may often lead to contradicting policy advice if the order of integration of the house price series is not properly accounted for. Accounting for spatial patterns of house prices which cannot be attributed to global output shocks may provide useful insights into policy making. |
| Keywords: | house prices, credit, exogeneity and long-run relationships, policy, spill-overs |
| JEL: | C21 E51 O18 R31 |
| Date: | 2017–06–23 |
| URL: | http://d.repec.org/n?u=RePEc:lie:wpaper:45&r=ure |
| By: | Xin Deng |
| Abstract: | With the exponential growth of the national vehicle fleet in the last three decades, most cities in China are facing mounting pressure to tackle congestion and air pollution problems caused by motor vehicles. Beijing, the capital city, is a good case to study how municipal governments address those issues. To alleviate road congestion and pollution, the government has invested heavily in road infrastructure, advanced traffic management technology and also introduced stringent standards on vehicular emissions. However, city planners have been over-relying on command and control measures including travel demand management, which have proven to be costly and inefficient in controlling motor vehicle ownership and usage—the fundamental causes of congestion and emissions. Economic measures including road pricing and vehicle registration auction schemes are superior and should be adopted in travel demand management in the future. |
| Keywords: | congestion, air pollution, motor vehicles, China, travel demand management |
| Date: | 2017–02–24 |
| URL: | http://d.repec.org/n?u=RePEc:een:appswp:201726&r=ure |
| By: | Gabriel Lee; Binh Nguyen Thanh; Johannes Strobel |
| Abstract: | This paper shows that macroeconomic uncertainty affects the housing market in two signi?ficant ways. First, uncertainty shocks adversely affect housing prices but not the quantities that are traded. Controlling for a broad set of variables in fi?xed-effects regressions, we ?find that uncertainty shocks reduce both housing prices and median sales prices in the amount of 1.4% and 1.8%, respectively, but the effect is not statistically signi?cant for the percentage changes of all homes sold. Second, when both uncertainty and local demand shocks are introduced, the effects of uncertainty on the housing market dominate that of local labor demand shocks on housing prices, median sell prices, the share of houses selling for loss, and transactions. The aforementioned effects are largest for the states that exhibit relatively high housing price volatilities, suggesting real options effects in the housing market during the times of high uncertainty. |
| Keywords: | Bartik labor demand shocks, time-varying uncertainty shocks, real options effects, housing market |
| JEL: | E4 E5 E2 R2 R3 |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:bav:wpaper:170_leenguyenthanhstrobel&r=ure |
| By: | Julia Varga (Centre for Economic and Regional Studies, Hungarian Academy of Sciences) |
| Abstract: | Using country panel data of student achievement from PISA, 2003-2012 combined with national-level teacher salary data from the OECD; this study investigates if relatively short term -5-years - changes in the level and structure of statutory teacher salaries affect student performance in the European countries. Our results show that there are marked differences between subjects and by the experience of teachers. Higher statutory teacher salaries and larger growth of teacher salaries at the first part of teachers’ career increase students’ maths and science performance, while the effect was less pronounced on reading performance and at the second part of teacher career. Nevertheless, the reason for the lack of the effect of teacher salaries at the second part of teachers’ career may be the result of the lack of data on teachers’ actual salaries. |
| Keywords: | teacher salaries, student performance, international, PISA, random effect, two-step method |
| JEL: | I20 J31 J45 C23 |
| Date: | 2017–01 |
| URL: | http://d.repec.org/n?u=RePEc:has:bworkp:1701&r=ure |
| By: | Zoltán Hermann (Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences); Alfa Diallo (Regional Centre of Energy Policy Research) |
| Abstract: | This paper examines the effect of teacher gender on student achievement in 20 European countries. We employ a student fixed effect approach to account for unobservable subject-invariant student ability and non-random student-teacher sorting. Our results show that female teachers tend to increase students’ test scores, especially for girls. However, this effect is far from universal; it is present in half of the countries in our sample. The female effect is likely to reflect selection into the teaching profession, as it is stronger in countries where the teacher wages relative to graduate wages are higher for women than for men. Having a teacher of the same gender also benefits students in Western Europe. We further find that the female teacher effect is more pronounced for low achievers, and in Western Europe for students with an immigrant background. |
| Keywords: | teacher gender, student achievement, fixed-effect estimation, TIMSS |
| JEL: | I21 J24 |
| Date: | 2017–01 |
| URL: | http://d.repec.org/n?u=RePEc:has:bworkp:1702&r=ure |
| By: | Ando, Michihito (National Institute of Population and Social Security Research); Dahlberg, Matz (Department of Economics); Engström, Gustav (The Beijer Institute of Ecological Economics) |
| Abstract: | Using a data set on housing sales transactions we explore the potential effect of the Fukushima disaster on housing prices in Sweden. In contrast to most earlier findings in other countries we do not find any disproportionate effect from the Fukushima disaster on housing prices in vicinity of nuclear power plants in Sweden. |
| Keywords: | Fukushima; Nuclear accident; housing price; difference-indifferences |
| JEL: | Q51 Q53 R21 |
| Date: | 2017–02–10 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:uunewp:2017_002&r=ure |
| By: | Crawfurd, Lee |
