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on Urban and Real Estate Economics |
| By: | Enwei Zhu; Stanislav Sobolevsky |
| Abstract: | Urban house prices are strongly associated with local socioeconomic factors. In literature, house price modeling is based on socioeconomic variables from traditional census, which is not real-time, dynamic and comprehensive. Inspired by the emerging concept of "digital census" - using large-scale digital records of human activities to measure urban population dynamics and socioeconomic conditions, we introduce three typical datasets, namely 311 complaints, crime complaints and taxi trips, into house price modeling. Based on the individual housing sales data in New York City, we provide comprehensive evidence that these digital census datasets can substantially improve the modeling performances on both house price levels and changes, regardless whether traditional census is included or not. Hence, digital census can serve as both effective alternatives and complements to traditional census for house price modeling. |
| Date: | 2018–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1809.03834&r=ure |
| By: | Corinne Autant-Bernard (GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - Université de Lyon - CNRS - Centre National de la Recherche Scientifique); James Lesage (McCoy College of Business Administration Finance and Economics Department - Texas State University) |
| Abstract: | Past literature has used conventional spatial autoregressive panel data models to relate patent production output to knowledge production inputs. However, research conducted on regional innovation systems points to regional disparities in both regions ability to turn their knowledge inputs into innovation and to access external knowledge. Applying a heterogeneous coefficients spatial autoregressive panel model, we estimate region-specific knowledge production functions for 94 NUTS3 regions in France using a panel covering 21 years from 1988 to 2008 and 4 high-technology industries. A great deal of regional heterogeneity in the knowledge production function relationship exists across regions, providing new insights regarding spatial spillin and spillout effects between regions. Abstract Past literature has used conventional spatial autoregressive panel data models to relate patent production output to knowledge production inputs. However, research conducted on regional innovation systems points to regional disparities in both regions ability to turn their knowledge inputs into innovation and to access external knowledge. Applying a heterogeneous coefficients spatial autoregressive panel model, we estimate region-specific knowledge production functions for 94 NUTS3 regions in France using a panel covering 21 years from 1988 to 2008 and 4 high-technology industries. A great deal of regional heterogeneity in the knowledge production function relationship exists across regions, providing new insights regarding spatial spillin and spillout effects between regions. |
| Keywords: | Knowledge production,spatial econometrics,region-specific parameters |
| Date: | 2018–09–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-01872021&r=ure |
| By: | Marco Gonzalez-Navarro; Matthew A. Turner |
| Abstract: | We investigate the relationship between the extent of a city’s subway network, its population and its spatial configuration. For the 632 largest cities in the world we construct panel data describing population, measures of centralization calculated from lights at night data, and the extent of each of the 138 subway systems in these cities. These data indicate that large cities are more likely to have subways but that subways have an economically insignificant effect on urban population growth. Our data also indicate that subways cause cities to decentralize, although the effect is smaller than previously documented effects of highways on decentralization. For a subset of subway cities we observe panel data describing subway and bus ridership. For those cities we find that a 10% increase in subway extent causes about a 6% increase in subway ridership and has no effect on bus ridership. |
| JEL: | L91 R11 R14 R4 |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:24996&r=ure |
| By: | Andrey S. Mikhaylov (IKBFU - Immanuel Kant Baltic Federal University) |
| Abstract: | Spatial networking is the 'new normality' of local innovation systems, featuring a heterogeneous set of inter-organizational ties and a constant circulation of information, knowledge, practices, and other intangible assets of actors engaged in the regional innovation milieu. Understanding the particularities of territorial communities formed clarify the socio-spatial dynamics and the development trajectory of the region, its competitiveness and innovative potential. The study explores the variety of factors that affect the patterns of these socioeconomic interactions, such as the networking objectives, the stakeholders involved, the benefits projected, their spatial embeddedness, as to reduce the equivocality inherent to methodologies of delimitation and subsequent demarcation of spatial-network interactions. The study rests upon analysis of different types of relations formed between heterogeneous actors of regional socioeconomic system, both at inter-firm and inter-organizational level. Providing a classification of major factors that determine the features and patterns of spatial networking, the paper proceeds with discussing the differences in their dynamic configurations using three scholarly concepts – industrial district, business cluster, and global innovation network. The study revealed 20 individual typological characteristics in a group of four determining features of spatial-network interactions – the stakeholders, the linkages, the network, and the context. The typology elaborated is irrelative to the types of spatial networking analyzed, thus, being equally applicable to the modeling of different configurations of entrepreneurial interactions within the regional milieu. Territorial capital assessment requires a holistic approach in determining the socio-spatial dynamics of the regional milieu. This necessitates defragmentation of local ties into value constellations of the single regional socioeconomic and innovation system. The study contributes to the understanding of internal mechanisms of various forms of entrepreneurial networking, providing a set of criteria for integrated evaluation of spatial-network interactions. |
| Keywords: | territorial capital,spatial dynamics,regional milieu,local networks |
| Date: | 2018–06–29 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01860131&r=ure |
| By: | Stephan Heblich; Stephen J. Redding; Daniel M. Sturm |
| Abstract: | Modern metropolitan areas involve large concentrations of economic activity and the transport of millions of people each day between their residence and workplace. We use the revolution in transport technology from the invention of steam railways, newly-constructed spatially-disaggregated data for London from 1801-1921, and a quantitative urban model to provide evidence on the role of these commuting flows in supporting such concentrations of economic activity. Steamrailwaysdramaticallyreducedtraveltimesandpermittedthefirstlarge-scaleseparationof workplace and residence. We show that our model is able to account for the observed changes in the organization of economic activity, both qualitatively and quantitatively. In counterfactuals, we find that removing the entire railway network reduces the population and the value of land and buildings in Greater London by 20 percent or more, and brings down commuting into the City of London from more than 370,000 to less than 60,000 workers. |
| Keywords: | agglomeration, urbanization, transportation |
| JEL: | O18 R12 R40 |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:cep:cepdps:dp1573&r=ure |
| By: | Cheshire, Paul |
| Abstract: | This paper summarises the evidence from recent research relating to the British Planning system's impact on the supply of development. Planning serves important economic and social purposes but it is essential to distinguish between restricting development relative to demand in particular places to provide public goods and mitigate market failure in other ways, including ensuring the future ability of cities to expand and maintain a supply of public goods and infrastructure; and an absolute restriction on supply, raising prices of housing and other urban development generally. Evidence is presented that there are at least four separate mechanisms, inbuilt into the British system, which result in a systematic undersupply of land and space for both residential and commercial purposes and that these have had important effects on both our housing market and the wider economy and on welfare more widely defined |
