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on Urban and Real Estate Economics |
| By: | Waddell, Paul; Boeing, Geoff (Northeastern University); Gardner, Max; Porter, Emily |
| Abstract: | Integrating land use, travel demand, and traffic models represents a gold standard for regional planning, but is rarely achieved in a meaningful way, especially at the scale of disaggregate data. In this report, we present a new pipeline architecture for integrated modeling of urban land use, travel demand, and traffic assignment. Our land use model, UrbanSim, is an open-source microsimulation platform used by metropolitan planning organizations worldwide for modeling the growth and development of cities over long (~30 year) time horizons. UrbanSim is particularly powerful as a scenario analysis tool, enabling planners to compare and contrast the impacts of different policy decisions on long term land use forecasts in a statistically rigorous way. Our travel demand model, ActivitySim, is an agent-based modeling platform that produces synthetic origin--destination travel demand data. Finally, we use a static user equilibrium traffic assignment model based on the Frank-Wolfe algorithm to assign vehicles to specific network paths to make trips between origins and destinations. This traffic assignment model runs in a high-performance computing environment. The resulting congested travel time data can then be fed back into UrbanSim and ActivitySim for the next model run. This technical report introduces this research area, describes this project's achievements so far in developing this integrated pipeline, and presents an upcoming research agenda. |
| Date: | 2018–03–21 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:74zaw&r=all |
| By: | Boeing, Geoff (Northeastern University) |
| Abstract: | Urban displacement - when a household is forced to relocate due to conditions affecting its home or surroundings - often results from rising housing costs, particularly in wealthy, prosperous cities. However, its dynamics are complex and often difficult to understand. This paper presents an agent-based model of urban settlement, agglomeration, displacement, and sprawl. New settlements form around a spatial amenity that draws initial, poor settlers to subsist on the resource. As the settlement grows, subsequent settlers of varying income, skills, and interests are heterogeneously drawn to either the original amenity or to the emerging human agglomeration. As this agglomeration grows and densifies, land values increase, and the initial poor settlers are displaced from the spatial amenity on which they relied. Through path dependence, high-income residents remain clustered around this original amenity for which they have no direct use or interest. This toy model explores these dynamics, demonstrating a simplified mechanism of how urban displacement and gentrification can be sensitive to income inequality, density, and varied preferences for different types of amenities. |
| Date: | 2018–08–27 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:mkq7d&r=all |
| By: | Goodman, Christopher B (Northern Illinois University) |
| Abstract: | Although the Great Recession put the U.S. economy into a tailspin, we know little about how the changes in house prices influenced property tax collections. Using local level housing data from Zillow matched to property tax data from 1998 to 2012, two questions are examined. First, the elasticity of property tax revenue with respect to house values is estimated. Second, the timing of this elasticity is determined. The analysis rules out that local policymakers capture the entire increase of house value in property tax revenues but unable to rule out that increases in house values are completely offset by changes in effective property tax rates. Decreases in values have an elasticity between 0.3 and 0.4 and take three years for changes in values to impact property tax revenues. While property tax collections declined, local policymakers adjusted effective millage rates such that revenues did not decline as much as home values. |
| Date: | 2018–06–06 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:fam2d&r=all |
| By: | Krimmel, Jacob (University of Pennsylvania) |
| Abstract: | As part of a New Deal initiative to minimize home foreclosure, federal government officials and local real estate professionals graded each neighborhood in America’s largest cities on its perceived credit risk. Using recently digitized maps that precisely show neighborhoods marked with red ink (highest risk) or yellow ink (slightly lower risk), I document that surveyors disproportionately assigned the most restrictive credit rating to neighborhoods with black residents. Nearly 90 percent of African Americans in 1940 lived in a census tract marked for credit redlining. Comparing credit-restricted "redlined" census tracts to adjacent "yellow-lined" tracts, I estimate the long-run effects of redlining on housing and neighborhood outcomes. Between 1940 and 1970, redlining was associated with large differential declines in housing supply and population density; homeownership rates and racial composition did not change differentially from their 1940 baseline though. Once discriminatory lending was outlawed during the mid-1970s, there was moderate convergence in homeownership rates and racial composition. However, housing supply and population density remain persistently lower in formerly credit-restricted census tracts relative to their credit-favored neighbors. |
| Date: | 2018–03–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:jdmq9&r=all |
| By: | Boeing, Geoff (Northeastern University) |
| Abstract: | Models of street networks underlie research in urban travel behavior, accessibility, design patterns, and morphology. These models are commonly defined as planar, meaning they can be represented in two dimensions without any underpasses or overpasses. However, real-world urban street networks exist in three-dimensional space and frequently feature grade separation such as bridges and tunnels: planar simplifications can be useful but they also impact the results of real-world street network analysis. This study measures the nonplanarity of drivable and walkable street networks in the centers of 50 cities worldwide, then examines the variation of nonplanarity across a single city. It develops two new indicators - the Spatial Planarity Ratio and the Edge Length Ratio - to measure planarity and describe infrastructure and urbanization. While some street networks are approximately planar, we empirically quantify how planar models can inconsistently but drastically misrepresent intersection density, street lengths, routing, and connectivity. |
| Date: | 2018–08–05 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:hma8y&r=all |
| By: | Beghelli, Silvia; Guastella, Gianni; Pareglio, Stefano |
| Abstract: | This study assesses the effects of urban governance structure on the spatial expansion of metropolitan areas. A more fragmented governance structure, represented by a high number of administrative units with decision power on land use per inhabitant, is expected to increase the competition between small towns in the suburbs of metropolitan areas to attract households and workers, which, in turn, induces more land uptake. We study empirically the relationship between administrative fragmentation and the spatial size of cities in a sample of 180 metropolitan areas in the contexts of the US and Europe in the period 2000-2012. Results shed light on the structural differences between the two broad regions and suggest that administrative fragmentation impacts positively on land uptake in both the United States and Europe, although to different extents. |
| Keywords: | Land Economics/Use |
| Date: | 2019–12–17 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemff:301000&r=all |
| By: | Parkinson, Sharon; James, Amity; Liu, Edgar; Hayward, Richard Donald (Australian Housing and Urban Research Institute (AHURI)) |
| Abstract: | This study investigated how low-income renters navigate the private rental sector (PRS) via three core pathways: the formal (via traditional or mainstream real estate agent intermediaries), informal (direct to rooms and dwellings privately managed by landlords and sub-landlords) and supported pathways (via community housing agencies). It provides practitioners and policy makers with an evidence base on changing practices and ways forward in shaping equitable PRS institutions. |
| Date: | 2018–07–18 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:f3h4s&r=all |
| By: | Boeing, Geoff (Northeastern University) |
| Abstract: | Street network modeling has become ubiquitous in urban planning for analyzing transportation infrastructure, household travel behavior, accessibility and social equity, location centrality, walkability, and indicators of the urban fabric including block sizes, intersection density, and connectivity. However, straightforward, scalable tools for professional planners to automatically acquire and analyze detailed street networks have been few and far between. OSMnx offers an easier way. It is a new, free, open-source tool that allows anyone to download walkable, drivable, or bikeable urban networks from OpenStreetMap for any city name, address, or polygon in the world, then automatically analyze and visualize them. OSMnx democratizes these data and methods to help technical and non-technical planners use OpenStreetMap data to model urban form, circulation, accessibility, and resilience. |
| Date: | 2018–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:mkbp3&r=all |
| By: | Green, Jamaal William |
| Abstract: | Major US cities are faced with a dilemma- how to accommodate a growing population and support urban industrial users. One response that some cities are taking is explicitly protecting swatches of industrial land as they realize the strategic value of plentiful industrial land. This piece reviewed industrial land use policies of the fifty largest US cities in 2012 and provides descriptions for 12 city industrial land preservation policies. |
| Date: | 2018–02–08 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:ud345&r=all |
| By: | Boeing, Geoff (Northeastern University) |
| Abstract: | Street networks may be planned according to clear organizing principles or they may evolve organically through accretion, but their configurations and orientations help define a city’s spatial logic and order. Measures of entropy reveal a city’s streets’ order and disorder. Past studies have explored individual cases of orientation and entropy, but little is known about broader patterns and trends worldwide. This study examines street network orientation, configuration, and entropy in 100 cities around the world using OpenStreetMap data and OSMnx. It measures the entropy of street bearings in weighted and unweighted network models, along with each city’s typical street segment length, average circuity, average node degree, and the network’s proportions of four-way intersections and dead-ends. It also develops a new indicator of orientation-order that quantifies how a city’s street network follows the geometric ordering logic of a single grid. A cluster analysis is performed to explore similarities and differences among these study sites in multiple dimensions. Significant statistical relationships exist between city orientation-order and other indicators of spatial order, including street circuity and measures of connectedness. On average, US/Canadian study sites are far more grid-like than those elsewhere, exhibiting less entropy and circuity. These indicators, taken in concert, help reveal the extent and nuance of the grid. These methods demonstrate automatic, scalable, reproducible tools to empirically measure and visualize city spatial order, illustrating complex urban transportation system patterns and configurations around the world. |