| Abstract: | Can the quality of school management explain differences in student test scores? In this paper I present the first internationally benchmarked estimates of school management quality in Africa (based on the “World Management Survey”). The level and distribution of management quality is similar to that found in other low and middle- income countries (India and Brazil). I combine this data with individual student panel data, and demonstrate that differences in school management quality matter for student value-added - a standard deviation difference in management is associated with a 0.06 standard deviation difference in test scores. Finally I contribute to understanding the role of the private sector in education in a low-income setting. Contrary to common perception, I find no difference between the quality of school management in government, private, or public-private partnership (PPP) schools (despite the higher level of autonomy available to them). An exception is an internationally-owned chain of PPP schools, which are as well managed as schools in the UK. |
| Keywords: | Education, Management, School Quality, Uganda, Private Schools, Public-Private Partnerships, NGO |
| JEL: | I25 I28 L33 M50 O15 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:79923&r=ure |
| By: | N. Berardi; P. Sevestre; J. Thébault |
| Abstract: | We characterize the dispersion of grocery prices in France based on a large original data set of prices in more than 1500 supermarkets. On average across products, the 90th percentile of relative prices is 17 percentage points higher than the 10th and the mean absolute deviation from quarterly average product prices is 5%. We show that temporal price variations (including sales and promotions) explain only little of the observed price dispersion, while the spatial permanent component of price dispersion largely dominates. Price dispersion across stores in France essentially results from persistent heterogeneity in retail chains' pricing, while local conditions regarding demand or competition contribute to a much lower extent. |
| Keywords: | price dispersion, retail chain, wholesaler. |
| JEL: | E31 D40 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:bfr:banfra:632&r=ure |
| By: | Quis, Johanna Sophie; Reif, Simon |
| Abstract: | A large literature aims to establish a causal link between education and health using changes in compulsory schooling laws. It is however unclear how well more education is operationalized by marginal increases in school years. We shed a new light on this discussion by analyzing the health effects of a reform in Germany where total years of schooling for students in the academic track were reduced from nine to eight while keeping cumulative teaching hours constant by increasing instruction intensity. The sequential introduction of the reform allows us to implement a triple difference-in-differences estimation strategy with data from the German Socio-Economic Panel. We find that increased weekly instruction time has negative health effects for females while they are still in school. However, after graduation, females even seem to benefit from reduced school years. We find no effects on males' health. |
| Keywords: | education and health,instruction intensity,natural experiment,SOEP |
| JEL: | I19 I21 I28 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bamber:123&r=ure |
| By: | David Fleming (Motu Economic and Public Policy Research); Arthur Grimes (Motu Economic and Public Policy Research); Laurent Lebreton (The Modelling House); David C Maré (Motu Economic and Public Policy Research); Peter Nunns (MRCagney) |
| Abstract: | Sunlight influences people’s real estate decisions, but city intensification may reduce sunlight exposure for neighbouring properties, causing a negative externality. There are hitherto no rigorous estimates of the cost of this externality. Using over 5,000 observations on house sales in Wellington, New Zealand, we derive the willingness to pay for an extra daily hour of sun, on average, across the year. After controlling for locational sorting and other considerations in an hedonic regression, we find that each extra daily hour of sunlight exposure is associated with a 2.4% increase in house sale price. This estimate is robust to a variety of alternative specifications. Our results can be used to price negative externalities caused by new development, so replacing inflexible regulations designed to address impacts of development on neighbours’ sunshine. |
| Keywords: | Sunlight, house prices, hedonic model, views, elevation |
| JEL: | R30 R31 N50 |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:mtu:wpaper:17_13&r=ure |
| By: | Dustmann, Christian; Ku, Hyejin; Kwak, Do Won |
| Abstract: | We exploit two unusual policy features of academic high schools in Seoul, South Korea - random assignment of pupils to high schools within districts and conversion of some existing single-sex schools to the coeducational (coed) type over time - to identify three distinct causal parameters: the between-school effect of attending a coed (versus a single-sex) school; the within-school effect of school-type conversion, conditional on (unobserved) school characteristics; and the effect of class-level exposure to mixed-gender (versus same-sex) peers. We find robust evidence that pupils in single-sex schools outperform their counterparts in coed schools, which could be due to single-sex peers in school and classroom, or unobservable school-level covariates. Focusing on switching schools, we find that the conversion of the pupil gender type from single-sex to coed leads to worse academic outcomes for both boys and girls, conditional on school fixed effects and time-varying observables. While for boys, the negative effect is largely driven by exposure to mixed-gender peers at school-level, it is class-level exposure to mixed-gender peers that explains this disadvantage for girls. |
| Keywords: | Gender; random assignment; school inputs; single sex schools |
| JEL: | I20 J16 |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:12101&r=ure |
| By: | Di Liddo, Giuseppe; Morone, Andrea |
| Abstract: | Recent theoretical research suggest that yardstick competition may be biased by the presence of fiscal disparities between local governments and that fiscal equalization may help in correcting this bias. This paper provides an empirical test of these theoretical predictions by means of a laboratory experiment. |
| Keywords: | yardstick competition; fiscal equalization; experiment. |
| JEL: | C91 H71 H76 |
| Date: | 2017–06–20 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:79853&r=ure |
| By: | Chiquiar Daniel; Alvarado Jorge; Quiroga Miroslava; Torre Cepeda Leonardo E. |
