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on Urban and Real Estate Economics |
| By: | Glitz, Albrecht; Hörnig, Lukas; Körner, Konstantin; Monras, Joan |
| Abstract: | This paper studies how refugee inflows affect receiving communities using highly disaggregated German administrative data at a 1km × 1km resolution. We develop a novel spatial equilibrium model that features two geographic levels, small neighborhoods and more aggregated local labor markets (LLMs). In the model, local displacement effects and impacts on house prices are closely linked to immigration-induced changes in neighborhood-level amenities and LLM-level productivity. Our empirical results show that refugee inflows lead to a less than one-for-one relative population relocation in neighborhoods, indicating that refugees have a positive impact on local amenities. We also find relocation on the LLM-level to be less than one-for-one, suggesting that refugees also positively impact local productivity. |
| Keywords: | Immigration, refugees, spatial equilibrium |
| JEL: | J15 R1 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:994&r=ure |
| By: | Beze, Eyayaw |
| Abstract: | The study estimates the housing supply elasticity and the impact of geographic constraints in Germany from 2008-2019 using the Bartik instrument. The results show that the housing supply is, on average, inelastic, with a floorspace elasticity of 0.22 and a units elasticity of 0.25. The study also reveals that geographical constraints partially affect the housing supply elasticity across districts. Notably, high development intensity decreases the elasticity, while the unavailability of land for development due to restrictive geography has no significant impact on the housing supply elasticity. The housing supply elasticity estimates may prove useful for calibrating quantitative urban or regional models in Germany. |
| Keywords: | House prices, housing supply, housing supply elasticity |
| JEL: | R31 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:1003&r=ure |
| By: | Mr. Serhan Cevik; Sadhna Naik |
| Abstract: | This paper investigates house price dynamics at high frequency using city-level observations during the period 1994-2022 in Lithuania. We employ multiple time series-based econometric procedures to examine whether real house prices and house price-to-rent ratios exhibit explosive behavior. According to these recursive right-tailed test results, we reject the null hypothesis of no-bubble and find evidence for long and multiple periods of explosive behavior in the real estate market in all major cities during the sample period. While the size of bubbles varies across cities, especially when we use the house price-to-rent ratio, there is clearly a similar boom-bust pattern. Large house price corrections can in turn have adverse effects on economic performance and financial stability, as experienced during the global financial crisis and other episodes in history. |
| Keywords: | House prices; bubbles; recursive unit root test; city-level; Lithuania; house price correction; house price cycle; test result; econometric procedure; housing boom; Housing prices; Asset bubbles; Real estate prices; Asset prices; Housing; Global |
| Date: | 2023–02–17 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:2023/033&r=ure |
| By: | David R. Agrawal; Weihua Zhao |
| Abstract: | Ride-hailing applications create new challenges for governments providing transit services, but also create new opportunities to raise tax revenue. To shed light on the effect of taxing or subsidizing ride-hailing applications, we extend a pseudo-monocentric city model to include multiple endogenously chosen transportation modes, including ride-hailing applications and endogenous car ownership. We show that most tax and spending programs that cities have currently adopted mildly increase public transit usage. However, the model predicts more significant increases in public transit ridership when ride-hailing applications are subsidized as a “last-mile” provider. Our model indicates that whether ride-hailing services and public transit are substitutes or complements is a policy choice. |
| Keywords: | ride-hailing, taxation, public transit, traffic congestion, optimal tolls |
| JEL: | C60 H25 H71 L88 L98 R41 R51 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10313&r=ure |
| By: | Manon Garrouste (Univ. Lille, CNRS, IESEG School of Management); Miren Lafourcade (Université Paris-Saclay (RITM), Universitat de Barcelona - IEB, Paris School of Economics and CEPR) |
| Abstract: | Even though place-based policies involve large transfers toward low-income neighborhoods, they may also produce territorial stigmatization. This paper appeals to the quasi-experimental discontinuity in a French reform that redrew the zoning map of subsidized neighborhoods on the basis of a sharp poverty cut-off to assess the effect of place-based policies on school enrollment into lower secondary education. Using a difference-in-differences approach, we find strong evidence of stigma from policy designation, as public middle schools in neighbourhoods below the policy cut-off, which qualified for place-based subsidies, saw a significant 3.5pp post-reform drop in pupil enrollment, compared to their counterfactual analogues in unlabeled areas lying just above the poverty threshold. This "zone-and-shame" effect is immediate but does not persist, as it is only found for the first pupil-entry cohort in middle schools immediately after the reform. We show that it was triggered by the behavioral reactions of parents from all socioeconomic backgrounds, who avoided public schools in policy areas and shifted to those in other areas or, only for richer parents, to private schools. We uncover, on the contrary, only weak evidence of stigma reversion after an area loses its designation, suggesting hysteresis in bad reputations. |