| Date: | 2018–08–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:qj3p5&r=all |
| By: | Boeing, Geoff (Northeastern University) |
| Abstract: | Daytime population density reflects where people commute and spend their waking hours. It carries significant weight as urban planners and engineers site transportation infrastructure and utilities, plan for disaster recovery, and assess urban vitality. Various methods with various drawbacks exist to estimate daytime population density across a metropolitan area, such as using census data, travel diaries, GPS traces, or publicly available payroll data. This study estimates the San Francisco Bay Area's tract-level daytime population density from US Census and LEHD LODES data. Estimated daytime densities are substantially more concentrated than corresponding nighttime population densities, reflecting regional land use patterns. We conclude with a discussion of biases, limitations, and implications of this methodology. |
| Date: | 2018–05–17 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:ybvzu&r=all |
| By: | Makoto Nakajima |
| Abstract: | This paper quantitatively investigates capital income taxation in the general-equilibrium overlap-ping generations model with household heterogeneity and housing. Housing tax policy is found to affect how capital income should be taxed, due to substitution between housing and non-housing capital. Given the existing U.S. preferential tax treatment for owner-occupied housing, the optimal capital income tax rate is close to zero (1%), contrary to the high optimal capital income tax rate found with overlapping generations models without housing. A low capital income tax rate improves welfare by narrowing a tax wedge between housing and non-housing capital; the narrowed tax wedge indirectly nullifies the subsidies (taxes) for homeowners (renters) and corrects over-investment to housing. Naturally, when the preferential tax treatment for owner-occupied housing is eliminated, a high capital income tax rate improves welfare as in the model without housing. |
| Keywords: | Incomplete Markets; Capital Income Taxation; Heterogeneous Agents; Overlapping Generations; Housing; Life Cycle; Optimal Taxation |
| JEL: | E21 H21 H24 R21 |
| Date: | 2020–01–07 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedpwp:86734&r=all |
| By: | Augusto Cerqua (Department of Social Sciences and Economics, Sapienza University of Rome); Guido Pellegrini (Department of Social Sciences and Economics, Sapienza University of Rome) |
| Keywords: | local labor market; place-based policy; labor mobility; regression discontinuity |
| JEL: | C14 H25 J60 R23 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:saq:wpaper:1/20&r=all |
| By: | Pirade, Ramadhan; Jamali, Hisnol |
| Abstract: | This study investigates the financial performance measurement (fiscal decentralization, allocation of capital expenditure, economic growth effect on the regional own revenue) in South Sulawesi Province (Indonesia) local government. The database used is sourced from the Central Statistics Agency and the financial statements 24 County and City on 2012-2016, in order to obtain a total sample of 120 units of the sample. The results of the panel regression analysis using Eviews program 9 shows that increasing fiscal decentralization, capital expenditure and hence economic growth increasingly important role in increasing on the regional own revenue. Recommendations of these studies to the parties concerned to be pursued acceleration of economic growth quality and useful for the improvement of the regional own revenue (PAD) and creating equitable economic growth, especially in economic sectors that are closely related to the acceptance of the PAD. This study is very important that further research is necessary to perform additional variables with a longer observation time. Later research can also be done in other provinces in the entire territory of the Republic of Indonesia even more wide-ranging. |
| Date: | 2018–03–18 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:rh9xw&r=all |
| By: | Pereira, Rafael Henrique Moreas |
| Abstract: | The accessibility impacts of transport projects ex-post implementation are generally evaluated using cumulative opportunity measures based on a single travel time threshold. Fewer studies have explored how accessibility appraisal of transport plans can be used to evaluate policy scenarios and their impacts for different social groups or examined whether the results of project appraisals are sensitive to the time threshold of choice. This paper analyzes how different scenarios of full and partial implementation of the TransBrasil BRT project in Rio de Janeiro (Brazil) will likely impact the number of jobs accessible to the population of different income levels. The analysis is conducted under various travel time thresholds of 30, 60, 90 and 120 minutes to test whether the results are sensitive to the boundary effect of the modifiable temporal unit problem (MTUP). Compared to a partial operation scenario, the full implementation of TransBrasil that extends this corridor into the city center would lead to higher accessibility gains due to network effects of connecting this BRT to other transport modes. Nonetheless, the size of the accessibility impacts of the proposed BRT as well as its distribution across income classes would significantly change depending on the time threshold chosen for the accessibility analysis. Considering cut-off times of 30 or 60 minutes, both scenarios of TransBrasil would lead to higher accessibility impacts in general and particularly for low-income groups, moving Rio towards a more equitable transportation system. However, under longer thresholds of 90 and 120 minutes, an evaluation of this project would find much smaller accessibility gains more evenly distributed by income levels. The paper highlights how time threshold choice in cumulative opportunity measures can have important but overlooked implications for policy evaluation and it calls for further research on the MTUP in future transport and mobility studies. |
| Date: | 2018–03–23 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:sut7r&r=all |
| By: | Musabbir, Sarder Rafee; Zhang, Michael PhD |
| Abstract: | This project used statewide crash data to develop statistical models to determine the safety impacts of increasing speed limitsfor trucks and cars on California highways. The models examined whether various factors about crashes, including average traffic speed and truck-involvement, correlated with outcomes such as crash severity. It then used the models to test the impact of four possible speed limit policies on the number of probable fatal crashes in each of four types of road areas (rural, urban, special speed zone, and truck network). The four policies were: (A) maintaining the existing speed limits of 65 mph for cars and 55 mph for trucks; (B) increasing each of these by 5 or 10 mph; (C) increasing the current truck speed limit to equal the car speed limit of 65 mph; (D) following policy C and then increasing the uniform 65 mph speed limit by 5 or 10 mph. The results suggest that any of these policies other than A—i.e., any policy that increases speed limits for trucks (with or without car speed limit increases) — would correlate with an increase in the probability of fatal crashes in all types of areas except rural areas. Thus, it is safe to assume that increasing the truck speed limit towards 65 mph to a uniform speed limit (Policy C) in only rural areas will not likelyincrease the frequency of fatal crashes. For urban areas, policy C increases the fatality rate by only 1% for both 5 mph and 10 mph speed increments, and therefore is considered the best policy choice that balances safety and mobility. |
| Keywords: | Engineering, Speed limits, trucks, highway safety, policy analysis, crash riskforecasting, traffic speeds, logits |
| Date: | 2020–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt8h09c504&r=all |
| By: | Boeing, Geoff (Northeastern University) |
| Abstract: | OpenStreetMap offers a valuable source of worldwide geospatial data useful to urban researchers. This study uses the OSMnx software to automatically download and analyze 27,000 US street networks from OpenStreetMap at metropolitan, municipal, and neighborhood scales - namely, every US city and town, census urbanized area, and Zillow-defined neighborhood. It presents empirical findings on US urban form and street network characteristics, emphasizing measures relevant to graph theory, transportation, urban design, and morphology such as structure, connectedness, density, centrality, and resilience. In the past, street network data acquisition and processing have been challenging and ad hoc. This study illustrates the use of OSMnx and OpenStreetMap to consistently conduct street network analysis with extremely large sample sizes, with clearly defined network definitions and extents for reproducibility, and using nonplanar, directed graphs. These street networks and measures data have been shared in a public repository for other researchers to use. |
| Date: | 2018–08–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:hmhts&r=all |
| By: | Gurran, Nicole; Gilbert, Catherine; Gibb, Kenneth; van den Nouwelant, Ryan; James, Amity; Phibbs, Peter; Hayward, Richard Donald (Australian Housing and Urban Research Institute (AHURI)) |
| Abstract: | This study examined how planning mechanisms support affordable housing supply in Australia and overseas. In England 43 per cent of affordable housing built in 2015–16 (12,866 units) were delivered due to inclusionary planning requirements, while more than 500 cities in the United States have inclusionary zoning or impact fee requirements to supply affordable housing. In Australia planning systems can support affordable housing supply, but additional funding or subsidy is usually required to produce homes affordable to those on low and very low incomes. |
| Date: | 2018–04–09 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:3mj8c&r=all |
| By: | Gurran, Nicole; Rowley, Steven; Milligan, Vivienne; Randolph, Bill; Phibbs, Peter; Gilbert, Catherine; James, Amity; Troy, Laurence; van den Nouwelant, Ryan; Hayward, Richard Donald (Australian Housing and Urban Research Institute (AHURI)) |
| Abstract: | This study examined the range of strategies and initiatives governments have used to leverage affordable housing supply across the continuum of housing needs (i.e. from social housing to affordable rental and home ownership) in a constrained funding and increasingly market driven context across a range of different jurisdictions and markets. |