| Keywords: | economic efficiency; housing supply constraints; land use regulation |
| JEL: | R13 R38 |
| Date: | 2018–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:90240&r=ure |
| By: | Murphy, Richard J. (University of Texas at Austin); Weinhardt, Felix (DIW Berlin); Wyness, Gill (University College London) |
| Abstract: | It is well established that teachers are the most important in-school factor in determining student outcomes. However, to date there is scant robust quantitative research demonstrating that teacher training programs can have lasting impacts on student test scores. To address this gap, we conduct and evaluate a teacher peer-to-peer observation and feedback program under Randomized Control Trial (RCT) conditions. Half of 181 volunteer primary schools in England were randomly selected to participate in the two year program. We find that students of treated teachers perform no better on national tests a year after the program ended. The absence of external observers and incentives in our program may explain the contrast of these results with the small body of work which shows a positive influence of teacher observation and feedback on pupil outcomes. |
| Keywords: | education, teachers, RCT, peer mentoring |
| JEL: | I21 I28 M53 |
| Date: | 2018–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp11731&r=ure |
| By: | Kjellander, Josef (University of Gothenburg); Nilsson, Viktor (University of Gothenburg); van Vuuren, Aico (University of Gothenburg) |
| Abstract: | We evaluate the price development of apartments in neighborhoods surrounding temporary housing for refugees using the unpredicted announcement of three building sites, targeting refugees, in Gothenburg. More in particular, we look at the price development in the year after the announcement. We use a causal outcome model that takes account of time and postal-code fixed effects and we define an area to be affected by the announcement based on walking distance. We find support for a small and significant price effect. In addition, we find that the price effect of the neighborhood depends on the income level of the neighborhood. We interpret this as evidence for the fact that not having to live close to refugees can be seen as a luxury good. |
| Keywords: | house prices, migration |
| JEL: | O15 O18 R31 |
| Date: | 2018–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp11726&r=ure |
| By: | Marcus Ingholt (University of Copenhagen) |
| Abstract: | I document that the elasticity of mortgage loan origination with respect to house prices is highly dependent on the change in personal incomes and vice versa, using U.S. county-level panel data. I rationalize this in a model with two occasionally binding borrowing constraints: a loan-to-value (LTV) constraint and a debt-service-to-income (DTI) constraint. A Bayesian estimation of the model infers when the LTV and DTI constraints have been binding during 1975-2017, and which shocks that caused them to bind. A macroprudential experiment shows that countercyclical LTV limits cannot dampen mortgage debt growth in expansions, but DTI limits can. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed018:866&r=ure |
| By: | David Card; Ciprian Domnisoru; Lowell Taylor |
| Abstract: | We use 1940 Census data to study the intergenerational transmission of human capital for children born in the 1920s and educated during an era of expanding but unequally distributed public school resources. Looking at the gains in educational attainment between parents and children, we document lower average mobility rates for blacks than whites, but wide variation across states and counties for both races. We show that schooling choices of white children were highly responsive to the quality of local schools, with bigger effects for the children of less-educated parents. We then narrow our focus to black families in the South, where state-wide minimum teacher salary laws created sharp differences in teacher wages between adjacent counties. These differences had large impacts on schooling attainment, suggesting an important causal role for school quality in mediating upward mobility |
| JEL: | I24 |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25000&r=ure |
| By: | Ignacio Tiznado-Aitken; Juan Carlos Muñoz; Ricardo Hurtubia |
| Abstract: | Cities face the daily challenge of providing people with access to different activities through their public transport systems. Despite its importance, there is little research on accessibility that focuses on the use of this mode and even less accounting for the impact of level of service (i.e. travel time, waiting time, reliability, comfort and transfers). Thus, the aim of this paper is to propose a methodology to determine how access to opportunities and basic services through public transport systems is distributed in cities, and how the perceived level of service decreases or accentuates the existing gaps. Three indicators are calculated for Santiago based on data from public transport operations, smart card validations and georeferenced information: walking accessibility to public transport stops considering the quality of urban furniture, safety and environment; connectivity provided by the system in each area to the rest of the city considering the level of service through a measure of generalised time (in-vehicle time); and a measure of attractiveness of the destinations, based on number of trips attracted by purpose. The methodology is applied to a case study in Santiago, a highly unequal and segregated city. The results show that the accessibility gap between disadvantaged areas and more wealthy neighborhoods of the city increases if the user's perception of level of service for public transport is considered. We show that the three proposed indicators provide different dimensions of accessibility suggesting how and where to intervene to effectively improve equity. Thus, the indicators could be used to assist the prioritisation and focus of investment plans, the design process of urban policies or transport infrastructure and become a key input for planners and decision-makers. |
| Date: | 2016–10–13 |
| URL: | http://d.repec.org/n?u=RePEc:oec:itfaab:2016/15-en&r=ure |
| By: | Geetam Tiwari |
| Abstract: | This paper highlights the urban development in India and implications for low income households living in informal settlements or slums. The paper is divided into four sections. Section 1 describes urban development pattern in India. Section 2 presents a summary of policies since 1950 which have been implemented to address the housing needs of low income households in cities. Section 3 presents impacts of various housing and resettlement policies in selected cities in India. Section 4 summarizes key insights from self-planned low income settlements in cities-the slums, and expert planned low income settlements as part of resettlement policies. |
| Date: | 2016–10–13 |
| URL: | http://d.repec.org/n?u=RePEc:oec:itfaab:2016/18-en&r=ure |
| By: | Erick Guerra (University of Pennsylvania); Mariel Kirschen (University of Pennsylvania) |
| Abstract: | This technical paper provides an overview of the Center for Neighborhood Technology’s (CNT) H+T affordability index and its potential application outside of the United States (US), where it has played a prominent role in documenting the relationship between housing and transportation and in influencing local and national housing policies. After describing the index and its policy use, we detail some of the challenges and opportunities of applying the index in Mexico, apply a modified H+T index to the Mexico City metropolitan area, and examine the effect of accounting for transportation costs on maps and measures of housing affordability. Finally, we conclude with a discussion of some of the opportunities and challenges of applying the H+T index in other OECD nations. The objective is to develop a better understanding of how an H+T index or similar tool could lead to improved public policy throughout the OECD. |
| Date: | 2016–10–13 |
| URL: | http://d.repec.org/n?u=RePEc:oec:itfaab:2016/14-en&r=ure |
| By: | Chletsos, Michael; Roupakias, Stelios |