| Keywords: | School choices, Territorial stigmatization, Redlining, Urban segregation, Sorting |
| JEL: | I24 I28 R23 R58 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ieb:wpaper:doc2023-01&r=ure |
| By: | Christian A. L. Hilber; Olivier Schoni |
| Abstract: | The crisis of housing affordability has been mounting for decades, driven by growing demand for properties in desirable areas where supply is limited. Numerous policies have been enacted across countries, but many are ineffective. Christian Hilber and Olivier Schöni explore what makes this problem so tricky for politicians the world over. |
| Keywords: | Economic geography, housing, policy, affordable housing, supply constraints, land use controls, housing subsidies, public housing, social housing, rent control, inequality |
| Date: | 2022–10–20 |
| URL: | http://d.repec.org/n?u=RePEc:cep:cepcnp:635&r=ure |
| By: | Cavit Baran; Eric Chyn; Bryan A. Stuart |
| Abstract: | This paper studies the impact of the First Great Migration on children. We use the complete count 1940 Census to estimate selection-corrected place effects on education for children of Black migrants. On average, Black children gained 0.8 years of schooling (12 percent) by moving from the South to North. Many counties that had the strongest positive impacts on children during the 1940s offer relatively poor opportunities for Black youth today. Opportunities for Black children were greater in places with more schooling investment, stronger labor market opportunities for Black adults, more social capital, and less crime. |
| JEL: | H75 J15 J24 N32 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31012&r=ure |
| By: | Stansbury, Anna; Turner, Dan; Balls, Ed |
| Abstract: | The UK is one of the most regionally unequal industrialised economies. In this paper, we analyze the UK’s regional economic inequality from the perspective of productivity disparities between large regions, focusing on the gap between London/South East vs the rest. We look at four important economic inputs – education, infrastructure, innovation, and access to finance – for each one building up a collage of evidence to gauge the extent to which it is a binding constraint on regions’ productivity growth. We then analyze interregional migration. We find little evidence consistent with the hypotheses (i) that low shares of university graduates remain the primary constraint on growth for the UK’s regions; (ii) that there is a generalized issue with access to finance for firms outside the South East; or (iii) that low or falling regional migration rates are to blame for the persistence of the UK’s regional economic inequalities. Instead, we find evidence consistent with (i) a specific relative shortage of STEM skills; (ii) binding transport infrastructure constraints within major non-London conurbations; (iii) a failure of public innovation policy to support clusters beyond the South East, in particular through the regional distribution of public support for Research and Development (R&D); and (iv) missed opportunities for higher internal mobility due to London’s overheating housing market. |
| Date: | 2023–03–04 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:d42xq&r=ure |
| By: | André de Palma; Zhi-Chun Li; De-Ping Yu (Université de Cergy-Pontoise, THEMA) |
| Abstract: | We propose an analytically solvable model for the residential location choices of heterogeneous households in a linear monocentric city corridor with bottleneck congestion. Residents have heterogeneous income, and make a joint choice of residential location and departure time. There is a bottleneck with a fixed or with a stochastic location between central downtown and adjacent suburb of the city. The urban system equilibrium and the effects of bottleneck capacity expansion on the city system are analytically investigated, together with the design of the bottleneck capacity. We show that the residents spatially sort themselves along the city corridor from CBD outward in a descending order of their values of time. Expanding bottleneck capacity leads to an increase in the commuting costs of the downtown residents but a decrease in the commuting costs of the suburban residents. All residents of the city benefit from the bottleneck capacity expansion, with the highest benefit for the relatively mid-income residents, and the lowest benefit for the lowest-income or the highest-income residents, depending on the status quo of the bottleneck capacity. Expanding the bottleneck capacity leads to urban sprawl, and a decrease in total net land rent. Ignoring the effects of the bottleneck capacity expansion on the urban spatial structure overestimates the social surplus. The bottleneck location's stochasticity smoothes the residential distribution, increases the system's transportation cost, and decreases household utility and social surplus. |