| Date: | 2018–05–28 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:mt5vw&r=all |
| By: | Jiang, Yi (Asian Development Bank); Calub, Renz Adrian (Asian Development Bank); Zheng, Xiaoting (Jinan University) |
| Abstract: | We develop a framework to analyze urban water tariff setting and its welfare implications and apply it to a panel of cities in the People’s Republic of China in the 2000s. First, we find that peer cities’ water tariff levels have a significant influence on a city’s choice of tariffs. We use the peer cities’ average tariff as an instrumental variable to estimate water demand functions, which yields elasticity estimates of around –0.41 for both residential and industrial sectors. Second, estimation of cost functions reveals the supply of urban water services to be characterized by strong economies of scale with the majority of sample city–years on the downward sloping segment of marginal cost curves. More than half of the sample have residential water tariffs higher than the corresponding marginal costs while the share increases to 71% for the industrial sector. The deadweight loss calculated under first-best pricing suggests moderate welfare loss due to prices deviating from the equilibrium. Finally, we show that taking into account nonrevenue water losses justifies an efficient price higher than the equilibrium price. |
| Keywords: | deadweight loss; multiproduct cost function; nonrevenue water; water demand; water tariff |
| JEL: | L95 Q21 Q25 Q28 |
| Date: | 2019–05–14 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbewp:0580&r=all |
| By: | Gustafsson, Björn Anders (University of Gothenburg); Katz, Katarina (Karlstad University); Österberg, Torun (University of Gothenburg) |
| Abstract: | Using large samples of persons born in 1985 we investigate the relationship between characteristics of the neighbourhood where young people lived as adolescents and the probability that they will receive social assistance when aged 19, 20, and 21, for the three Swedish metropolitan regions – Stockholm, Gothenburg and Malmö. We estimated logistic regressions separately for the majority population and "visible immigrants" and included several characteristics of the neighbourhood and of the parental home in the specification. The probability of social assistance receipt as a young adult is strongly positively linked to social assistance receipt in the parental home and to several other factors. The major result is that the association with social assistance receipt in the neighbourhood where a person lived at age 16 remains strong when parental receipt and a number of other neighbourhood characteristics are controlled for. We conclude that measures to increase the education qualifications and various efforts to create jobs for young adults have a potential of decrease social assistance receipt among young adults. In addition there is also room for spatially focused measures aiming to reduce residential segregation and the demand for social assistance in locations with a comparably high rate of social assistance receipt. |
| Keywords: | neighbourhoods, Sweden, social assistance, young adults, immigrants |
| JEL: | I38 J15 R23 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp12880&r=all |
| By: | Castells-Quintana , David (Universidad Autonoma de Barcelona); McDermott, Thomas K.J. (National University of Ireland Galway) |
| Abstract: | In this paper, we test the effect of weather shocks and floods on urban social disorder for a panel of large cities in developing countries. We focus on a particular mechanism, namely the displacement of population into (large) cities. We test this hypothesis using a novel dataset on floods—distinguishing those that affected large cities directly from those that occurred outside of our sample of large cities. Floods are found to be associated with faster growth of the population in the city, and in turn with a higher likelihood (and frequency) of urban social disorder events. Our evidence suggests that the effects of floods on urban social disorder occur (mainly) through the displacement of population, and the “push” of people into large cities. Our findings have important implications for evaluating future climate change, as well as for policies regarding adaptation to climate change and disaster resilience. |
| Keywords: | climate change; conflict; floods; migration; rainfall; social disorder; urbanization |
| JEL: | D90 I30 J60 O10 Q00 Q01 Q50 |
| Date: | 2019–07–23 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbewp:0588&r=all |
| By: | Lima, Valesca (University College Dublin) |
| Abstract: | This paper explores the responses to the housing crisis in Dublin, Ireland, by analysing recent housing policies promoted to prevent family homelessness. I argue that private rental market subsides have played an increasing role in the provision of social housing in Ireland. Instead of policies that facilitate the construction of affordable housing or the direct construction of social housing, current housing policies have addressed the social housing crisis by encouraging and relying excessively on the private market to deliver housing. The housing crisis has challenged governments to increase the social housing supply, but the implementation of a larger plan to deliver social housing has not been effective, as is evidenced by the rapid decline of both private and social housing supply and the increasing number of homeless people in Dublin. |
| Date: | 2018–06–30 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:ev35x&r=all |
| By: | Stéphane Gauthier (PSE - Paris School of Economics, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Fanny Henriet (PSE - Paris School of Economics, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | We study the optimal design of consumption taxes when both global and local externalities matter. Local externalities make the social impact of the consumption of externality-generating commodities varying across consumers. A typical example involves the greater damage caused by pollution from urban fuel consumers. We provide a condition for the validity of the targeting principle according to which externality concerns should only fall on the taxes on externality-generating commodities. When this condition is satisfied, one can decompose the tax on an externality-generating commodity into equity/efficiency and Pigovian contributions. The Pigovian contribution should exceed the average social damage if the fuel consumption of the greatest polluters is more responsive to fuel price. In an empirical illustration we find that the fuel tax in France is mostly explained by Pigovian considerations. |
| Keywords: | Pigovian tax,targeting principle,local externality,pollution,commodity taxes |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:halshs-01826330&r=all |
| By: | Nie, Liang; Zhang, ZhongXiang |
| Abstract: | Existing studies have focused on the negative impact of inefficient resource allocation on energy performance in China’s factor market, but neglected to further explore the underlying reason for this phenomenon from the perspective of market segmentation. In this paper, the epsilon-based measure model, which combines the merits of radial and non-radial Data Envelopment Analysis, is employed to measure the energy efficiency, and price index method derived from Iceberg Transport Cost model is used to examine the degrees of market segmentation. On the basis, we use the Tobit model to empirically investigate the impact of market segmentation on China’s energy efficiency. The results show that although energy efficiency in the eastern region is higher than that in the central and western regions, the energy efficiency gap is narrowing significantly between the eastern and central, but insignificantly between the western and eastern. Although efforts have been made towards a unified national market, the western provinces still have more segmented markets than the eastern still. Econometric analysis indicates that market segmentation is negative to China’s energy efficiency significantly. This finding remains robust even if the endogeneity is excluded and the dependent variable is re-measured by the slack-based measure model, but is of a regional heterogeneity. We also find that factor market distortion, enterprises’ R&D investment, and industrial agglomeration are three mediation mechanisms through which market segmentation affects energy efficiency. In-depth analysis indicates that there is a Race to the Top competition centering on market segmentation among Chinese local officials in geospatial and economic space, which triggers a long-term inhibition to energy efficiency. |
| Keywords: | Resource /Energy Economics and Policy |
| Date: | 2020–01–22 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemfe:301033&r=all |
| By: | Tripathi, Sabyasachi |
| Abstract: | The paper investigates the macroeconomic determinants of rising housing prices from a cross country perspective. The random-effect models’ analysis suggests that rent, price-to-income ratio, price-to-rent ratio, urbanization, per-capita GDP, inflation, the share of population aged 15-64, GDP growth rate, broad money, and real exchange rate have a positive and statistically significant effect on real house prices. In contrast, the percentage share of employment in services has a negative effect on real house prices. We suggest that government should adjust macroeconomic policies such as inflation, broad money supply, real exchange rate, urbanization, and employment dynamics to control the real house prices. |
| Keywords: | Real house prices, macroeconomy, random effect models, cross countries |
| JEL: | C33 E39 E44 |
| Date: | 2019–11–19 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:98089&r=all |
| By: | Okamuro, Hiroyuki; Nishimura, Junichi |
| Abstract: | Regional innovation policies have been implemented in several countries. In Japan, the controlled decentralization of traditionally centralized innovation policy is ongoing. Thus, we can observe the multilevel policy mix of public R&D (research and development) subsidies by national, prefecture, and city governments. However, empirical studies on multilevel R&D support, using panel data and considering the municipality level, are scarce. Based on original survey data and on the financial data for manufacturing SMEs (small and medium sized enterprises), we estimate their TFP (total factor productivity) and we empirically investigate the effects of public R&D subsidies by national, prefecture, and city governments. We employ firm-level fixed effect panel estimation to control for the effects of any unobservable time-invariant factors. We find that, with a two year lag, city and prefecture subsidies show positive and significant effects on TFP, which also persisted after the subsidy period. However, multilevel subsidies, especially those involving city subsidies, additionally and persistently increase recipients’ TFP. These results suggest significant advantages for the multilevel policy mix, especially those involving the city subsidy. |
| Keywords: | R&D subsidy, local authority, multilevel policy mix, SMEs, policy evaluation |
| JEL: | H71 O38 R58 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:hit:ccesdp:70_v2&r=all |