| Abstract: | In this paper we analyze the impact of immigration on Greek politics over the 2004-2012 period, exploiting panel data on 51 Greek regional units. We account for potential endogenous clustering of migrants into more “tolerant” regions by using a shift-share imputed instrument, based on their allocation in 1991. Overall, our results are consistent with idea that immigration is positively associated with the vote share of extreme-right parties. This finding appears to be robust to alternative controls, sample restrictions and different estimation methods. We do not find supportive evidence for the conjecture that natives “vote with their feet”, i.e. move away from regions with high immigrant concentrations. We also find that the political success of the far-right comes at the expense of “Leftist” parties. Importantly, concerns on criminality and competition for jobs and public resources appear to drive our findings. |
| Keywords: | Immigration, Elections, Political economy |
| JEL: | D72 J15 J61 |
| Date: | 2018–08–18 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:88545&r=ure |
| By: | Vincent Boucher; Finagnon A. Dedewanou; Arnaud Dufays |
| Abstract: | We study peer effects on the formation of beliefs regarding college participation. We present a structural model of learning in friendship networks. We show that the model is identified and we present a Bayesian estimation procedure. We estimate the model using data on teenagers’ beliefs regarding college participation, controlling for preferences and academic achievement. We find that, on average, friends’ beliefs account for about 12% of the updating process. We also find strong heterogeneity among schools and individuals. In particular, we find substantial unobserved individual heterogeneity, which casts doubt on the efficiency of network-targeted public policies. |
| Keywords: | Social networks, Beliefs updating, College participation, Heterogeneous peer effects |
| JEL: | D83 I20 C31 C11 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:lvl:crrecr:1817&r=ure |
| By: | Denning, Jeffrey T. (Brigham Young University); Murphy, Richard (University of Texas at Austin); Weinhardt, Felix (DIW Berlin) |
| Abstract: | This paper considers a fundamental question about the school environment - what are the long run effects of a student\'s ordinal rank in elementary school? Using administrative data from all public school students in Texas, we show that students with a higher third grade academic rank, conditional on ability and classroom effects, have higher subsequent test scores, are more likely to take AP classes, graduate high school, enroll in college, and ultimately have higher earnings 19 years later. Given these findings, the paper concludes by exploring the tradeoff between higher quality schools and higher rank. |
| Keywords: | rank; education; subject choice; |
| JEL: | I20 I23 I28 |
| Date: | 2018–09–20 |
| URL: | http://d.repec.org/n?u=RePEc:rco:dpaper:118&r=ure |
| By: | Ahn, Jae-Wan; Irwin, Elena G. |
| Keywords: | Community/Rural/Urban Development, Risk and Uncertainty, Consumer/Household Economics |
| Date: | 2017–06–15 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea17:259144&r=ure |
| By: | Berna Keskin |
| Abstract: | In the last years Virtual Reality (VR) techniques such as Oculus Rift have become an alternative teaching tool in the Urban Studies programmes. Having provided 360° imagery and tracking, as well as binaural audio, Oculus Rift facilitates a more immersive experience which would fully engage students in a real world replica of any place and space. The Urban Studies and Planning Department at the University of Sheffield, organizes international field trips that allow students to analyse planning in rapidly changing cities. In recent years, the field trips have been to Istanbul, but rapidly emerging security threats in early 2016 required an urgent review. Module leaders were therefore required to carry out a significant rethink as to how the learning outcomes , centred on developing students’ abilities in urban analysis, could be met through an alternative way than a physical field trip. Therefore virtual reality techniques provided the engagement and analytical framework to ignite students’ critical thinking. The experience of using virtual reality tools in urban planning teaching is very new, and this pioneering approach will be used to further develop teaching in the Department. Since VR techniques can be applied to large range of scales, from city level down to room level, would this innovative way of teaching therefore be transferable in real estate education? |
| JEL: | R3 |
| Date: | 2016–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2016_edu_105&r=ure |
| By: | Epstein, Brendan; Finkelstein Shapiro, Alan; Gonzalez Gomez, Andres |
| Abstract: | Using data for a large sample of countries, we find a robust economic and quantitatively significant positive relationship between new firm density and house price volatility. A business cycle model with endogenous firm entry, housing, and housing finance constraints successfully replicates this new fact, both qualitatively and quantitatively. Greater average firm entry is associated with higher average house prices. This makes the cost of housing loans more sensitive to housing-finance shocks, leading to sharper credit and lending-spread fluctuations, and ultimately factually-sharper house price fluctuations. We find broad empirical validation for this mechanism. |
| Keywords: | Endogenous firm entry, firm dynamism, housing price dynamics, fi- nancial frictions and shocks, business cycles |
| JEL: | E30 E32 E44 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:88694&r=ure |
| By: | Hull, Marie C. (University of North Carolina, Greensboro); Norris, Jonathan (University of Strathclyde) |
| Abstract: | In this paper, we study the evolution of cognitive and noncognitive skills gaps for children of immigrants between kindergarten and 5th grade. We find some evidence that children of immigrants begin school with lower math scores than children of natives, but this gap disappears in later elementary school. For noncognitive skills, children of immigrants and children of natives score similarly in early elementary school, but a positive gap opens up in 3rd grade. We find that the growth in noncognitive skills is driven by disadvantaged (e.g., low-SES) immigrant students. We discuss potential explanations for the observed patterns of skill development as well as the implications of our results for the labor market prospects of children of immigrants. |
| Keywords: | children of immigrants, cognitive and noncognitive skills, test score gap |
| JEL: | I21 J13 J15 |
| Date: | 2018–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp11724&r=ure |
| By: | Obergruber, Natalie (Ifo Institute for Economic Research); Zierow, Larissa (University of Munich) |
| Abstract: | Without a school degree, students can have difficulty in the labor market. To improve the lives of upper-secondary school dropouts, German states instituted a school reform that awarded an interim degree to high-track students upon completion of Grade 9. Using retrospective spell data on school and labor market careers from the National Educational Panel Study (NEPS), our difference-in-differences approach exploits the staggered implementation of this reform between 1965 and 1982. As intended, the reform reduced switching between school tracks. Surprisingly, it also increased successful high-track completion, university entrance rates, and later income, arguably by reducing the perceived risk of trying longer in the high-track school. |
| Keywords: | school dropout, school degree, school tracking |
| JEL: | I20 I24 I28 |
| Date: | 2018–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp11732&r=ure |
| By: | Carolina Guevara (GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - Université de Lyon - CNRS - Centre National de la Recherche Scientifique); Stéphane Riou (GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - Université de Lyon - CNRS - Centre National de la Recherche Scientifique); Corinne Autant-Bernard (CREUSET - Centre de Recherche Economique de l'Université de Saint-Etienne - UJM - Université Jean Monnet [Saint-Étienne] - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The paper investigates whether the tertiarisation and the rapid urbanisation faced by developing countries favour agglomeration economies. Focusing on Ecuadorian cantons, a productivity equation is estimated using the GMM model with instruments controlling for endogeneity. The varying impact of industrial concentration, diversity, competition and density across industries is investigated and for the first time, the implication of the level of urbanisation on agglomeration externalities is studied. Stronger effects are found for services. The threshold of urbanisation at which diversity, density and competition agglomeration externalities all generate positive effects was 33% while they seem challenged by congestion in highly urbanised cantons. |