| Abstract: | Based on the national Input-Output Matrix (IOM) 2012 calculated by INEGI, we use Flegg's approach to estimate four regional Input-Output Matrices (RIOMs) using Banco de México's regionalization (Northern, North-Central, Central and Southern). The RIOMs are employed to evaluate the impact on regional gross output, value added and employment resulting from a 10,000 million dollar shock on Mexican manufacturing exports. The results show that the effects on the absolute values of gross output, value added and employment in the North are clearly larger than those estimated for the other regions. Another finding is that the total effects of the regional shocks tend to concentrate in the manufacturing sector, with the highest concentration observed in the North, and the lowest in the South. We also find that indirect effects of these shocks tend to be larger in regions far from the US border. |
| Keywords: | Input-Output Model;Regional Analysis;Multiplier Effects;Exports |
| JEL: | R11 R12 R15 |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:bdm:wpaper:2017-09&r=ure |
| By: | Tristan Kenderdine |
| Abstract: | China's transition economy experiment continues to rely heavily on state-driven industrial policy to structure the economy. In 2016, five-year plans on strategic emerging industries were formed by State Council ministries and transmitted to lower levels of government bureaucracy. Building on existing industrial geographic complementarities and technology clusters, developments were expected to dovetail with broader 13th Five-Year Plan and Made in China 2025 industrial policy trajectories. This article explores the policy program of industrial upgrading and innovation in national strategic emerging industries, regional innovation and industrial cluster plans, space and ocean industrial strategies and places China's policy trajectories for industrial development, technology innovation and upgrading in context of institutional economic analysis. |
| Keywords: | industrial policy, institutional economics, industrial clusters, China politics, space policy, ocean policy |
| Date: | 2017–05–12 |
| URL: | http://d.repec.org/n?u=RePEc:een:appswp:201724&r=ure |
| By: | Carpenter, Ann (Federal Reserve Bank of Atlanta); Lueders, Abram (Federal Reserve Bank of Atlanta); Thayer, Chris (Federal Reserve Bank of Atlanta) |
| Abstract: | Since the Great Recession, homeownership rates have dropped and the wealth divide has widened for low-income and racial and ethnic minority households. Homeownership is a significant contributor to household balance sheets and generator of household wealth, particularly for these populations. {{p}} A contract for deed is a seller-financed real estate contract consisting of installment payments. For households that desire the financial and physical security of owning a home, contracts for deed may provide an inexpensive option. However, risks may exist. Unlike the recipient of a mortgage, the purchaser of a home under the terms of a contract for deed does not hold title or build equity on the property, despite being responsible for all expenses. In addition, corporate sellers of contracts for deed have been shown to include many undesirable elements, such as high interest rates and inflated purchase prices. {{p}} Based on our analysis, corporate contract for deed sales increased from 2008 to 2013 and have plateaued or declined since that time in four major southeastern cities. These properties tended to be located in majority-African-American neighborhoods with less access to financial services. However, a much larger yet unknown number of contracts for deed involve a small-scale seller, such as a private individual or local firm. The terms of these contracts vary, with roughly equal numbers of seemingly low-risk contracts and contracts with extremely high interest rates and unfair forfeiture clauses. |
| Keywords: | contract for deed; land contract; informal homeownership; household wealth |
| JEL: | K12 R21 R31 |
| Date: | 2017–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedacd:2017-02&r=ure |
| By: | Christian Dustmann (University College London and CReAM); Francesco Fasani (Queen Mary University of London, CReAM, CEPR and IZA); Xin Meng (Australian National University, CReAM and IZA); Luigi Minale (Universidad Carlos III de Madrid, CReAM and IZA) |
| Abstract: | This paper analyses the relation between individual migrations and the risk attitudes of other household members when migration is a household decision. We develop a simple model that implies that which member migrates depends on the distribution of risk attitudes among all household members, and that the risk diversification gain to other household members may induce migrations that would not take place in an individual framework. Using unique data for China on risk attitudes of internal (rural-urban) migrants and the families left behind, we empirically test three key implications of the model: (i) that conditional on migration gains, less risk averse individuals are more likely to migrate; (ii) that within households, the least risk averse individual is more likely to emigrate; and (iii) that across households, the most risk averse households are more likely to send migrants as long as they have at least one family member with sufficiently low risk aversion. Our results not only provide evidence that migration decisions are taken on a household level but also that the distribution of risk attitudes within the household affects whether a migration takes place and who will emigrate. |
| Keywords: | : risk aversion, internal migration, household decisions |
| JEL: | J61 R23 D81 |
| Date: | 2017–02–24 |
| URL: | http://d.repec.org/n?u=RePEc:csl:devewp:423&r=ure |
| By: | Martino, Ricci; Patrizio, Tirelli |
| Abstract: | Can a DSGE model replicate the financial crisis effects without assuming unprecedented and implausibly large shocks? Starting from the assumption that the subprime crisis triggered the financial crisis, we introduce balance-sheet effects for housing market borrowers and for commercial banks in an otherwise standard DSGE model. Our crisis experiment is initiated by a shock to subprime lending risk, which is calibrated to match the observed increase in subprime delinquency rates. Due to contagion of prime borrowers and to the ensuing adverse effect on banks balance sheets, this apparently small shock is sufficient to trigger a decline in housing investment comparable to what was observed during the financial crisis. The adverse effect of subprimers risk on commercial banks' agency problem is a crucial driver of our results. |
| Keywords: | Housing, Mortgage default, subprime risk, DSGE |
| JEL: | E32 E44 G01 R31 |
| Date: | 2017–06–22 |
| URL: | http://d.repec.org/n?u=RePEc:mib:wpaper:366&r=ure |