| By: | Obschonka, Martin; Lee, Neil; Rodríguez-Pose, Andrés; Eichstaedt, johannes Christopher; Ebert, Tobias |
| Abstract: | There is increasing interest in the potential of artificial intelligence and Big Data (e.g., generated via social media) to help understand economic outcomes and processes. But can artificial intelligence models, solely based on publicly available Big Data (e.g., language patterns left on social media), reliably identify geographical differences in entrepreneurial personality/culture that are associated with entrepreneurial activity? Using a machine learning model processing 1.5 billion tweets by 5.25 million users, we estimate the Big Five personality traits and an entrepreneurial personality profile for 1,772 U.S. counties. We find that these Twitter-based personality estimates show substantial relationships to county-level entrepreneurship activity, accounting for 20% (entrepreneurial personality profile) and 32% (all Big Five trait as separate predictors in one model) of the variance in local entrepreneurship and are robust to the introduction in the model of conventional economic factors that affect entrepreneurship. We conclude that artificial intelligence methods, analysing publically available social media data, are indeed able to detect entrepreneurial patterns, by measuring territorial differences in entrepreneurial personality/culture that are valid markers of actual entrepreneurial behaviour. More importantly, such social media datasets and artificial intelligence methods are able to deliver similar (or even better) results than studies based on millions of personality tests (self-report studies). Our findings have a wide range of implications for research and practice concerned with entrepreneurial regions and eco-systems, and regional economic outcomes interacting with local culture. |
| Date: | 2018–05–24 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:c62tn&r=all |
| By: | Allen, Jeff (University of Toronto); Farber, Steven |
| Abstract: | We create and release a publicly available dataset of neighbourhood level measures of access to employment for the eight largest urban regions in Canada. Measures of access to employment are key indicators for analyzing the characteristics of transport networks and urban form. Specifically, we generate cumulative measures (number of jobs reachable within 30, 45, and 60 minute commutes), gravity measures, as well as a competitive measure of accessibility which is standardized to allow for comparisons between regions. These are generated at the census Dissemination Area level for two travel modes, car and transit, including accounting for minute-by-minute variations in transit schedules. We release the data, and the code to generate it, openly on GitHub (https://github.com/SAUSy-Lab/canada-transit-access), as well as visualize the data on an interactive map (https://sausy-lab.github.io/canada-transit-access/map.html) so that they can easily be used by researchers, planners, and the general public. The input data and tools used are all open source so they can be shared or replicated elsewhere with minimal cost. |
| Date: | 2018–06–06 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:pvrd9&r=all |
| By: | Rossin-Slater, Maya (Stanford University); Schnell, Molly (Northwestern University); Schwandt, Hannes; Trejo, Sam (Stanford University); Uniat, Lindsey (Yale University) |
| Abstract: | While over 240,000 American students experienced a school shooting in the last two decades, little is known about the impacts of these events on the mental health of surviving youth. Using large-scale prescription data from 2006 to 2015, we examine the effects of 44 school shootings on youth antidepressant use in a difference-in-difference framework. We find that local exposure to fatal school shootings increases youth antidepressant use by 21.4 percent in the following two years. These effects are smaller in areas with a higher density of mental health providers who focus on behavioral, rather than pharmacological, interventions. |
| Keywords: | school shootings, youth mental health, antidepressants |
| JEL: | I18 J13 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp12837&r=all |
| By: | Stefano Banfi; Sekyu Choi; Benjamín Villena |
| Abstract: | Job search is generally described by an intensive effort margin such as the number of applications sent or of hours devoted. Using rich online job board data and a novel network method to determine relevant sets of ads for each applicant, we also investigate the job search selective margin, i.e. why workers apply to or forgo job offers. We provide a comprehensive catalogue of search behavior. Gender and age affect the intensive search margin: males and older workers search more controlling for observable ad and worker traits. For the selective margin, we find that the alignment between applicant wage expectations and wage offers, as well as the applicant fit into ad requirements such as education, experience, job location, and occupation increase the application likelihood. On-the-job searchers and males seem more ambitious as they apply to jobs offering wages above their expectations and to jobs requiring more education than they possess. In contrast, unemployed seekers seem conservative: they comply to wage offers and apply to jobs for which they are overqualified. As workers age, or as their unemployment duration or elapsed tenure (for the employed) increase, they tend to make seeking behavior less ambitious and more flexible in terms of requirements compliance. Seekers’ effort is procyclical, except for the jobless when the unemployment rate is pretty high. Comparatively, the selective margin varies less over the cycle. Our empirical evidence can help discipline current and future search-theoretical frameworks. JEL Codes: E24, J40, J64. Key words: Applications,Networks.,On-the-job search,Online job search,Search frictions,unemployment |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:edj:ceauch:343&r=all |
| By: | Laurien , Finn (International Institute for Applied Systems Analysis); Keating, Adriana (International Institute for Applied Systems Analysis) |
| Abstract: | Disaster risk and subsequent loss and damage in Asia are increasing at an alarming rate, threatening socioeconomic gains. Arresting this rapid increase in exposure requires risk-informed development and urban planning—a challenging proposition complicated by multiple economic and political incentives. To reduce these risks, action at the national and regional levels must be complemented by action at the community level. Measuring community disaster resilience can help lead to novel and systemic investments that build community resilience. Our analysis of community flood resilience data finds deficiencies and potential for substantial improvements in community flood resilience investment across the region, with different recommendations for urban, peri-urban, and rural locations. Our evidence from case studies shows that interventions prioritized by the measurement-informed process are more likely to succeed and be sustainable and have cobenefits for community development. |
| Keywords: | assets and livelihoods; decision making; disaster; flood; measurement; resilience; waste management |
| JEL: | C81 P25 Q54 Q57 |
| Date: | 2019–10–28 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbewp:0595&r=all |
| By: | Patrick Lehnert; Curdin Pfister; Dietmar Harhoff; Uschi Backes-Gellner |
| Abstract: | This study analyzes how universities of applied sciences (UASs) - bachelor-granting three-year colleges teaching and conducting applied research - affect regional innovation. We particularly focus on regional complementarities between such applied research institutions and basic ones. We exploit variation in the location and timing of UAS establishments in Germany. To account for endogeneity, we apply fixed effects estimations and control for regional economic activity by implementing a proxy based on 30 years of satellite data. We find that UASs increase innovation with a substantially larger effect in regions where other (basic and applied) public research organizations coexist. This result indicates strong knowledge complementarities. In an additional analysis, we also find that UASs accelerate innovation in the regions belonging to the former German Democratic Republic. |
| JEL: | I23 O31 O38 R11 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:iso:educat:0164&r=all |
| By: | Michelle W. Bowman |
| Date: | 2020–01–16 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgsq:87380&r=all |
| By: | David Ennnen (Institute of Transport Economics, Muenster) |
| Abstract: | In the policy debate on ride-hailing services such as Uber, the impacts on traffic, emissions, and public transport are hotly discussed. The regulatory framework in Germany has so far prevented a widespread entry of ride-hailing providers. In this paper, we use a mode choice model and trip data to determine the likely impacts of ride-hailing services for a representative region in Germany. We find that the significantly lower fares compared to taxis lead to strong substitution of public transport, cycling, and walking. As a consequence, motorized traffic increases, despite the pooling of individual rides by ride-hailing providers. However, the total impact on mode choice and traffic remains modest, and a widespread displacement of public transport is not to be expected. The final welfare analysis shows that the emergence of ride-hailing services is beneficial for society as a whole. In particular, the benefits from lower fares exceed the external costs arising from additional motorized traffic. |
| Keywords: | Ride-hailing, Transportation Network Company, TNC, Taxi, Regulation, Germany |
| JEL: | L92 L98 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:mut:wpaper:29&r=all |
| By: | Davide Bellucci; Pierluigi Conzo; Roberto Zotti |
| Abstract: | A growing number of studies have found significant effects of inflows of migrants on electoral outcomes. However, the role of perceived immigration, which in many European countries is above official migration statistics, is overlooked. This paper investigates the effects of perceived threat of immigration on voting behavior, by looking at whether local elections in Italy were affected by sea arrivals of refugees before the election day. While, upon arrival, refugees cannot freely go to the destination municipality, landing episodes were discussed in the media especially before the elections, thereby influencing voters’ perceptions about the arrivals. We develop an index of exposure to arrivals that varies over time and across municipalities depending on the nationality of the incoming refugees. This index captures the impact of perceived immigration on voting behavior, on top of the effects of real immigration as proxied for by the stock of immigrants and the presence of refugee centers. Results show that, in municipalities where refugees are more expected to arrive, participation decreases, whereas protest votes and support for extreme-right, populist and anti-immigration parties increase. Since these effects are driven by areas with fast broadband availability, we argue that anti-immigration campaigns played a key role. |