| Keywords: | Agglomeration externalities,productivity,urbanisation,tertiarisation,Latin America |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-01872922&r=ure |
| By: | Hamed Ghiaie (Université de Cergy-Pontoise, THEMA) |
| Abstract: | This paper proposes a DSGE model which uses Bayesian estimations to assess an economy under the strain of borrower’s default on its obligation to intermediary agents, similar to the climate of the Great Recession. The paper finds that the treasury bond market plays an important role in such economy: the default increases the spread between the return of mortgages and deposits, as a result banks prefer to compensate their losses by making profit in the mortgage market and in turn, decreasing their treasury bond holdings. These changes transfer the shock to the real side of the economy through housing, credit, deposit and government loan channels and thereby instigate a business cycle. The model proposed in this paper accurately portrays the behaviour of key economic variables before the Great Recession; in particular housing prices, mortgages, deposits and treasury bond holdings by banks. Significantly, this model illustrates the home price downward spiral which succeeded the recession. The paper demonstrates that the specification of the credit constraint relying on house price expectations as well as frictions in housing and capital investments, which can give rise to the Paradox of Thrift, are the major delay factors in recovery. In addition, the findings argue that macroprudential policies help mitigate financial risks and reduce common exposures across markets. Such policies, however, may be inadequate for the post-crisis restoration of the economy. |
| Keywords: | Private default, Financial business cycle, Macroprudential policy, home-price downward spiral. |
| JEL: | E32 E44 E62 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ema:worpap:2018-12&r=ure |
| By: | Bielecki, Marcin; Stähler, Nikolai |
| Abstract: | We use a New Keynesian DSGE model with search frictions on the housing market to evaluate how financing a labor tax reduction by higher property taxation affects the real economy and welfare. Search on the housing market enables us to explicitly model stocks and flows, which is necessary to differentiate between recurrent property taxes (levied on stocks) and property transaction taxes (levied to flows). We find that using recurrent property taxation as financing instrument outperforms other instruments although all policy measures increase aggregate economy-wide welfare. Our simulations suggest that using property transaction taxation as financing instrument is the least favorable measure. |
| Keywords: | Search Frictions in Housing Markets,Property Taxation,Tax Reform,General Equilibrium |
| JEL: | E51 E6 R31 K34 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdps:302018&r=ure |
| By: | German Gutierrez (New York University) |
| Abstract: | This paper investigates labor and profit share trends across Advanced Economies. It shows that growth in the Real Estate sector is the primary driver of declining labor shares outside the US. Excluding the Real Estate sector, non-US labor and profit shares have remained relatively stable since the 1970s. By contrast, the US labor share declined and the profit share increased across virtually all industries. The divergent US patterns appear to be explained by declining competition in the form of rising mark-ups and rising concentration. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed018:165&r=ure |
| By: | Tom Cohen (UCL Centre for Transport Studies); Clémence Cavoli (UCL Centre for Transport Studies) |
| Abstract: | The possible consequences of the advent of fully automated vehicles (AVs) for personal transport are assessed. A shared-user model is considered preferable to an owner-user model; public-sector intervention is considered necessary to secure the successful integration of AVs with mass transit. Interurban expressways are found to offer a better opportunity than urban roads of capturing the vehicles' potential traffic and safety benefits. AVs' performance in a mixed-fleet scenario is highly dependent on segregation from other road users, but segregation poses significant challenges.The governance of a range of themes (such as demand management and security) is considered. In each case, challenges to achieving a socially desirable outcome are identified. Both laissez-faire and more interventionist styles of governance with respect to AVs present problems but laissez faire may carry greater risk. Decisions on governance should be based on meaningful dialogue with those who stand to be affected. |
| Date: | 2017–07–20 |
| URL: | http://d.repec.org/n?u=RePEc:oec:itfaab:2017/07-en&r=ure |
| By: | Raj Chetty; Nathaniel Hendren; Maggie R. Jones; Sonya R. Porter |
| Abstract: | We study the sources of racial and ethnic disparities in income using de-identified longitudinal data covering nearly the entire U.S. population from 1989-2015. We document three sets of results. First, the intergenerational persistence of disparities varies substantially across racial groups. For example, Hispanic Americans are moving up significantly in the income distribution across generations because they have relatively high rates of intergenerational income mobility. In contrast, black Americans have substantially lower rates of upward mobility and higher rates of downward mobility than whites, leading to large income disparities that persist across generations. Conditional on parent income, the black-white income gap is driven entirely by large differences in wages and employment rates between black and white men; there are no such differences between black and white women. Second, differences in family characteristics such as parental marital status, education, and wealth explain very little of the black-white income gap conditional on parent income. Differences in ability also do not explain the patterns of intergenerational mobility we document. Third, the black-white gap persists even among boys who grow up in the same neighborhood. Controlling for parental income, black boys have lower incomes in adulthood than white boys in 99% of Census tracts. Both black and white boys have better outcomes in low-poverty areas, but black-white gaps are larger on average for boys who grow up in such neighborhoods. The few areas in which black-white gaps are relatively small tend to be low-poverty neighborhoods with low levels of racial bias among whites and high rates of father presence among blacks. Black males who move to such neighborhoods earlier in childhood earn more and are less likely to be incarcerated. However, fewer than 5% of black children grow up in such environments. These findings suggest that reducing the black-white income gap will require efforts whose impacts cross neighborhood and class lines and increase upward mobility specifically for black men. |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:cen:wpaper:18-40&r=ure |
| By: | Stephen E. Roulac |
| Abstract: | A century ago, Nobel literature laureate Rudyard Kipling, advanced the proposition that six critical lines of inquiry were fundamental to knowledge: What, Why, When, How, Where, and Who (Kipling, 1902) Had Kipling been writing today, likely he might have added two more honest serving men: Which and Whether. Knowledge derives from learning. In common with any significant, high-stakes, important undertaking, knowledge of real estate investment – its theory and practice — is a central critical success factor. Learning is the intended byproduct of education. In the 21st century that education is expected to be both rigorous and relevant, concurrently sound in theory and practical in application. Real estate investment knowledge — specifically, how real estate investment theory and practice are conveyed through education — can appropriately be considered through addressing Rudyard Kipling’s Six Honest Serving Men – Plus Two. |
| JEL: | R3 |
| Date: | 2016–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2016_edu_102&r=ure |
| By: | Olivier Cardi; Romain Restout; Peter Claeys |