| By: | Fritz Schiltz (Leuven Economics of Education Research, University of Leuven, Belgium); Chiara Masci (Modelling and Scientific Computing, Department of Mathematics, Politecnico di Milano, Italy); Tommaso Agasisti (Department of Management, Economics and Industrial Engineering, Politecnico di Milano, Italy); Daniel Horn (Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences) |
| Abstract: | Educational systems can be characterized by a complex structure: students, classes and teachers, schools and principals, and providers of education. The added value of schools is likely influenced by all these levels and, especially, by interactions between them. We illustrate the ability of Machine Learning (ML) methods (Regression Trees, Random Forests and Boosting) to model this complex ‘education production function’ using Hungarian data. We find that, in contrast to ML methods, classical regression approaches fail to identify relevant nonlinear interactions such as the role of school principals to accommodate district size policies. We visualize nonlinear interaction effects in a way that can be easily interpreted. |
| Keywords: | machine learning, education production function, interaction effects, non-linear effects |
| JEL: | C5 C18 C49 I21 H75 |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:has:bworkp:1704&r=ure |
| By: | Pantea, Smaranda |
| Abstract: | Rising minimum wages is a popular policy used to increase the income of low wage workers, reduce inequalities and improve labour market participation. However, there are concerns among policy makers about its possible negative effects on employment. This paper examines the effect of minimum wage increases on regional employment, using a panel of 42 NUTS III regions from Romania over a recent period, 2008-2014, which includes the economic crisis and the recovery. The results show that, on average, increases in minimum wages had an insignificant effect on employment during the period studied. The results are robust to different specifications. They also highlight the importance of a strong manufacturing base for raising regional employment. |
| Keywords: | employment, minimum wage, industrial policy, regional labour markets. |
| JEL: | J23 J31 R23 R28 |
| Date: | 2017–05–20 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:79863&r=ure |
| By: | Aurelien Abrasiert (University of Bern); Marius R. Busemeyer (University of Konstanz); Maria A. Cattaneo (Swiss Coordination Centre for Research in Education); Stefan C. Wolter (CESifo, IZA) |
| Abstract: | Using a unique and original dataset measuring attitudes toward vocational and academic education in Switzerland, we explored differences between Swiss natives and immigrants with regard to individual preferences for these different types of education, and their perceived labor market value and social status. More particularly, we tested the hypothesis that migrants exhibit stronger preferences for academic education and attribute a higher labor market value and social status to this form of education compared to Swiss natives as a result of rational calculations and cultural expectations. As our results indicate, first-generation immigrants do exhibit stronger preferences for academic education and assign a higher labor market value to it, but not necessarily a higher social status, although important differences across distinct groups of migrants can be observed. In general, the rational aspects of distinct types of education as measured by their perceived labor market value appear more relevant for the understanding of the formation of attitudes toward vocational vs. academic education, although the variation across groups of migrants indicates that cultural aspects also matter to a certain extent. |
| Keywords: | migrants, preferences, educational system, vocational education, academic education, rational action theory, cultural heritage |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:iso:educat:0128&r=ure |
| By: | Gordeev, Vlad (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Magomedov, Rustam (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Mikhailova, Tatiyana (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The existence of agglomeration effects is one of the most stable and universal empirical results in the modern economy. "Agglomeration effects" is a general term for all channels of influence of the geographical density of economic activity on the productivity of factors of production. The locomotive of modern economy is cities - places of concentration of the population, firms, market transactions. It is in the cities where most of the added value is created in industrial and post-industrial economies. |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:051743&r=ure |
| By: | Gabriel M. Ahlfeldt (Department of Geography and Environment & Spatial Economics Research Centre (SERC), London School of Economics (LSE)); Wolfgang Maennig (Chair for Economic Policy, University of Hamburg); Felix J. Richter (Chair for Economic Policy, University of Hamburg) |
| Abstract: | While urban renewal programs have become widely used policy measures to target urban devel-opment less is known about the reasons why certain areas are more responsive to policy inter-ventions than others. With this study we address some of these issues by analyzing an urban re-newal program in Berlin, Germany, with 22 designated renewal zones between 1990 and 2012. We separately estimate the effects of the renewal policy on property prices for each respective redevelopment area by comparing price developments in these areas to a series of runner-up areas and to geographically close transactions. We find a considerable amount of heterogeneity. While some areas profit form the renewal policies, there are several areas which develop quite differently and end up with a decrease in property prices due to the urban renewal policy. |
| Keywords: | Urban, renewal, revitalization, area level, hedonic, policy evaluation |
| JEL: | D62 H23 R21 R31 |
| Date: | 2017–06–27 |
| URL: | http://d.repec.org/n?u=RePEc:hce:wpaper:059&r=ure |
| By: | Fredrick M. Wamalwa; Justine Burns |