| Keywords: | Immigration; Voting; Political Economy; Populism; Electoral campaigns; Media exposure. |
| JEL: | D62 P16 J61 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:cca:wpaper:588&r=all |
| By: | Bertram, Christine; Goebel, Jan; Krekel, Christian; Rehdanz, Katrin |
| Abstract: | We study how urban land use fragmentation affects the subjective wellbeing of city residents. Therefore, we calculate fragmentation metrics based on the European Urban Atlas for 15,000 households in the German Socio-Economic Panel. Using random and fixed effects specifications, we find that fragmentation has little impact on wellbeing when aggregating over all land use types. Looking at particular land use types, however, we find that wellbeing is positively affected by lower average degrees of soil sealing, larger shares of vegetation, and a more heterogeneous configuration of medium and low density urban fabric, especially in areas with above average population density. |
| Keywords: | Urban Land Use,Urban Land Use Fragmentation,Subjective Wellbeing,Life Satisfaction,Spatial Analysis,SOEP,GIS |
| JEL: | C23 Q51 Q57 R20 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwkwp:2147&r=all |
| By: | MIHAI, Florin Constantin |
| Abstract: | The paper examines the waste management issues in the villages annexed to administrative-territorial units of the Romanian cities which have been frequently neglected by urban waste operators. The lack of waste collection services in such peri-urban communities favored the illegal waste disposal practices particularly prior to EU accession. The extension of waste collection services from main cities to such areas is compulsory in order to mitigate the environmental risks and the public health threats. The paper estimates the amounts of household waste susceptible to be uncontrolled disposed of by peri-urban villages in different geographical areas of North-East region with a particular focus on Neamt county. The paper points out that these rural settlements should receive the same attention concerning the municipal waste management services as the main urban areas. Traditional recovery of waste fractions at the household level (e.g., home composting) should be further promoted in such areas in order to avoid illegal dumping issue and to prevent the landfill of biodegradable waste as requested by EU regulations. |
| Date: | 2018–06–30 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:b4er6&r=all |
| By: | Goodman, Christopher B (Northern Illinois University) |
| Abstract: | The United States is a country of many overlapping local governments. Theoretical explorations of the potential influence of this institutional arrangement abound; however, empirical evidence as the influence of such an arrangement on local public sector remains relatively thin. Instead of competing for mobile resources as suggested by Tiebout, overlapping jurisdictions utilize similar tax and voting bases introducing a potential commons problem. Using a county-level dataset from 1972 to 2012, this commons problem is explored. The results suggest that a positive relationship between jurisdictional overlap and the size of local public workforce amounting to approximately a one percent increase in employment or an increase of less than one full-time equivalent employee. |
| Date: | 2018–04–10 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:jc7yn&r=all |
| By: | Hjalmarsson, Erik (University of Gothenburg); Österholm, Pär (Örebro University) |
| Abstract: | Expectations about future housing prices are arguably an important determinant of actual housing prices, and an important input in decisions on whether and how to transact in the housing market. Using novel micro-level survey data on Swedish households, we analyse households’ expectations of housing prices and how these expectations relate to the characteristics of the respondents. Results show that age is significantly related to housing-price expectations, with the youngest households – whose adulthood largely corresponds to the extended period of rapid housing-price growth in Sweden – having the highest housing-price expectations, thus lending support to the hypothesis that expectations are influenced by personal experiences. Our findings suggest that aggregate measures of expectations might hide important features of the data, which could be of interest to policy makers when choosing regulatory actions or formulating macroprudential policies. |
| Keywords: | Housing prices; Survey data |
| JEL: | R20 |
| Date: | 2019–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:rbnkwp:0383&r=all |
| By: | Randolph, Bill; Troy, Laurence; Milligan, Vivienne; van den Nouwelant, Ryan; Hayward, Richard Donald (Australian Housing and Urban Research Institute (AHURI)) |
| Abstract: | This study analysed recently completed affordable housing developments across Australia to ascertain how affordable housing project costs, revenues and subsidies interact. The research reveals the diverse funding arrangements adopted by providers, which have resulted in affordable housing project outcomes being driven by funding opportunities rather than by defined housing needs, and identified six key lessons about financing affordable housing. |
| Date: | 2018–02–13 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:38xu2&r=all |
| By: | Jan-Peter Siedlarek |
| Abstract: | High levels of clustering—the tendency for two nodes in a network to share a neighbor—are ubiquitous in economic and social networks across different applications. In addition, many real-world networks show high payoffs for nodes that connect otherwise separate network regions, representing rewards for filling “structural holes” in the sense of Burt (1992) and keeping distances in networks short. This paper proposes a parsimonious model of network formation with introductions and intermediation rents that can explain both these features. Introductions make it cheaper to create connections that share a common node. They are subject to a tradeoff between gains from shorter connections with lower search cost and losses from lower intermediation rents for the central node. Stable networks are shown to have high levels of clustering at the same time that they permit substantial intermediation rents for nodes bridging structural holes. |
| Keywords: | networks; network formation; clustering; intermediation; introductions |
| JEL: | A14 D85 |
| Date: | 2020–01–15 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedcwq:87371&r=all |
| By: | Wang, Shenhao; Zhao, Jinhua |
| Abstract: | The urbanization and motorization of Chinese cities follow divergent trajectories. However, how the diversity occurred, particularly within the small and medium cities, is understudied. Using panel data from 287 cities from 2001 to 2014 and a time-series clustering method, this study identified representative trajectories along which Chinese cities were urbanized and motorized. Urbanization was measured by scale, wealth, urban form, and infrastructure; motorization by automobile, taxi, bus numbers, and subway lines. Chinese cities were classified into four clusters: 23 Cluster-1 cities were the large cities with heavy rails; 41 Cluster-2 cities were the low-density wealthy cities with auto-oriented mobility; 134 Cluster-3 cities were the low-density medium-wealth cities with moderate mobility levels; and 89 Cluster-4 cities were the high-density poor cities with lowest mobility levels. Comparing to the traditional three-tier structure, exclusively based on political tiers, the four-cluster structure respects the multi-dimensional nature of cities and reflects the essential diversities among the medium and small cities. While political tiers remain critical, other features including scale, density, infrastructure, and mobility patterns are also important: scale differentiates Cluster-1 from others; low density characterizes Clusters 2 and 3; heavy rail and auto-oriented mobility respectively identify Clusters 1 and 2. We contribute to China’s urban development literature by explicitly examining the temporal dimension, analyzing both urbanization and motorization, and incorporating all the medium and small cities in China. The distinct patterns of Clusters 2, 3, and 4 are evident, and the variation within them were as important as that between them and large cities. |
| Date: | 2018–07–25 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:cvjnx&r=all |
| By: | Abdurrahman, Ahmad Yani; Jamali, Hisnol |
| Abstract: | This study aims to examine and analyze the influence of discipline, motivation, local wisdom, and work environment on job satisfaction and employee performance. This study uses primary data through the obtained through a survey of 257 employees at the Organization of the Regional Revenue Management Area of Ternate. The result of Structural Equation Model analysis using AMOS 18 provides proof that Discipline, motivation, local wisdom, and work environment have positive and significant effect to job satisfaction. Other factors that are motivation, local wisdom, work environment and job satisfaction have positive and significant effect to employee performance, different condition for work discipline is not significant. In indirect effect test found Discipline, motivation, local wisdom, and work environment have positive and significant effect to employee performance through job satisfaction as variable intervening. The recommendation of this research is suggested that the motivation, local wisdom, and work environment that gives significant influence is maintained, while the discipline that has no significant affect on employee performance needs to be improved maximally in order to increase job satisfaction and employee performance in the future. |
| Date: | 2018–05–27 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:djv8y&r=all |
| By: | Eugen Dimant (University of Pennsylvania); Kyle Hyndman (University of Texas Dallas) |
| Abstract: | We study the interaction between competition and social proximity on altruism, trust, and reciprocity. We decompose the behavioral channels by utilizing variants of both the Trust Game and the Dictator Game in a design that systematically controls the transmission of relevant information. Our results suggest that competitive environments, and in particular the outcomes thereof when competitors are socially proximate, affect social preferences. Within the context of the Trust Game, we find that winning makes individuals more trusting, less reciprocal, and less altruistic. In order to decompose the underlying mechanism of decision-makers, we subsequently use the Dictator Game and find that knowledge about winning the competition decreases giving, especially with increased proximity between competitors. From this we can conclude that the observed increase in trust is guided by self-serving concerns to maximize the total pie rather than altruistic concerns to compensate the competitor who lost the competition. Our results provide helpful insights into the structure of incentives within institutions and companies, which is known to affect performance. |
| Keywords: | Altruism, Competition, Reciprocity, Social Proximity, Trust |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:not:notcdx:2019-18&r=all |