| Keywords: | Residential location choice, linear monocentric city, heterogeneous residents, stochastic bottleneck, bottleneck capacity expansion |
| JEL: | R13 R14 R41 R42 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ema:worpap:2023-01&r=ure |
| By: | Mathieu Lambotte; Sandrine Mathy; Anna Risch; Carole Treibich |
| Abstract: | We investigate the role of peer effects at the work place on the individual choice of transportation mode. We collect original data through an online survey on networks and sustainable behaviors among 334 individuals working in ten laboratories of the University of Grenoble Alps in February 2020. Using a linear-in-means model for binary outcomes and distinguishing endogenous and exogenous peer effects, correlated effects and network endogeneity, we find that peers have a significant and positive effect on individual active transportation mode’s choice. We show that in our setting, a simulated policy or intervention would be almost twice more effective in spreading active transportation mode through social spillover effects if it targets key players rather than random individuals. |
| Keywords: | Peer Effects, Social Network, Workplace, Transportation Choice, Key Players |
| JEL: | D91 R41 C31 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:gbl:wpaper:2022-02&r=ure |
| By: | Colner, Jonathan P.; Cohen D’Agostino, Mollie |
| Abstract: | Congestion pricing is a vehicle tolling system that imposes fees to drive within a congested area, typically a downtown district. Cities that already have congestion pricing policies in place have been studied extensively. Notable examples are Singapore, London, Stockholm, Milan, and Gothenburg. These cities have appreciated a range of benefits from congestion pricing, including reductions in peak traffic, vehicle miles traveled, and emissions, as well as increased revenues for transportation investments. |
| Keywords: | Engineering |
| Date: | 2023–03–29 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt4q87j713&r=ure |
| By: | Perl, Maximilian |
| Abstract: | Wage growth is stronger in larger cities, but this relationship holds exclusively for non-manual workers. Using rich German administrative data, I study the heterogeneity in the pecuniary value of big city experience, a measure of dynamic agglomeration economies, and its consequences for the city-size wage gap. After 15 years of work experience in Munich the cumulative earnings premium relative to a median-sized city is 15% for workers in the most manual occupations, 25% for workers in the least manual occupations and 30% for workers in the most analytical occupations. This cumulative wage premium is 3 to 5 times the magnitude of the static city-size wage gap. |
| Keywords: | Cities, agglomeration, tasks, wages, wage growth, Germany |
| JEL: | R10 J31 R23 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:999&r=ure |
| By: | Wang, Xize (National University of Singapore); Renne, John L. |
| Abstract: | Using the 2017 National Household Travel Survey (NHTS), this study analyzes America's urban travel trends compared with earlier nationwide travel surveys, and examines the variations in travel behaviors among a range of socioeconomic groups. The most noticeable trend for the 2017 NHTS is that although private automobiles continue to be the dominant travel mode in American cities, the share of car trips has slightly and steadily decreased since its peak in 2001. In contrast, the share of transit, non-motorized, and taxicab (including ride-hailing) trips has steadily increased. Besides this overall trend, there are important variations in travel behaviors across income, home ownership, ethnicity, gender, age, and life-cycle stages. Although the trends in transit development, shared mobility, e-commerce, and lifestyle changes offer optimism about American cities becoming more multimodal, policymakers should consider these differences in socioeconomic factors and try to provide more equitable access to sustainable mobility across different socioeconomic groups. |
| Date: | 2023–02–28 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:cdw2y&r=ure |
| By: | Michel Antoine Habib (University of Zurich; Centre for Economic Policy Research (CEPR)); Yushi Peng (London School of Economics and Political Science); Yanjie Wang (University of Zurich); Zexi Wang (Lancaster University Management School) |
| Abstract: | We examine the roles of bank ownership and CEO political faction membership in facilitating or hindering the implementation of central bank policy in China. Specifically, we examine the response of China’s commercial banks to People’s Bank of China (PBC) guidelines intended to decrease mortgage lending and to slow down the rise in residential property prices. We find that both bank ownership and faction membership matter. Central government-owned banks whose CEOs are members of the specialist finance faction within the Chinese Communist Party (CCP) respond most strongly to PBC guidance, whereas provincial or city government-owned banks whose CEOs are members of a generalist faction respond least strongly. The implementation of PBC policy has real effects: in those cities where central government-owned banks with specialist CEOs constitute a larger percentage of total bank branches, house prices grew more slowly, as did the number of residential real estate transactions and the number of new listings.Where in contrast provincial and city government-owned banks with generalist CEOs dominate, the number of transactions grew faster; the rate of house price appreciation and the number of listings were however unaffected. We conclude that China’s different levels of government and the CCP’s different factions enjoy some discretion in responding to PBC guidance and that they exploit the discretion they are afforded to vary the strength of their response. |