| Abstract: | Our paper investigates the impact of government spending shocks on relative sector size and contrasts the effects across countries. Using a panel of sixteen OECD countries over the period 1970-2007, our VAR evidence shows that a rise in government consumption i) increases the share of non tradables in labor and real GDP while lowering the share of tradables, and ii) causes a significant increase in non traded wages relative to traded wages. While the first finding reveals that the non traded sector is more intensive in the government spending shock and experiences a labor inflow that increases its relative size, the second finding suggests the presence of labor mobility costs preventing wage equalization across sectors. These labor mobility costs appear to play a key role in determining changes in relative sector size across time and space. Whilst the responses of intersectoral labor reallocation and sectoral shares are found empirically to decline over time, the share of non tradables increases more in countries where the degree of labor mobility across sectors is higher. To account for our evidence, we develop an open economy version of the neoclassical model with tradables and non tradables. Our quantitative analysis shows that the open economy model is successful in replicating the responses of sectoral output shares to a fiscal shock, as long as we allow for a difficulty in reallocating labor across sectors along with adjustment costs to capital accumulation. Finally, calibrating the model to country-specific data, we are able to generate a cross-country relationship between the degree of labor mobility and the responses of sectoral output shares which is similar to that in the data. |
| Keywords: | Fiscal policy, Labor mobility, Investment, Current account, Non tradables, Sectoral wages |
| JEL: | E22 E62 F11 F41 J31 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:lan:wpaper:244952353&r=ure |
| By: | Chi-Cheol Chung (Federal Housing Finance Agency); Andrew V. Leventis (Federal Housing Finance Agency); William M. Doerner (Federal Housing Finance Agency); David Roderer (Federal Housing Finance Agency); Michela Barba (Federal Housing Finance Agency) |
| Abstract: | We offer a new home affordability estimate (HAE) that focuses on the share of housing stock that is affordable to certain households in the United States. The methodology considers affordability as it relates to funds available for down payments, initial monthly housing-related payments, and future projections of household income and costs. The HAE builds upon existing industry statistics in two ways. First, existing affordability indexes make certain assumptions for one or more of those funding factors. We can observe actual investment and expense values. Second, existing industry statistics consider "typical" families that earn the median household income level. The HAE is sufficiently more flexible for evaluating families at different places in the income distribution. This paper discusses the assumptions and processes for creating the HAE indexes; compares the national time series for very low-, low-, and medium-income families; and then documents trends across metropolitan areas. We offer the data for public usage and leave commentary about implications to future research. |
| Keywords: | affordability, housing, mortgage, personal finance, real estate |
| JEL: | C43 D14 D31 R21 R31 |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:hfa:wpaper:18-04&r=ure |
| By: | Jonas Eliasson (Royal Institute of Technology) |
| Abstract: | This paper discusses and analyses whether congestion charges can be considered to be “fair” in different senses to the word. Two different perspectives are distinguished: the consumer perspective and the citizen perspective. The consumer perspective is the traditional one in equity analyses, and includes changes in travel costs, travel times and so on. Using data from four European cities, the analysis shows that high-income groups pay more than low-income groups, but low-income groups pay a higher share of their income. This paper argues that which distributional measure is most appropriate depends on the purpose(s) of the charging system. The citizen perspective is about individuals’ view of social issues such as equity, procedural fairness and environmental issues. This paper argues that an individual can be viewed as a “winner” from a citizen perspective if a reform (such as congestion pricing) is aligned with her views of what is socially desirable. Using the same data set, this paper analyses to what extent different income groups “win” or “lose” from a citizen perspective – i.e., to what extent congestion pricing is aligned with the societal preferences of high- and low-income groups. |
| Date: | 2016–10–13 |
| URL: | http://d.repec.org/n?u=RePEc:oec:itfaab:2016/13-en&r=ure |
| By: | Ludmila Orlova (Samara State Technical University); Galina Gagarinskaya (Samara State Technical University); Yuliya Gorbunova (Samara State Technical University); Olga Kalmykova (Samara State Technical University) |
| Abstract: | The article considers the factors influencing regional development on the part of start-ups, shows a cognitive model of such impact, and gives an analysis of scenario modeling in the Samara Region. The research results are aimed at creating favorable conditions for ensuring the progressive development of a single region and the entire Russian economy. To implement the goal, studies were carried out in the form of an expert survey aimed at assessing the impact of start-ups on regional development. The study included methods of systemic analysis, economic statistics, methods of sociological expert survey, a method of statistical data analysis, a method of qualitative peer review, and a method of cognitive modeling. The article presents the results of scientific research aimed at identifying the mutual influence of the basic factors of regional development and start-ups as an important element of the socioeconomic system. The works of many scholars are devoted to the analysis and research of the problem of innovative entrepreneurship. They reveal the aspects of studying innovative entrepreneurship in the context of improving the effectiveness of innovative activity and motivating entrepreneurship. This study highlights the importance of start-ups for the formation and development of effective regional innovation systems and actualizes investigations related to identifying the main directions in the activities of the region's start-ups. A comparative analysis of the scenarios was carried out and the most effective of them were determined for the Samara Region. The presented research results can be transferred and reproduced in any constituent entity of the Russian Federation. The obtained cognitive models can be used as basic models to back up large administrative decision-making in the field of managing the regional infrastructure for supporting small and medium-sized businesses to improve its adaptability to changes in external and internal factors and to determine the trajectories of sustainable development. In addition, the obtained models can be applied in the field of fundamental research on the functioning and development of regional socioeconomic systems, as well as in applied research in modeling options for sustainable development of regional socioeconomic systems. |
| Keywords: | cognitive model,factors,start-ups,business,innovative entrepreneurship,social and economic development |
| Date: | 2018–06–29 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01858333&r=ure |
| By: | Dieter von Fintel (Department of Economics, Stellenbosch University) |
| Abstract: | New economic geography theories predict that historically densely settled areas also become more industrialised. Industrial agglomeration has therefore cultivated spatial inequalities in all parts of the world. South Africa presents an interesting case study, where institutional failures interrupted the ‘usual’ agglomeration process. On the one hand, current day metropolitan regions are located in historically densely populated areas. On the other hand, apartheid-era homelands also had highly concentrated populations, but did not industrialise to the same extent as other parts of South Africa. Much earlier in history, following the mfecane, these locations attracted migrants in search of favourable agricultural conditions and physical security in the face of conflict (they were high rainfall, rugged areas). The benefit of settling in these areas, however, only remained prior to imposed restrictions on land ownership (1913 Land Act) and movement of people (during apartheid). This paper decomposes modern spatial inequality, and establishes that agglomerations and historical institutional failures explain large proportions of spatial inequality. Furthermore, the homelands wage penalty reverses once these controls are introduced into various models: had agglomeration taken its course without institutional constraints, the homelands would likely have developed into high paying local economies. While new economic geography theories hold in the urban core, the densely populated former homelands did not follow this trajectory. Spatial inequality is therefore more severe than it would have been had institutional failures not prevented the former homelands from industrialising at the same pace as other historically densely populated areas. |