| By: | Ait Ali, Abderrahman (Swedish National Road & Transport Research Institute (VTI)); Eliasson, Jonas (Swedish National Road & Transport Research Institute (VTI)); Warg, Jennifer (Swedish National Road & Transport Research Institute (VTI)) |
| Abstract: | Many models have been developed and used to analyse the costs and benefits of transport investments. Similar tools can also be used for transport operation planning and capacity allocation. An example of such use is the assessment of commuter train operations and service frequency. In this study, we analyse the societally optimal frequency for commuter train services. The aim is to reveal the implicit valuation (by the public transport agency) of the waiting time and the in-vehicle crowding in the commuting system. We use an analytic CBA model to formulate the societal costs of a certain service frequency and analyse the societally optimal frequencies during peak and off-peak hours. Comparing the optimal and the actual frequencies allows to reveal the implicit valuations of waiting time and crowding. Using relevant data from the commuter train services in Stockholm on a typical working day in September 2015 (e.g., OD matrix, cost parameters), we perform a numerical analysis on certain lines and directions. We find the societally optimal frequency and the implicit valuation of waiting time and crowding. The results suggest that the public transport agency in Stockholm (i.e., SL) adopted service frequencies that are generally slightly higher than societally optimum which can be explained by a higher implicit valuation of waiting time and crowding. We also find that the optimal frequencies are more sensitive to the waiting time valuation rather than that of crowding. |
| Keywords: | Waiting time; Crowding; Cost benefit analysis; Implicit preference; Commuter train |
| JEL: | L92 R40 R41 R42 R48 |
| Date: | 2020–01–21 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:vtiwps:2020_001&r=all |
| By: | eccleston, richard; Verdouw, Julia; Flanagan, Kathleen; Warren, Neil; Duncan, Alan; Ong, Rachel; Whelan, Stephen; Atalay, Kadir; Hayward, Richard Donald (Australian Housing and Urban Research Institute (AHURI)) |
| Abstract: | This research is the final report of the AHURI Inquiry into ‘Pathways to Housing Tax Reform in Australia’. It features real-world modelling and implementation time frames to steer tax settings that progress the efficiency, equity and sustainability of housing tax policy, and also presents meaningful long-term political pathways to achieve these outcomes. |
| Date: | 2018–07–04 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:8xrbe&r=all |
| By: | Orlova, Olena (Center for Mathematical Economics, Bielefeld University) |
| Abstract: | We consider a network of players endowed with individual preferences and involved in interactions of various patterns. We show that their ability to make choices according to their preferences is limited, in a specific way, by their involvement in the network. The earlier literature demonstrated the conflict between individuality and peer pressure. We show that such a conflict is also present in contexts in which players do not necessarily aim at conformity with their peers. We investigate the consequences of preference heterogeneity for different interaction patterns, characterize corresponding equilibria and outline the class of games in which following own preferences is the unique Nash equilibrium. The introduction of personal preferences changes equilibrium outcomes in a non-trivial fashion: some equilibria disappear, while other, qualitatively new, appear. These results are robust to both independent and interdependent relationship between personal and social utility components. |
| Date: | 2020–01–13 |
| URL: | http://d.repec.org/n?u=RePEc:bie:wpaper:631&r=all |
| By: | Ann Mitchell and Jimena Macció |
| Abstract: | The objective of this paper is to evaluate the effect of the NGO TECHO’s emergency housing programme on multidimensional poverty. It employs a quasi-experimental ‘pipeline’ evaluation design and is based on household survey data from 34 informal settlements in Buenos Aires, Argentina. The aim is to demonstrate the additional insights that can be gained from using a multidimensional framework based on the Alkire and Foster (2011) method to evaluate a programme’s impact. The results indicate that the programme reduces both the incidence and the intensity of poverty and causes the multidimensional poverty measure to fall by more than half. The magnitude of the effect is greater for the households that initially were the poorest. Privacy, interpersonal relations and psychological health are the dimensions that contribute the most to explaining the decline in multidimensional deprivation. |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:qeh:ophiwp:ophiwp120.pdf&r=all |
| By: | Tomas Kucera (Czech National Bank, Na prikope 28, 115 03 Prague 1, Czech Republic) |
| Abstract: | There is still an ongoing debate on employment effects of minimum wage. Not only the magnitude, but also the direction of the effect is a matter of concern. Economic theory on its own cannot unanimously resolve the dispute as it provides concepts within which both negative and positive effects are conceivable. In order to integrate the empirical findings, I deployed a meta-regression analysis (MRA) to systematically review 187 estimates from 18 empirical studies that estimated minimum wage elasticities of employment for countries of the EU. The results show that, overall, there is no practically significant employment effect of minimum wage. Also, no evidence of publication selection bias was found. A more sophisticated, multivariate MRA identified differential effects for specific industries, namely residential home care and retail sector for which the employment effects are significantly negative. The results also indicate that minimum wage negatively affects female employment. Finally, the multiple MRA also investigated whether the employment effects differ across three wider regions of the EU (the West, the South, and the East). The results provide robust evidence of significant differential effects, and show that minimum wage has moderately negative employment effects in the eastern countries of the EU. |
| Keywords: | Minimum wage, employment effect, meta-regression analysis |
| JEL: | J38 J68 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:fau:wpaper:wp2020_02&r=all |
| By: | Klyachko, Tatiana (Клячко, Татьяна) (The Russian Presidential Academy of National Economy and Public Administration); Avraamova, Elena (Авраамова, Елена) (The Russian Presidential Academy of National Economy and Public Administration); Loginov, Dmitriy (Логинов, Дмитрий) (The Russian Presidential Academy of National Economy and Public Administration); Polushkina, Elena (Полушкина, Елена) (The Russian Presidential Academy of National Economy and Public Administration); Semionova, Elena (Семенова, Елена) (The Russian Presidential Academy of National Economy and Public Administration); Tokareva, Galina (Токарева, Галина) (The Russian Presidential Academy of National Economy and Public Administration); Yakovlev, Ivan (Яковлев, Иван) (The Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | Interregional monitoring of the effectiveness of the school is conducted by the Center for Continuing Education Economics of the Institute of Applied Economic Research of the Russian Presidential Academy of National Economy and Public Administration. Within the monitoring, a sociological survey of the parents of students, teachers and school principals of different types of settlements in the subjects of the Russian Federation, differentiated according to the criteria of social and economic development is carried out. This news release presents the results of a 2019 study that reveals the family participation in school education. |
| Keywords: | MONITORING, SCHOOL EDUCATION, FAMILY |
| JEL: | I21 |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:ppaper:111901&r=all |
| By: | Delia Robinson Richards (University of the District of Columbia, Washington, DC, USA) |
| Abstract: | The purpose of this presentation is to discuss teaching and learning strategies that will generate encouragement and support with cultural sensitivity for diverse learners. Three Key Learning Objectives: (1) Recognize and identify the different learning styles of diverse learners, (2) Develop and support differentiation instruction to meet the needs of diverse Learners, (3) Construct and summarize effective teacher characteristics to engage diverse learners in reaching their maximum potential. This presentation will be information for early childhood educators to locate information on challenges that they can encounter and solutions to solve these challenges. The presenter will discuss how the following components are relevant for teaching children of color and how relevant these components are to building positive self-esteem in children of color. These are (1) the teacher’s attitude, (2) the learning style of the students in the classroom, (3) the parent/family’s role in the education of the student, (4) exploring the student’s cultural background and (5) resources that are available. The components will be critical in helping each student reach their maximum potential. This paper will demonstrate how to meet the needs of the diverse learners by empowering teachers, families, and students. The information will service all educators, including novice and tenure teachers, families, and administrators. Educators can use the information as a referral guide that will demonstrate respect and appreciation for the diverse learners. |
| Keywords: | Cultural sensitivity, Diverse learners, Multiple Intelligence Theory, All About Me Profile, English Language Learners |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:smo:ipaper:013dr&r=all |
| By: | Leonardo Bonilla-Mejía; Juan S. Morales |
| Abstract: | We study the executive-legislative exchange of centrally-allocated and individually targeted benefits (jam) for legislative support in Colombia. We use data from road building contracts, roll-call votes, and a leaked document which allegedly revealed the secret assignment of road projects to specific legislators. We find that assigned projects were more expensive relative to similar non-assigned projects, legislators who appeared in the leak were more likely to be "swing" voters in the congress, and legislators increased their support for the president’s party after their assigned contracts were signed. The results are stronger for legislators representing remote regions, where political institutions are weaker. |
| Keywords: | legislatures; distributive politics; pork-barrel; legislative vote-buying; spatial isolation |
| JEL: | D72 D73 H54 H57 R11 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:cca:wpaper:596&r=all |
| By: | Soheil Ghili (Cowles Foundation & School of Management, Yale University); Vineet Kumar (School of Management, Yale University) |