| Abstract: | This papers examines the effect of private schools on literacy and numeracy skill acquisition among children mainly drawn from lower primary grades in Kenya. We apply a number of estimation approaches that accounts for endogeneity of school choice. We begin with the OLS, as a baseline model. We then estimate the household fxed effects (FE) model to control for unobservables at the household level. We supplement the OLS and FE models with the propensity score matching (PSM) technique. We find a significant private school advantage throughout these methodologies. However, assessing the impact of omitted variable bias (OVB) on the estimated coefficient of private school effect, we find that the bias in the household FE is quite small in magnitude relative to other estimation techniques. Sinc private schooling decision is made at the household level, it is likely that a substantial part of the unobservable component is pertaining to the household. |
| Keywords: | Private schools, household fixed effects, Kenya |
| JEL: | I21 P46 C21 |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:rza:wpaper:689&r=ure |
| By: | Pier Paolo Angelini |
| Abstract: | The influence exerted by five dimensions of inter-organizational proximity (geographical, organizational, network, institutional and technological) on the evolution of the collaboration networks subsidized by the European Union Framework Programmes in the Aerospace sector is studied. The role of the proximity dimensions is controlled by means of a longitudinal analysis with a stochastic actor-oriented model, which will be run on four observations of the network starting in the fourth (1994-1998) and ending in the seventh Framework Programme (2007-2013). Results show that organizational proximity is the most important driver for the longitudinal evolution of the network. Further, this form of proximity is constant in time, analogously to the geographical one which, on its side, only moderately affects network’s evolution. Network proximity plays a weak but positive influence, while the institutional and technological dimensions do not affect the evolution of the network. Anyway, when proximity is evaluated on single institutional and technological types, different roles are detected. Regarding the former, research centres have a preference for inter-organizational mixing, while firms prefer to cooperate with firms. As for the latter, a repulsive tendency among system integrators is appreciated. Organizations’ patenting activity, introduced as a control variable, does not play a significant role on network’s evolution. Length: 41 pages |
| Keywords: | Longitudinal network analysis; Stochastic actor-oriented models; European Framework Programmes; Inter-organizational proximity; R&D collaboration networks; Aerospace. JEL Codes: O33; D85; C63Creation-Date: 2014-03 |
| URL: | http://d.repec.org/n?u=RePEc:csc:cerisp:201402&r=ure |
| By: | Chávez Juan Carlos; Fonseca Felipe J.; Gómez Zaldívar Manuel de Jesús |
| Abstract: | We analyze the relationship between the economic growth rate and a rule of law indicator in Mexican states during the period 2006-2013. Specifically, we employ information regarding the time it takes to solve commercial disputes in local courts, which we use as a proxy variable to measure the efficiency of the justice system. In principle, we expect that the shorter the time it takes to resolve commercial disputes, the higher the growth rates will be in the states where the firms are located. The results suggest that a 100-day decrease in the average time it takes to resolve a commercial dispute is associated with an increase of 0.6 percent in the growth rate of state per capita GDP. |
| Keywords: | Economic Growth;Justice System;Regional Economies |
| JEL: | O43 |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:bdm:wpaper:2017-08&r=ure |
| By: | Cohen, Jeffrey P. (University of Connecticut); Coughlin, Cletus C. (Federal Reserve Bank of St. Louis); Crews, Jonas C. (Federal Reserve Bank of St. Louis) |
| Abstract: | We examine how changes in the geographic concentrations of Hispanic and African-American populations are correlated with changes in probabilities of airport noise, in Atlanta, during 2003 and 2012. We estimate ordered probit and locally weighted ordered probit regressions for three different noise categories to determine the correlations between these two demographic groups and the aircraft noise levels experienced by people in individual houses that sold. Then we determine the average coefficient for all houses sold in each Census block group, and we plot each year’s coefficients for each block group against the percentiles of the minority population. While the absolute level of noise has declined over the geographic area considered in 2012 compared with 2003, we find that the distribution of noise coefficients among Hispanics and blacks became more inequitable in 2012 compared with 2003. At least two potential mechanisms could generate these correlations. Due to residential mobility, income and preferences could combine to produce a concentration of minorities in certain neighborhoods. Or, perhaps noisier flight paths are imposed upon higher minority neighborhoods as a result of discrimination. Our findings contribute to the broader literature on environmental justice, even though we cannot definitively infer the mechanisms at work. |
| Keywords: | Airport Noise; Spatial Heterogeneity; Environmental Justice; Ordered Probit; Locally Weighted Regression |
| JEL: | C25 Q53 R41 |
| Date: | 2017–06–26 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedlwp:2017-015&r=ure |
| By: | Fan Duan; Bulent Unel |
| Abstract: | Using data from Qing Dynasty, this paper investigates long-run implications of the early development for the present development in China. We use city-level population density in 1820 as a measure of the early economic prosperity, and investigate how it is associated with today’s development indicators such as the average night-light density, GDP per capita, average years of schooling, and trade openness. We find that more prosperous cities of the Qing Dynasty are now brighter, richer, more educated, and more open. |
| URL: | http://d.repec.org/n?u=RePEc:lsu:lsuwpp:2017-08&r=ure |
| By: | Muhammad Adeel; Anthony Gar-On Yeh; Feng Zhang |
| Abstract: | This paper explores public transport related issues and their impact on activity participation in everyday life in the Pakistani urban context. The study is based on primary data collected through questionnaire survey from four case study communities in the twin cities of Rawalpindi and Islamabad, each of whom experience reduced access to public transport. Results show that out of home activity uptake is gender segregated. Men were more likely to travel for almost all activities. They were also more likely to either walk or use public transport for daily activity participation. On the other hand, women participated less frequently in the out of home activities. They were more likely to use personal automobile as well. Quantitative analyses highlight that transport related issues such as the financial costs of travel, availability and quality of public transport played a major role in shaping individual's activity participation. People often cut down their activities that required the use of motorized, particularly public transport. Women appeared to be additionally disadvantaged due to limited access to economic resources and increased reliance on personal means of transportation in the study area. |