| Keywords: | Spatial inequality, economic geography, apartheid homelands, African economic history |
| JEL: | N97 R11 D31 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:sza:wpaper:wpapers309&r=ure |
| By: | Oksana Viktorovna Shumakova (Omsk State Agrarian University after P.A. Stolypin); Marina Nikolaevna Gapon (Omsk State Agrarian University after P.A. Stolypin); Oleg Anatolyevich Blinov (Omsk State Agrarian University after P.A. Stolypin); Vitaly Yuryevich Epanchintsev (Omsk State Agrarian University after P.A. Stolypin); Yury Ivanovich Novikov (Omsk State Agrarian University after P.A. Stolypin) |
| Abstract: | This article proposes a solution to alleviate socioeconomic problems faced by rural areas in Western Siberia, such as the municipal districts of Omsk region, which are seasonally cut off from national transport infrastructure due to extreme climatic conditions. Specifically, it explores issues related to the provision of basic, everyday services in such regions. Based on an opinion poll which identified a significant need for better provision of everyday services such as hairdressing salons, repair shops and so on in remote regions of Western Siberia, the authors propose a model for an investment project to develop mobile units to provide such services. The costs of setting up such units and the period of time required to recoup those costs, as well as the benefits they will bring to the societies in question, are examined in depth. The provision of government financial support for setting up businesses engaged in this kind of social enterprise is also explored. Reference to this paper should be made as follows: Shumakova O. V.; Gapon M. N.; Blinov O. A.; Epanchintsev V. Y.; Novikov Y. I., 2018. Economic aspects of the creation of mobile units providing everyday services in off-road conditions in Western Siberia, Entrepreneurship and Sustainability Issues, 5(4): 736-747. https://doi.org/10.9770/jesi.2018.5.4(4) JEL Classifications: O10, O13 |
| Keywords: | Mobile Units,Off-road conditions,Rural territories,Western Siberia |
| Date: | 2018–06–29 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01857304&r=ure |
| By: | Tim Landvoigt (University of Pennsylvabia); Martin Schneider (Stanford University); Monika Piazzesi (Stanford University) |
| Abstract: | This paper documents changes in the housing supply by segment. We present a model with indivisible houses and endogenous supply to explain these changes. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed018:68&r=ure |
| By: | Grant, Alison; Deaton, Brady James; Vyn, Richard; Cao, Ying |
| Keywords: | Land Economics/Use, Environmental Economics and Policy, Community/Rural/Urban Development |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea17:259963&r=ure |
| By: | Xavier Martínez-Giralt; José M. Usategui |
| Abstract: | The clustering of competitor outlets is a pervasive phenomenon in our cities. However, Hotelling’s principle of minimum differentiation is well-known not to hold. The attempts to modify Hotelling’s model are numerous in the literature on spatial competition, but mostly unsuccessful. We provide a new approach by endogenizing the transportation cost. In particular, we inherit a modeling technique from the literature of international trade. This is the iceberg formulation. With it, we are able to give a rationale to the agglomeration of firms in the middle of a Hotelling linear market. |
| Keywords: | iceberg transport costs, principle of minimum differentiation, hotelling |
| JEL: | L12 D42 R32 |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:bge:wpaper:1052&r=ure |
| By: | Lee, Han Bum; McNamara, Paul E. |
| Keywords: | Consumer/Household Economics, Community/Rural/Urban Development, Institutional and Behavioral Economics |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea17:259937&r=ure |
| By: | Camila Rodríguez Hernández; Tatiana Peralta-Quiros |
| Abstract: | In order to meet the challenges of providing affordable public transit services for the urban poor and at a cost that doesn’t impinge on the system’s financial sustainability, cities can consider setting fares at “cost recovery” levels for the majority of the population and targeting subsidies to those who need them most. Bogotá is a case in point—the new public transport system was designed so fares are set close to “cost recovery” levels to aim for greater financial sustainability. To provide affordable services, the city leveraged the adoption of smartcards in its new public transit system and the country’s poverty targeting instruments to implement a pro-poor public transit subsidy. This paper presents a critical analysis of Bogotá’s experience with trying to balance financial sustainability and affordability. The paper describes some of the features of Bogota’s tariff policy, namely, the concept of tariff set at “cost recovery” levels and lessons learnt in trying to achieve financial sustainability. The paper also lays out the rationale, design and implementation of Bogota’s pro-poor public transit subsidy, and the subsidy’s impact on its beneficiaries. |
| Date: | 2016–10–13 |
| URL: | http://d.repec.org/n?u=RePEc:oec:itfaab:2016/16-en&r=ure |
| By: | Marre, Alexander W.; Rupasingha, Anil |
| Keywords: | Community/Rural/Urban Development, Consumer/Household Economics, Public Economics |
| Date: | 2017–06–15 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea17:259134&r=ure |
| By: | Lorenzo Casullo (International Transport Forum); Nathan Zhivov (International Transport Forum) |
| Abstract: | The specific characteristics of transport services and markets, including their importance in socioeconomic terms, are such that Regulatory Impact Analysis (RIA) is particularly likely to yield major benefits when applied to transport policy. However RIA in transport is not as widespread as in other sectors given the presence of some major barriers.This paper explains the aspects of a good practice RIA system for transport regulations. It describes the rationale and the benefits of RIA frameworks and provides advice on dealing with the practical realities of implementing RIA in the transport sector. It concludes with recommendations for governments seeking to implement RIA within their jurisdictions. |
| Date: | 2017–05–31 |
| URL: | http://d.repec.org/n?u=RePEc:oec:itfaab:2017/05-en&r=ure |
| By: | Congressional Budget Office |
| Abstract: | The federal government provides grants to state and local governments for their transportation infrastructure. State and local governments use some of those funds to replace funds that they would have provided for such investment. |
| JEL: | E22 E62 H54 H72 H76 H77 |
| Date: | 2018–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:cbo:wpaper:54371&r=ure |
| By: | Hasan, Syed M.; Zhang, Wendong |
| Keywords: | Resource/Energy Economics and Policy, Land Economics/Use, Consumer/Household Economics |
| Date: | 2017–06–15 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea17:259192&r=ure |
| By: | Hsu, Wen-Tai (School of Economics, Singapore Management University); Lu, Yi (Tsinghua University); Luo, Xuan (INSEAD); Zhu, Lianming (Osaka University) |
| Abstract: | This paper studies the effect of foreign direct investment (FDI) on industrial agglomeration. Using the differential effects of FDI deregulation in 2002 in China on different industries, we find that FDI actually affects industrial agglomeration negatively. This result is somewhat counter-intuitive, as the conventional wisdom tends to suggest that FDI attracts domestic firms to cluster for various agglomeration benefits, in particular technology spillovers. To reconcile our empirical findings and the conventional wisdom, we develop a theory of FDI and agglomeration based on two counter-veiling forces. Technology diffusion from FDI attracts domestic firms to cluster, but fiercer competition drives firms away. Which force dominates depends on the scale of the economy. When the economy is sufficiently large, FDI discourages agglomeration. We find various evidence on this competition mechanism. |