| Abstract: | This paper develops a strategy with simple implementation and limited data requirements to identify spatial distortion of supply from demand -or, equivalently, unequal access to supply among regions- in transportation markets. We apply our method to ride-level, multi-platform data from New York City (NYC) and show that for smaller rideshare platforms, supply tends to be disproportionately concentrated in more densely populated areas. We also develop a theoretical model to argue that a smaller platform size, all else being equal, distorts the supply of drivers toward more densely populated areas due to network effects. Motivated by this, we estimate a minimum required platform size to avoid geographical supply distortions, which informs the current policy debate in NYC around whether ridesharing platforms should be downsized. We nd the minimum required size to be approximately 3.5M rides/month for NYC, implying that downsizing Lyft or Via-but not Uber{can increase geographical inequity. |
| Keywords: | Spatial Markets, Transportation, Geographical Inequity, Market Thickness, Ridesharing |
| JEL: | L13 R41 D62 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:cwl:cwldpp:2219&r=all |
| By: | Klyachko, Tatiana (Клячко, Татьяна) (The Russian Presidential Academy of National Economy and Public Administration); Avraamova, Elena (Авраамова, Елена) (The Russian Presidential Academy of National Economy and Public Administration); Loginov, Dmitriy (Логинов, Дмитрий) (The Russian Presidential Academy of National Economy and Public Administration); Polushkina, Elena (Полушкина, Елена) (The Russian Presidential Academy of National Economy and Public Administration); Semionova, Elena (Семенова, Елена) (The Russian Presidential Academy of National Economy and Public Administration); Tokareva, Galina (Токарева, Галина) (The Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | Interregional monitoring of the effectiveness of the school is conducted by the Center for Continuing Education Economics of the Institute of Applied Economic Research of the Russian Presidential Academy of National Economy and Public Administration. Within the monitoring, a sociological survey of the parents of students, teachers and school principals of different types of settlements in the subjects of the Russian Federation, differentiated according to the criteria of social and economic development is carried out. This news release presents the results of a 2019 study that reveals the pupil`s motivation and content of school education. |
| Keywords: | MONITORING, SCHOOL MOTIVATION, EDUCATIONAL CONTENTS |
| JEL: | I21 |
| Date: | 2019–09 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:ppaper:091901&r=all |
| By: | Abu-Qarn, Aamer (Ben Gurion University); Lichtman-Sadot, Shirlee (Ben Gurion University) |
| Abstract: | Disadvantaged communities are often geographically segregated from employment and higher education opportunities. Increasing access can entail substantial welfare gains, but this can also affect the tradeoff faced by young adults between investing in higher education and working for pay. We evaluate the introduction of bus services to Arab towns in Israel, which substantially and differentially increased access either to work only or to work and higher education opportunities among a disadvantaged population. Exploiting the variation that different bus line connections created in the opportunity cost of schooling, we find that young adult responses are consistent with a tradeoff between investing in higher education and working for pay. For females, under certain circumstances, there is a simultaneous decrease in both labor market and educational attainment outcomes. We argue that this is due to a combination of a household income effect and social stigma that is associated with female labor force participation. Our results demonstrate the importance of accounting for potential reductions in educational attainment when expanding work opportunities to disadvantaged communities and that traditional barriers can play a large role in female integration into the labor market. |
| Keywords: | public transportation, spatial mismatch, higher education, opportunity cost |
| JEL: | I24 I25 J22 J61 O18 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp12824&r=all |
| By: | Paolo Berta (Università di Milano-Bicocca); Carla Guerriero (Università di Napoli Federico II and CSEF); Rosella Levaggi (Università di Brescia) |
| Abstract: | The aim of this study is to explore hospitals' behaviours in attracting extra-regional patients and to investigate the effects of these behaviours on the quality of care to resident patients in a context where choices by regional patients are constrained by a budget cap and extra-regional patients are unconstrained source of revenue. Empirical results suggest that, controlling for hospital fixed effects, patients' demographic and health characteristics, hospitals use waiting times and length of stay to attract exra-regional patients. Regional patients admitted in both private and public hospitals with higher proportions of extra-regional patients show lower mortality rates and reimbursement costs. These results suggest that competition increases the quality of care and reduces costs through spillover effects produced by the market for extra-regional patients. Finally, the pattern of reimbursement asked for extra-regional care generates a financial flow in favour of richer regions, exacerbating the north-south gradient in the Italian NHS. |
| Keywords: | Hospital competition, patient mobility, mixed market, quality of care. |
| JEL: | H51 H77 D6 C70 |
| Date: | 2020–01–23 |
| URL: | http://d.repec.org/n?u=RePEc:sef:csefwp:555&r=all |
| By: | Yuji Horioka, Charles; Niimi, Yoko |
| Abstract: | This paper shows, using data from the Family Income and Expenditure Survey, that housing credit has become increasingly available over time in Japan, especially since 2000, and that this has made it easier for Japanese households to purchase housing and enabled them to do so at an earlier age. However, it also shows that the greater availability of housing credit has increased households’ housing loan repayment burden, which has resulted in their cutting back on their other consumption expenditures and created the potential for retirement insecurity. Another concern is that the increasing availability of housing credit has been accompanied by a pronounced shift from fixed-rate to variablerate housing loans. This is cause for concern given the low level of financial literacy that prevails among the Japanese population and the likelihood that interest rates on variablerate housing loans will be raised sooner or later as monetary policy is tightened. |
| Keywords: | Homeownership, Housing credit, Housing loans, Mortgages, Household debt, Household liabilities, D14, E21, R21 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:agi:wpaper:00000165&r=all |
| By: | Janet Currie; John Voorheis; Reed Walker |
| Abstract: | Racial differences in exposure to ambient air pollution have declined significantly in the United States over the past 20 years. This project links restricted-access Census Bureau microdata to newly available, spatially continuous high resolution measures of ambient particulate pollution (PM2.5) to examine the underlying causes and consequences of differences in black-white pollution exposures. We begin by decomposing differences in pollution exposure into components explained by observable population characteristics (e.g., income) versus those that remain unexplained. We then use quantile regression methods to show that a significant portion of the “unexplained” convergence in black-white pollution exposure can be attributed to differential impacts of the Clean Air Act (CAA) in non-Hispanic African American and non-Hispanic white communities. Areas with larger black populations saw greater CAA-related declines in PM2.5 exposure. We show that the CAA has been the single largest contributor to racial convergence in PM2.5 pollution exposure in the U.S. since 2000 accounting for over 60 percent of the reduction. |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:cen:wpaper:20-2&r=all |
| By: | Raco, Jozef; Raton, Yulius; Taroreh, Frankie; Muaja, Octavianus |
| Abstract: | The advancement of technology and Smartphone applications offers a lot of opportunities and challenges for companies to increase their market share. Through this technology and its application, companies such as transportation industries can make a lot of money and bring their products and services closer, faster and more easily to customers. In addition the customers can gain access to companies’ services and products on time. On the other hand the advancement of Smartphone technology disrupts the common transportation business practices. Communication and negotiation are becoming more virtual. This technology brings about huge benefits to both customers and companies. However the same technology causes a huge problem especially to other transportation companies as they might lose market if they do not use it. This technology helps many transportation industries to make business innovations such as offering lower prices, faster services and deliveries. This research focuses on transportation companies, specifically motorcycle taxis with online booking, which use a Smartphone application. In Manado Indonesia there are three popular motorcycle taxi online companies that use a Smartphone online application, which are Gojek, Grab and Uber. A lot of people use an online motorcycle taxi rather than public transportation because of its convenience, affordable price, safety and speed compared to local public transport. This study aims to find out the determinant factors that influence people to use motorcycle taxi online services. This research is going to reveal the favorite motorcycle taxi online company and its criteria based on respondents’ perspectives. This paper will use the Analytical Hierarchy Process both for data gathering and data analysis. The research findings will contribute to the local government in formulating laws and policies specifically on motorcycle taxi online service. |
| Date: | 2018–06–07 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:wxvrn&r=all |
| By: | Michelle Poland (WorkSafe New Zealand); Isabelle Sin (Motu Economic and Public Policy Research); Steven Stillman (Free University of Bozen-Bolzano) |
| Abstract: | Research consistently finds more workplace injuries occur on Mondays than on other weekdays. One hypothesis is that workers fraudulently claim that off-the-job weekend sprains and strains occurred at work on the Monday in order to receive workers’ compensation. We test this using data from New Zealand, where compensation is virtually identical whether or not an injury occurs at work. We still find that work claims, especially sprains and strains, occur disproportionately on Mondays, although less than in other jurisdictions. This suggests fraudulent claims in other countries are just one part of the story. Furthermore, we find work claims remain high on Tuesdays, and that workers’ sprains and strains that occur off-the-job also disproportionately fall on Mondays. Sprains and strains treated at hospitals, which are not closed over the weekend, are also elevated on Mondays. However, Monday lost-time injuries are less severe than injuries on other days. Our findings are consistent with a physiological mechanism contributing to elevated Monday injury claims in New Zealand, but do not suggest doctors’ offices being closed over the weekend, ergonomic explanations, or work being riskier on Mondays play important roles. |