| Keywords: | transport policy; public transport; activity participation; poverty; social exclusion; Pakistan |
| JEL: | L91 L96 |
| Date: | 2016–04 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:65025&r=ure |
| By: | Francesco Aiello; Graziella Bonanno; Luigi Capristo (Dipartimento di Economia, Statistica e Finanza "Giovanni Anania" - DESF, Università della Calabria) |
| Abstract: | One learns two main lessons from the efficiency literature on local governments. The first lesson regards the heterogeneity in the efficiency scores reported in primary papers. The second lesson is that there is no quantitative evidence on the role played by the features of each paper (i.e. estimation method, sample size, dimension, returns to scale) in explaining the differences in results. In order to fill this gap, we review the related empirical literature and perform a Meta Regression Analysis (MRA) by examining 360 efficiency scores retrieved from 54 papers published from 1993 to 2016. The meta-regression is based on a random effect model estimated with the Random Effects Maximum Likelihood (REML) technique, because it controls for within- and between-study heterogeneity. We also run a fixed effect unrestricted Weighted Least Squares (WLS) regression. Due to its main research focus, that is measuring the impact of potential sources of heterogeneity on local government efficiency, the paper contributes to the debate in two ways. One of this concerns the role of methodological choices made by researchers when performing an efficiency study. The second regards the role of deregulation in local government, which is a policy-issue in a number of countries. Results show that efficiency scores are highly heterogeneous. To be precise, significant differences in means are found when grouping efficiency by different criteria. The meta-regression estimates indicate that studies focusing on technical efficiency provide higher efficiency scores than works evaluating cost efficiency. Using panel data in primary studies allows researchers to obtain higher efficiency of local government than papers using cross-section data. Interestingly, FDH studies yield, on average, higher efficiency scores than DEA papers, thereby suggesting that in this literature the convexity hypothesis of the production set is a matter. Furthermore, we find that primary papers evaluating the efficiency of European municipalities provide lower efficiency scores than studies focusing on other countries (USA, Africa, Asia and Latina America). We also provide evidence that the estimated efficiency scores in primary papers focusing on the municipalities of a region are, one average, lower than those retrieved from studies addressing the efficiency of the national system of local government. |
| Keywords: | Efficiency, Municipalities, Frontier Models, Meta-analysis, Convexity |
| JEL: | C13 C14 C80 D24 H11 H40 H50 |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:clb:wpaper:201704&r=ure |
| By: | Bradbury, Katharine L. (Federal Reserve Bank of Boston); Brown, John C. (Clark University); Burke, Mary A. (Federal Reserve Bank of Boston); Graves, Erin (Federal Reserve Bank of Boston); Triest, Robert K. (Federal Reserve Bank of Boston) |
| Abstract: | This paper describes a plan for evaluating the Community Education Circles (CECs) program that is being implemented in the Lawrence Public Schools as part of an effort to enhance family-school engagement and improve outcomes for both students and parents. The CECs program supports the larger Lawrence Working Families Initiative, which in 2013 was awarded a multiyear grant through the Boston Fed’s Working Cities Challenge. This paper accomplishes several objectives: (1) describe the goals and methods of the CECs program as well as the larger goals of the Lawrence Working Families Initiative; (2) describe the methods that will be used to evaluate the success of the CECs program; (3) describe important features of the survey data and the school administrative data that have been collected so far for the families that are participating in our study. Concerning the last objective, we describe aspects of a family’s structure and employment situation, primary language, demographic information and immigrant status, measures of a family’s financial situation and financial stress, and measures of parents’ satisfaction with the schools and of their involvement in their child’s learning. We also identify relationships between such characteristics that may present barriers to the achievement of the goals of the CECs program across a diverse set of families. |
| Keywords: | public schools; parental involvement; financial stress; survey data; program evaluation; Lawrence Working Families Initiative |
| JEL: | I20 I24 I30 I38 |
| Date: | 2017–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedbcq:2017_001&r=ure |
| By: | Gharad Bryan; Melanie Morten |
| Abstract: | We estimate the aggregate productivity gains from reducing barriers to internal labor migration in Indonesia, accounting for worker selection and spatial differences in human capital. We distinguish between movement costs, which mean workers will only move if they expect higher wages, and amenity differences, which mean some locations must pay more to attract workers. We find modest but important aggregate impacts. We estimate a 22% increase in labor productivity from removing all barriers. Reducing migration costs to the US level, a high mobility benchmark, leads to an 8% productivity boost. These figures hides substantial heterogeneity. The origin population that benefits most sees an 104% increase in average earnings from a complete barrier removal, or a 37% increase from moving to the US benchmark. |
| JEL: | J61 O18 O53 R12 R23 |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:23540&r=ure |
| By: | Gabriel M. Ahfeldt; Elisabetta Pietrostefani |