| Keywords: | Industrial agglomeration; Ellison-Glaeser index; Competition; Foreign direct investment; Special economic zones; WTO; China |
| Date: | 2018–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:ris:smuesw:2018_016&r=ure |
| By: | GLUMAC Brano; CABALLE FABRA Gemma |
| Abstract: | The current global trend of increased migration influences housing requirements, specifically affordability and location flexibility. These requirements can be articulated by different housing solutions that are formulated in this paper. Despite the fact that numerous researchers have been studying the effects of traditional housing tenures, investigating new housing solutions has remained rather a limited field of study. In this paper, the term ?flexible housing? is used to describe a housing solution that enables households to relocate with ease while at the same time providing security, habitability and affordability. |
| Keywords: | housing; migration; flexibility; mobility; solutions; Europe |
| JEL: | R00 |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:irs:cepswp:2018-16&r=ure |
| By: | Gong, Xuche; Yuan, Yan |
| Keywords: | Community/Rural/Urban Development, Consumer/Household Economics, Public Economics |
| Date: | 2017–06–15 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea17:259178&r=ure |
| By: | Mori, Tomoya; Sakaguchi, Shosei |
| Abstract: | In this paper, we quantitatively characterize the mechanism of collaborative knowledge creation at the individual researcher level a la Berliant and Fujita(2008) by using Japanese patent data. The key driver for developing new ideas is found to be the exchange of differentiated knowledge among collaborators. To stay creative, inventors seek opportunities to shift their technological expertise to unexplored niches by utilizing the differentiated knowledge of new collaborators in addition to their own stock of knowledge. In particular, while collaborators' differentiated knowledge raises all the average cited count, average (technological) novelty and the quantity of patents for which an inventor contributes to the development, it has the largest impact on the average novelty among the three. |
| Keywords: | Knowledge creation, Collaboration, Differentiated knowledge, Technological novelty, Technological shift, Recombination, Patents, Network, Strategic interactions |
| JEL: | C33 C36 D83 D85 O31 R11 |
| Date: | 2018–08–29 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:88716&r=ure |
| By: | Odile Heddebaut (Université Paris-Est) |
| Abstract: | This paper presents the evolution of public transport contracts in France and the historical and legal contexts which led to their reorganisation. We first examine the evolution of the territorial distribution of institutional powers in transportation mainly for passengers. A focus is made on the regional passenger railway reform in France that allowed the 20 French metropolitan regions to become transport organising authorities following a first experiment by seven volunteer regions. The Nord-Pas de Calais region is taken as an example. Then the urban public transport contracts are analysed focussing on different possibilities of contract and finally, the specific case of transport organisation in the Paris Île-de-France region is studied. |
| Date: | 2017–08–04 |
| URL: | http://d.repec.org/n?u=RePEc:oec:itfaab:2017/11-en&r=ure |
| By: | Mathias Hoffmann |
| JEL: | R3 |
| Date: | 2017–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2017_ind_108&r=ure |
| By: | Markus Rebstock (University of Applied Sciences) |
| Abstract: | Accessibility is one of the key aspects of current transport planning, especially in reliance to public transport and pedestrian traffic facilities. This paper deals with this subject by outlining which are or could be the benefits of improved accessibility to the transport system with a special focus on economic benefits and the tourism sector. Therefore selected existing studies will be analysed. Besides the legal background and social aspects of accessibility related to the transport sector will be covered. The first section deals with the legal background and social aspects of accessibility in the transport sector. It shows that nowadays in many countries accessibility of transport systems is not a voluntary task but a task bound by law and that an accessible environment is not only essential for people with disabilities and necessary for up to 40% of the population but also a matter of comfort for all users. The second section outlines which are or could be the economic benefits of improved accessibility to the transport system. Two studies from Norway used the states preference method to monetize and prioritise different universal design measures. In general this method seems to work also as a tool for analyzing economic benefits of accessibility measures. Nevertheless the results of these studies have to be interpreted with extreme caution in order to avoid discrimination. The third section deals with the economic impact of accessible tourism using the example of Europe. The inducible impact of accessible tourism on the transport sector as well as the relevance of passenger transportation for accessible tourism on the transport sector as well as the relevance of passenger transportation for accessible tourism is elaborated. All in all accessible tourism produces a huge economic impact on the tourism sector and beyond, and by improving accessibility in the future a significant raise on of economic benefits is possible. In general traffic is precondition for tourism. Besides tourists spend a significant part of their travel expenses for the journey to the destination and back and for local transportation. This makes it clear that accessible transport systems will directly benefit from an increasing accessible tourism market. |
| Date: | 2017–02–28 |
| URL: | http://d.repec.org/n?u=RePEc:oec:itfaab:2017/04-en&r=ure |
| By: | Chen, Xiaoguang; Ye, Jingjing |
| Keywords: | Resource/Energy Economics and Policy, Institutional and Behavioral Economics, International Development |
| Date: | 2017–06–30 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea17:258256&r=ure |
| By: | Rivera, Nathaly M. |
| Keywords: | Resource/Energy Economics and Policy, Research Methods/Statistical Methods, Environmental Economics and Policy |
| Date: | 2017–06–15 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea17:259182&r=ure |
| By: | Nymoen, Ragnar (Dept. of Economics, University of Oslo); Pedersen, Kari (The Financial Supervisory Authority of Norway); Sjåberg, Jon Ivar (The Financial Supervisory Authority of Norway) |
| Abstract: | We analyse a quarterly panel data set consisting of ten advanced open economies that have introduced macroprudential policy measures: caps on loan to value and income (LTV and LTI), and debt service to income (DSTI) requirements in particular, but also risk weights (RW), amortization (Amort) and, less used, countercyclical buffer (CCyB). Estimation of dynamic panel data models, that also include the central bank rate, and controls for common nominal and real trends, gives support to the view that several of the measures may have reduced credit growth when they were introduced.The estimated impact effects are most significant for LTV, LTI and RW. For Amort, the long-run effect on credit growth is significant, and the same is found for RW. The estimation results when house price growth is the dependent variable are in the main consistent with the results for credit growth. The results do not support that CCyB has reduced lending (as a consequence of higher financing costs), and we suggest that the variable is mainly a control in our data set. In that interpretation, it is interesting that the estimated coefficients of the other five instruments are robust with respect to exclusion of CCyB from the empirical models. The results are also robust to controls in the form of impulse indicator saturation (IIS). |
| Keywords: | Macroprudential policy measures; house prices; credit growth; open economics; macro panel; impulse indicator saturation; robust estimation |
| JEL: | C23 C44 C58 G28 G38 |
| Date: | 2018–09–14 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:osloec:2018_005&r=ure |
| By: | Marc Francke |
| JEL: | R3 |
| Date: | 2017–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2017_ind_115&r=ure |
| By: | Ramon Sotelo |
| JEL: | R3 |
| Date: | 2017–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2017_ind_103&r=ure |