| Keywords: | Government bank ownership, CEO political faction membership, Central bank policy, Window guidance, Mortgage lending, Real estate markets |
| JEL: | E58 G21 R30 |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:chf:rpseri:rp2314&r=ure |
| By: | Guillaume BERARD (Luxembourg Institute of Socio-Economic Research (LISER)); Alain Trannoy (AMSE) |
| Abstract: | Poor housing conditions are detrimental to household members' health, schooling, and social interactions. Developed countries have responded to the challenge of improving housing for the poor using two main instruments: cash housing benefits and/or social housing. In this paper, we assess how effective they are in reducing households' housing poverty and inequality by comparing them separately and combined, with a counterfactual situation with no housing policies, examining 27 European countries by using harmonized data from the EU-SILC. We find that (1) cash housing benefits are more effective than in-kind housing benefits (social housing) and more effective in reducing poverty than inequality. (2) Some countries, and especially Finland, achieve a higher reduction in inequality and poverty while spending only half of the UK. (3) Based on an econometric estimate, we show evidence that in almost all countries outright ownership is the most advantageous tenure status. (4) Inequality in housing expenses is comparable to that in consumption expenditure (excluding housing costs), which is, in turn, much higher than inequality in housing services (a difference of 10 Gini points on average). |
| Keywords: | Housing policy, Housing consumption, Inequality, Poverty |
| JEL: | D63 I32 D31 H23 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:inq:inqwps:ecineq2023-640&r=ure |
| By: | Dessouky, Maged; Mahtab, Zuhayer |
| Abstract: | Traffic congestion is a significant problem in major metropolitan areas in the United States. According to the Urban Mobility Report, in 2019 commuters on average lost about 54 hours in traffic congestion. To combat this, major infrastructure projects have been undertaken. However, expansion projects cannot keep up with the increase in usage of personal vehicles and thus fail to address the traffic congestion problem. Carpool ridesharing has shown some promise in combatting this traffic congestion problem. In this system, the drivers are regular commuters who take detours to pick up and drop off passengers to decrease their transportation costs. This system increases the efficiency of the transportation system by providing flexible commutes to people, thus reducing the need for each commuter to use their own personal vehicle. The researchers developed three approaches to rideshare routing. The researchers conducted a computational study using a San Francisco taxicab dataset to determine the effectiveness of the three approaches. To show the impact of flexible meeting points, the researchers also conducted experimental simulations with and without walking and performed sensitivity analyses. View the NCST Project Webpage |
| Keywords: | Engineering, Dynamic programming, Mixed integer programming, Origin and destination, Ridesharing, Routing, Travel time, Waiting time |
| Date: | 2023–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt90g88330&r=ure |
| By: | Murray, Cameron (The University of Sydney); Phibbs, Peter |
| Abstract: | The physical design of New South Wales Land and Housing Corporation’s (LAHC) proposed redevelopment of Sydney’s Waterloo Estate has been reviewed and reworked by various stakeholders to reimagine a better urban design outcome. This report does a similar exercise for the economic and financial designs of this project, and public housing generally. Are there economic designs that can improve the long-term public housing outcomes from redeveloping the Waterloo estate? To date, investment in new public housing has been considered as a cost only. But housing (even public housing) is an asset that generates a return over time in the form of rental income and capital gains. This is a key economic issue with the LAHC self-fund model. Indeed, applying this model while ignoring asset returns is self- limiting; it privatises long-term returns on real estate assets, which are the source of value funding public housing redevelopment. If the New South Wales government wishes to maximise long-term public housing provision, they should consider more elegant economic and financial designs. This would include mimicking private sector behaviour, such as using leverage during redevelopment periods, retaining market risk and return during the development process, and retaining long-term ownership of as much of the real estate asset base as possible. Doing so would also provide the flexibility to vary future redevelopment stages to accommodate changing housing policy needs. One alternative we explore is where 50% of new dwellings are public housing, 25% are retained by LAHC as build-to-rent housing at market prices, and 25% are sold by LAHC to the private market. This scenario uses low-cost leverage, generates positive cashflow, and maximises exposure to long-term capital gains for LAHC. |