| Abstract: | The 'compact city' is one of the most prominent concepts to have emerged in the global urban policy debate, though it is difficult to ascertain to what extent its theorised positive outcomes can be substantiated by evidence. Our review of the theoretical literature identifies three main compact city characteristics that have effects on 15 categories of outcomes: economic density, morphological density and mixed land use. The scope of our quantitative evidence-review comprises all theoretically relevant combinations of characteristics and outcomes. We review 321 empirical analyses in 189 studies for which we encode the qualitative result along with a range of study characteristics. In line with theoretical expectations, 69% of the included analyses find normatively positive effects associated with compact urban form, although the mean finding is negative for almost half of the combinations of outcomes and characteristics. |
| Keywords: | compact, city, density, meta-analysis, sustainability, urban |
| JEL: | R38 R52 R58 |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:cep:sercdp:0215&r=ure |
| By: | Thomas Bolli (KOF Swiss Economic Institute, ETH Zurich, Switzerland); Maria Esther Egg (KOF Swiss Economic Institute, ETH Zurich, Switzerland); Ladina Rageth (KOF Swiss Economic Institute, ETH Zurich, Switzerland) |
| Abstract: | To fight negative trends in the youth labour market, policymakers around the world foster vocational education and training programmes (VET). We therefore investigate how the share of three upper secondary education programmes, i.e. general education, school-based VET, and dual VET, affect the labour market of 15-to24-year-olds. We complement the existing literature by analysing non-linear effects that might arise due to general equilibrium effects. Furthermore, we include ten labour market indicators for integration and job quality. To address unobserved heterogeneity across countries, we run ?xed effects regressions on unbalanced panel data of 35 countries from 2004 to 2014. We ?nd that school-based VET hinders youth labour market integration. In contrast, dual VET improves not only labour market integration but also job quality. However, the positive and negative effects of VET programmes diminish with increasing enrolment rates. Thus, policymakers should consider these different effects in their educational reforms. |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:kof:wpskof:17-429&r=ure |
| By: | Upmann, Thorsten (Center for Mathematical Economics, Bielefeld University) |
| Date: | 2017–04–04 |
| URL: | http://d.repec.org/n?u=RePEc:bie:wpaper:239&r=ure |
| By: | Alfredo Marvão Pereira; Rui Manuel Pereira (Department of Economics, The College of William and Mary, Williamsburg VA 23187) |
| Abstract: | This study analyzes the effects of infrastructure investment on labor productivity at the industry level using a newly developed data set for infrastructure investments in Portugal. We consider twenty-two sectors and twelve infrastructure assets. We focus on the differential effects on traded and non-traded sectors. We find, first, that investment in national roads have positive effects, particularly large for public services, while the effects of investments in municipal roads are mixed, and investments in highways have mostly benefited the non-traded sectors. Second, we find that railroad investments, and to a lesser extent airports have clearly biased labor productivity gains toward the non-traded sectors, while the effects of port investments are more muted and mixed. Third, for social infrastructure investments, the effects tend to be large and again particularly favorable to the non-traded sectors. Fourth, for public utilities the effects are in general small, with the exception of investments in telecommunications, which have large positive effects mainly on non-traded sectors. We conclude that infrastructure investments have contributed to the growth of labor productivity in Portugal but have done so in a way that has benefitted mostly non-traded goods sectors. This may be a matter of concern for a small open economy in a currency union and with a development model greatly reliant on exports. |
| Keywords: | Infrastructure Investment, Labor Productivity, Traded and non-traded sectors, VAR, Portugal |
| JEL: | C32 E22 H54 O52 L90 L98 |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:mde:wpaper:0071&r=ure |
| By: | Stark, Oded |
| Abstract: | This paper adds three dimensions to the received literature: it models migration when the individuals' preferences regarding their relative income are ordinal, it works out the resulting spatial steady-state distribution of the individuals, and it shows that the aggregate of the individuals' migration choices in the spatial steady-state distribution sums up to the social optimum. This finding does not apply when the individuals' preferences regarding their relative income are cardinal. We highlight the importance of the assumption about the nature of the individuals' social preferences (whether ordinal or cardinal) to studying and predicting their migration behavior, and to elucidating the consequences of that behavior for social welfare. |
| Keywords: | Ordinal preferences,Distaste for low relative income,An ordinal measure of income relative deprivation,Interregional migration,Steady-state spatial distribution,Social Welfare |
| JEL: | C61 C62 D50 D60 D62 I31 R13 R23 Z13 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:tuewef:98&r=ure |
| By: | Fischer, Stanley (Board of Governors of the Federal Reserve System (U.S.)) |
| Date: | 2017–06–20 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgsq:956&r=ure |
| By: | Ding, Lei (Federal Reserve Bank of Philadelphia); Nakamura, Leonard I. (Federal Reserve Bank of Philadelphia) |
| Abstract: | The Community Reinvestment Act (CRA), enacted in 1977, has served as an important tool to foster access to financial services for lower-income communities across the country. This study provides new evidence on the effectiveness of CRA on mortgage lending by focusing on a large number of neighborhoods that became eligible and ineligible for CRA credit in the Philadelphia market because of an exogenous policy shock in 2014. The CRA effects are more evident when a lower-income neighborhood loses its CRA coverage, which leads to a 10 percent or more decrease in purchase originations by CRA-regulated lenders. Lending institutions not subject to CRA can substitute approximately half, but not all, of the decreased lending by CRA lenders. The increased market share of nondepository institutions in previously CRA eligible neighborhoods, however, was accompanied by a greater involvement in riskier Federal Housing Administration lending. This study demonstrates how different lenders respond to the incentive of CRA credit and how the use of metropolitan division median family incomes can generate unintended consequences on CRA lending activities. |