| Keywords: | Monday effect, workers' compensation, accidents, incentives |
| JEL: | I18 I13 J38 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:mtu:wpaper:20_01&r=all |
| By: | Luigi Benfratello (Politecnico di Torino and CSEF); Davide Castellani (Henley Business School, University of Reading); Anna D’Ambrosio (Politecnico di Torino) |
| Abstract: | This paper investigates the link between migration and inward FDI in narrow geographies. Our results, based on 1,147 greenfield investment projects made by 895 MNEs into Italian provinces (NUTS3) over the 2003-2015 period, confirm a positive effect of the stock of immigrants on FDI, but no robust effects of emigrants. However, beyond this average effect lies significant heterogeneity. By unraveling this heterogeneity, we shed light on the potential mechanisms underlying this relation. Our results are consistent with an important role of demand and information channels, but not with an effect through the labour market. On the one hand, immigrants are not a factor that attracts more labour-intensive investments. On the other hand, the effect of immigrants is stronger when information and, to a lesser extent, market demand are more important. Overall, our paper bears significant implications for local development policy that partially contrast with the current public discourse on immigration. |
| Keywords: | Foreign Direct Investment, Migration, Location Choice, Information Effect, Demand Effect, Conditional Logit, Mixed Logit |
| JEL: | F22 F21 R30 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:rdg:jhdxdp:jhd-dp2019-04&r=all |
| By: | Tsourapas, Gerasimos (University of Birmingham) |
| Abstract: | How do states attempt to use their position as destinations for labor migration to influence sending states, and under what conditions do they succeed? I argue that economically driven cross-border mobility generates reciprocal political economy effects on sending and host states. That is, it produces migration interdependence. Host states may leverage their position against a sending state by either deploying strategies of restriction—curbing remittances, strengthening immigration controls, or both—or displacement—forcefully expelling citizens of the sending state. These strategies’ success depends on whether the sending state is vulnerable to the political economy costs incurred by host states’ strategy, namely if it is unable to absorb them domestically and cannot procure the support of alternative host states. I also contend that displacement strategies involve higher costs than restriction efforts and are therefore more likely to succeed. I demonstrate my claims through a least-likely, two-case study design of Libyan and Jordanian coercive migration diplomacy against Egypt in the aftermath of the Arab Spring. I examine how two weaker Arab states leveraged their position against Egypt, a stronger state but one vulnerable to migration interdependence, through the restriction and displacement of Egyptian migrants. |
| Date: | 2018–04–25 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:b8eak&r=all |
| By: | Martin, Chris; Hulse, Kath; Pawson, Hal; Hayward, Richard Donald (Australian Housing and Urban Research Institute (AHURI)) |
| Abstract: | This study investigated the private rental sector policy settings and institutions relevant to Australia in 10 countries in Australasia, Europe and North America, with a detailed review of the sectors in Germany, Ireland, the United Kingdom and United States. The research investigated the international experience of housing and impact of broader economic systems, financial settings, landlord and tenancy structures and regulation in the reference countries. |
| Date: | 2018–02–05 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:dzyrm&r=all |
| By: | Abrigo , Michael R.M. (Philippine Institute for Development Studies); Brucal, Arlan (London School of Economics and Political Science) |
| Abstract: | We examine the link between extreme weather events and national aid and transfers at the municipal level in the Philippines between 1992 and 2015. Using local-level data of public income and expenditures, local precipitation, poverty incidence, and satellite-based night light luminosity, we find that the national government seems to exhibit strategic behavior by allocating more national aid and transfers during dry spells, in which damage is significantly higher and more prolonged compared to periods of higher-than-usual precipitation. Notwithstanding, the amount of national aid and transfers in these events were very small at about $2 per capita per affected municipality, suggesting that the lack of effectiveness of aid and transfers could be the result of a lack of capacity rather than poor government allocation of public funds. |
| Keywords: | aid and transfers; impact evaluation; natural disasters |
| JEL: | H84 O19 Q54 |
| Date: | 2019–12–10 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbewp:0598&r=all |
| By: | Muendler, Marc-Andreas; Rauch, James E |
| Keywords: | Employee spinoffs, Intrafirm learning, Export spillovers, Firm performance, Economics |
| Date: | 2018–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:ucsdec:qt48x4h573&r=all |
| By: | Mijs, Jonathan Jan Benjamin (London School of Economics and Political Science); Nieuwenhuis, Jaap |
| Abstract: | Research calls attention to the divergent school and labor market trajectories of Europe’s youth while, across the Atlantic, researchers describe the long-lasting consequences of poverty on adolescent development. In this paper we incorporate both processes to shed a new light on a classic concern in the sociology of stratification: how are adolescents’ aspirations, expectations, and school performance shaped by the combined socioeconomic contexts of family, school and neighborhood life? Theoretically, social contexts provide children with cultural resources that may foster their ambitions and bolster their academic performance. Reference group theory instead highlights how seemingly positive settings can depress educational performance as well as aspirations and expectations. We empirically test these competing claims, drawing on the Avon Longitudinal Study of Parents and Children (ALSPAC) which describes the school and neighborhood trajectories of 7,934 British children followed from birth to adolescence. We find that, generally, childhood school and neighborhood deprivation is negatively associated with adolescents’ school performance, aspirations and expectations for their future, in line with the cultural resource perspective. However, there are important exceptions to this pattern which point to reference group processes for (1) children of highly-educated parents, whose academic performance especially suffers from growing up in a poor neighborhood, and (2) for children from low-educated parents, whose academic aspirations and expectations are unexpectedly high when they either went to an affluent school or lived in an affluent neighborhood—but not both. We conclude by discussing implications for theory, policy and future research. |
| Date: | 2018–08–12 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:ac7ew&r=all |
| By: | Schlepphorst, Susanne; Kay, Rosemarie; Nielen, Sebastian |
| Abstract: | This paper questions the stereotypical image of migrant-led companies as being less successful than native-led businesses. While facing similar framework conditions, migrant-led businesses are supposed to differ from native-led businesses in terms of their social capital endowment. In its function, social capital helps to mobilise further resources in form of human and financial resources. Each form of capital can have an effect on business performance, both directly as well as indirectly through its influence on the business' innovativeness. That is, social, human and financial resources can enhance the development and exploitation of business ideas. To test these relationships we apply a mediation model. Using data of migrant- and non-migrant-led businesses, we indeed find slight differences in their social capital resource endowments. These differences, however, do not result in performance differences between migrant- and native-led businesses. |
| Keywords: | migrant entrepreneurship,social capital,performance,mediation model |
| JEL: | J15 L25 L26 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifmwps:0319&r=all |
| By: | Andrey V. Rezaev (St Petersburg State University, Russian Federation); Pavel P. Lisitsyn (St Petersburg State University, Russian Federation); Alexander M. Stepanov (St Petersburg State University, Russian Federation) |
| Abstract: | Current publications in professional literature often discuss terrorism and extremism in the system of coordinates developed by jurisprudence where the different phenomena are eclectically combined and grouped for analytical purposes. Charles Tilly in his works insisted that the terms terror, terrorism, and terrorist do not identify causally coherent and distinct social phenomena but rather strategies that recur across a wide variety of actors and political situations. This paper tries to depict basic theoretical models and methodological framework for doing field sociological inquiry on the hottest issue in current migration studies which is how the reality of social exclusion in everyday life turns immigrants to the practices of ideological extremism. |
| Keywords: | : transnational migrants, extremism, everyday life, social inclusion and social exclusion of migrants |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:smo:ipaper:006ar&r=all |
| By: | Victor Pontines |
| Abstract: | This study adds to a recent and growing literature that assesses the effects of macroprudential policy. We compare the effects of monetary policy and loan-to-value ratio shocks for Korea, an inflation targeting economy and an active user of loan-to-value limits. We identify shocks using sign-restricted structural VARs and rely on a recent approach within this method to conduct structural inference. This study finds that both monetary policy and loan-to-value ratio shocks have effects on different measures of credit, i.e., real bank credit, real total credit and real household credit. We also find that both shocks have non-negligible effects on real house prices, including effects on real output, real consumption and real investment. We do, however, find that loan-to-value ratio shocks have negligible effects on the price level. These findings indicate that for the period covered by this study, limits on loan-to-value achieved their financial stability objectives in Korea in terms of limiting credit and house price appreciation under an inflation targeting regime. Furthermore, it attained these objectives without posing any threat to its price stability objective. Overall, these findings suggest that limits on loan-to-value have important aggregate consequences despite it being a sectoral, targeted policy instrument. |
| Keywords: | Macroprudential Policy, Limits on Loan-to-Value, Monetary Policy, Sign Restrictions, Impulse Response, Forecast Error Variance Decomposition |
| JEL: | E31 E32 E52 E58 G28 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:een:camaaa:2020-02&r=all |