| By: | Angel Berges |
| JEL: | R3 |
| Date: | 2016–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2016_ind_103&r=ure |
| By: | Robin Goodchild; Stephen Roulac; Tom Geurts; Paloma Taltavull |
| JEL: | R3 |
| Date: | 2016–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2016_edu_109&r=ure |
| By: | Postel-Vinay, Natacha |
| Abstract: | The idea that real estate could have contributed to banking crises during the Great Depression has been downplayed due to the conservatism of mortgage contracts at the time. For instance, loan-to-value ratios often did not exceed 50 per cent. Using newly discovered archival documents and data from 1934, this article uncovers a darker side of 1920s US mortgage lending: the so-called ‘second mortgage system’. As borrowers often could not make a 50 per cent down payment, a majority of them took second mortgages at usurious rates. As theory predicts, debt dilution, even in the presence of seniority rules, can be highly detrimental to both junior and senior lenders. The probability of default on first mortgages was likely to increase, and commercial banks were more likely to foreclose. Through foreclosure they would still be able to retrieve 50 per cent of the property value, but often after a protracted foreclosure process. This would have put further strain on banks during liquidity crises. This article is thus a timely reminder that second mortgages, or ‘piggyback loans’ as they are called today, can be hazardous to lenders and borrowers alike. It provides further empirical evidence that debt dilution can be detrimental to credit. |
| JEL: | N0 F3 G3 |
| Date: | 2017–04–19 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:68127&r=ure |
| By: | Stuart Heath |
| JEL: | R3 |
| Date: | 2017–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2017_ind_111&r=ure |
| By: | Johan Conijn |
| JEL: | R3 |
| Date: | 2017–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2017_ind_105&r=ure |
| By: | Xu, Minhong; Xu, Yilan |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, Risk and Uncertainty |
| Date: | 2017–06–26 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea17:258019&r=ure |
| By: | Daisuke Matsuzaki; Yoshiyasu Ono |
| Abstract: | When a government considers a subsidy for an underdeveloped region, it has several options: the subsidies can be for land, wages, employment, or production. While land subsidy is a lump-sum transfer, the others are meant to promote local production or worker immigration. Under full employment, replacing the lump-sum subsidy with the other subsidies benefit (harm) the recipient region if it specializes in labor-intensive (land-intensive) activities. If unemployment prevails in both the recipient and non-recipient regions, production and employment subsidies benefit, but a wage subsidy harms, the recipient region. We also analyze asymmetric cases where one region attains full employment while the other region remains underemployed. |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:dpr:wpaper:1041&r=ure |
| By: | Eamonn D’Arcy; Bob Martens; Deborah Levy; Selma Carson |
| JEL: | R3 |
| Date: | 2016–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2016_edu_110&r=ure |
| By: | Michiel N. Daams; Tom G. Geurts; Frans J. Sijtsma |
| Abstract: | This paper discusses how real estate education can benefit from letting students keep a scientific diary. This scientific diary approach entails that, as a complementary course activity, students keep a diary in which they reflect on any real estate related news, projects, daily observations or policies that fascinate them or attract their attention or curiosity. Personal curiosity, while a fundamental driver of science, often lacks a formal role in real estate courses. As such, diaries may help, in a modest way, to enrich the classroom as well as the teacher’s perspective on the thoughts and personal development of students. In this paper we frame specific pros and cons of the diary approach within the educational literature, whilst paying special attention to the traditional lecture approach and the recently popular flipped classroom approach. To empirically illustrate what real estate diaries may bring about, the current study offers a content analysis of the entries in diaries kept by two cohorts of students of the University of Groningen Master’s program of Real Estate Studies and a cohort of students of the George Washington University School of Business MBA program. We show results of a systematic categorization of the 200+ diary posts as to their content and form. We conclude with a discussion of the possible merits of this approach. One of these merits is a broadening of the topics that students study within the (pre-fixed) study program. Another is that recent events, impossible to be captured in textbooks and academic literature, are actively connected to. The openness of the diary approach may help to make students’ own-level thinking about real-world observations more serious, in small steps, through a process of exploration and writing. In addition, diaries can be discussed in-class in a group setting, under the teacher’s supervision, in order to share observations and discuss knowledge- claims. This practices the framing of real-world observations within existing theory as well as the assessment of whether alterations to theoretical models are needed to understand the observation at hand. We hypothesize that practice of this type of reflection on fresh issues in the ‘daily real estate life’ of students may lead to a stronger connection between their academic training and the professional field of real estate. |
| JEL: | R3 |
| Date: | 2016–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2016_edu_101&r=ure |
| By: | Hellman, Kelly L.; Walsh, Patrick J. |
| Keywords: | Research Methods/Statistical Methods, Demand and Price Analysis, Resource/Energy Economics and Policy |
| Date: | 2017–06–15 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea17:259117&r=ure |
| By: | Deininger, Klaus W.; Xia, Fang |
| Keywords: | International Development, Agricultural and Food Policy, Production Economics |
| Date: | 2017–06–15 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea17:258112&r=ure |
| By: | Nora E. Gordon; Krista J. Ruffini |
| Abstract: | Under the Community Eligibility Provision (CEP), schools serving sufficiently high-poverty populations may enroll their entire student bodies in free lunch and breakfast programs, extending free meals to some students who would not qualify individually and potentially decreasing the stigma associated with free meals. We examine whether CEP affects disciplinary outcomes, focusing on the use of suspensions. We use school discipline measures from the Civil Rights Data Collection and rely on the timing of pilot implementation of CEP across states to assess how disciplinary infractions evolve within a school as it adopts CEP. We find modest reductions in suspension rates among elementary and middle but not high school students. While we are unable to observe how the expansion of free school meals affects the dietary intake of students in our national sample, we do observe that for younger students, these reductions are concentrated in areas with higher levels of estimated child food insecurity. Our findings suggest that the impact of school-based child nutrition services extends beyond the academic gains identified in some of the existing literature. |
| JEL: | H52 I0 I20 |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:24986&r=ure |
| By: | Sseruyange, J.; Bulte, E. |
| Abstract: | Many development interventions involve training of beneficiaries, based on the assumption that knowledge and skills will spread “automatically” among a wider target population. However, diffusion of knowledge (or innovations) can be slow and incomplete. We use a randomized field experiment in Uganda to assess the impact of providing incentives for knowledge diffusion, and pay trained individuals a fee if they share knowledge obtained during a financial literacy training. Our main results are that incentives increase knowledge sharing, and that it may be cost-effective to provide such incentives. We also document an absence of assortative matching in the social learning process. |
| Keywords: | International Development, Research and Development/Tech Change/Emerging Technologies |
| Date: | 2018–07 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iaae18:275896&r=ure |
| By: | Paloma Taltavull de La Paz |
| JEL: | R3 |
| Date: | 2016–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2016_edu_108&r=ure |