| Keywords: | Mortgage; Housing; Community Reinvestment Act; Bank Lending |
| Date: | 2017–06–22 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedpwp:17-15&r=ure |
| By: | Wang Lu (Beijing Institute of Technology); Hao Yu (Beijing Institute of Technology); Wei Yi-Ming (Beijing Institute of Technology) |
| Abstract: | China is faced with the big challenge of maintaining a remarkable economic growth in an environmental friendly manner; that is why forecasting the turning point is of necessity. Traditional econometric approaches do not consider the spatial dependence that inevitably exists in the economic units, which probably risks misspecification and generating a biased estimation result. This paper firstly constructs Theil index to measure the intra-and inter regional inequality of CO2 emissions, we find that difference in emissions between regions is narrowed but gap within the Western China is sharply expanding. Then the Spatial Durbin model is employed to shape the relationship between mitigation and economic growth using the panel data of 29 provinces ranging from 1995 to 2011. Results show that the peak of per capita carbon dioxide emissions in China would be seen when GDP per capita reaches between $USD 21594 to 24737 (at 2000 constant price), much smaller when compared with the estimations of models which ignore the spatial dependence. This implies that territorial policy and industry transfer, on one hand would favor those underdeveloped regions with investment, technology and labors transfer; on the other hand enables developed regions more potential to mitigation, thus, chances are that China achieves the emissions peak of carbon dioxide earlier than conventional wisdom. |
| Keywords: | Mitigation, Economic growth, Spatial Interaction, Spatial Durbin Model |
| JEL: | C31 P48 Q54 |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:fem:femwpa:2017.21&r=ure |
| By: | Nazarov, Maksim (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kogan, Y.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Rapoport, I.K. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The volume of socially important services depends not only on the size, but also on the age and gender structure of the population. When developing strategic and territorial planning documents, it is necessary to take into account both all-Russian trends (fluctuations in the share of the child population, a steady increase in the proportion of people older than working age) and regional specifics (intensity and directions of migration flows, restructuring of the resettlement system). The analysis showed that the migration processes in Moscow entail significant changes in the volume and structure of consumption of socially important services, while also having a strong impact on the structure of their consumption in the future. |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:051744&r=ure |
| By: | Minghui, Liu. |
| Keywords: | descriptor 1, descriptor 2, descriptor 3, descriptor 4 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:ilo:ilowps:994958292702676&r=ure |
| By: | Gretchen Kirby; Pia Caronongan; Andrea Mraz Esposito; Lauren Murphy; Megan Shoji; Patricia Del Grosso; Wamaitha Kiambuthi; Melissa Clark |
| Abstract: | This master data collection protocol describes the data that Mathematica collected for the Race to the Top-Early Learning Challenge Study of Tiered Quality Rating and Improvement Systems. This study was conducted for the Department of Education’s Institute of Education Sciences. |
| Keywords: | Race to the Top, Early Learning Challenge, Quality Rating and Improvement Systems, QRIS |
| JEL: | I |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:f7eb0ac082d143359d14baecd4d347bc&r=ure |
| By: | Tetsuji Okazaki (Faculty of Economics, The University of Tokyo); Toshihiro Okubo (Faculty of Economics, Keio University); Eric Strobl (Ecole Polytechnique) |
| Abstract: | The purpose of this paper is to explore to what extent spillovers from Asian financial market shocks have risen during the past two decades. In the first part, we examine spillover effects in stock markets. Estimating the GVAR (Global Vector Autoregressive) model, we find that spillover effects from emerging Asia became large in the post GFC (Global Financial Crisis) period. However, we also find that most of the spillover effects were from shocks in manufacturing sector rather than from those in financial sector. This implies that the spillover effects increased in the post GFC period because of increased manufacturing sector's shocks in emerging Asia. In the second part, we examine spillover effects across different foreign exchange rates. As in the stock markets, spillover effects from emerging Asia became large in the foreign exchange markets in the post GFC period. In particular, our high frequency data analysis suggests that an exchange rate policy change by the PBC (the People's Bank of China) had positive spillover effects on the most of the advanced currencies in the post GFC period. The empirical results imply that the impact of Chinese shocks has been rising in the global financial markets. |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:tky:fseres:2016cf1051&r=ure |
| By: | Mester, Loretta J. (Federal Reserve Bank of Cleveland) |
| Abstract: | Over the past 14 years, the Policy Summit has brought together community development practitioners, researchers, funders, policymakers, and others interested in strengthening our communities so that all people have the opportunity to productively engage in our economy and to share in its benefits. As is clear from the many conversations we’ve had over the past two days — and over the past 14 years of this summit — there are no easy answers. But there are some answers. I will touch on “the why, the how, and the what” of this work: why we at the Fed see our community development efforts as important to our mission of fostering a healthy economy, how we go about doing this work, and some of what we are focusing on. |
| Keywords: | Community Reinvestment Act; data; tools; access to funding; |
| Date: | 2017–06–23 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedcsp:84&r=ure |