| Date: | 2023–02–26 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:s5jc8&r=ure |
| By: | Konstantin A. Kholodilin |
| Abstract: | Rent control is a highly debated social policy that has been omnipresent since World War I. Since the 2010s, it is experiencing a true renaissance, for many cities and countries facing chronic housing shortages are desperately looking for solution, directing their attention to controling housing rents and other restrictive policies. Is rent control useful or does it create more damage than utility? To answer this question, we need to identify the effects of rent control. This study reviews a large empirical literature looking at various aspects of rent controls. We conclude that rent controls are quite effective in terms of lowering housing rents or slowing their growth, but they also lead to a wide range of adverse effects affecting both landlords and tenants. |
| Keywords: | Rent control, housing policy, empirical literature review |
| JEL: | K25 N90 R38 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp2026&r=ure |
| By: | Stuart Donovan (Vrije Universiteit Amsterdam); Thomas de Graaff (Vrije Universiteit Amsterdam); Henri L.F. de Groot (Vrije Universiteit Amsterdam) |
| Abstract: | Using commuting data for Brisbane, Australia, we find that accounting for measurement error in travel times causes the magnitude of parameters in mode and location choice models to increase approximately three-fold and 30–40%, respectively. Errors appear to be somewhat systematic, with travel times being underestimated for short journeys and vice versa for long journeys—especially by public transport. We find similar results when we use alternative transport cost measures and independent commuting data from London. Our findings are likely to have important implications for transport and land use policy as well as the many types of economic models in which travel times—and transport costs, more generally—occupy a central role. |
| Keywords: | mode choice, location choice, travel times, measurement error, Australia |
| JEL: | C13 R14 R41 |
| Date: | 2023–03–06 |
| URL: | http://d.repec.org/n?u=RePEc:tin:wpaper:20230011&r=ure |
| By: | Furbach, Nina |
| Abstract: | This paper studies how demographics affect aggregate labor market power, the urban wage premium and the spatial concentration of population. I develop a quantitative spatial model in which labor market competitiveness depends on the demographic composition of the local workforce. Using highly disaggregated administrative data from Germany, I find that firms have more labor market power over older workers: The labor supply elasticity decreases from more than 2 to 1 from age 20 to 64. Calibrating the model with the reduced-form elasticity estimates, I find that differences in labor supply elasticities across age groups can explain 4% of the urban wage premium and 2% of the spatial concentration of population. Demographics and skill together account for 10% of the urban wage premium and 2% of agglomeration. |
| Keywords: | Monopsonistic competition, urban wage premium, demographics, Germany, spatial equilibrium |
| JEL: | J11 J31 J42 R23 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:998&r=ure |
| By: | Markus, Philipp |
| Abstract: | The paper examines the effect of access to universities on education and migration decisions of young adults. So far, studies on the causal effect of education on mobility have mainly focused on labor market mobility of high-skilled workers after finishing their educational career, due to the lack of suitable data or the problem of endogeneity between education and mobility. I exploit the exogenous variation induced by a large-scale tertiary education expansion reform beginning in the 1970s in Sweden to investigate the impact of the change in access to universities on college participation rates and migration patterns of high school graduates. Using individual administrative data, I find that if a new higher education institution opens in a municipality, the high school graduates of that location are 6.6% more likely to attend college. At the same time, their propensity to move out of the municipality in the four years after finishing secondary education decreases by 10.1%. In contrast, high school graduates in the catchment area of the new institution show no change in college participation rates and, if anything, an increased propensity to leave the municipality of high school graduation. My results indicate that the effects on education and migration are mainly local and non-linear in geographical distance. |
| Keywords: | Education economics, migration economics, university expansion reform, mobility ofhigh school graduates |
| JEL: | I23 I28 J11 R23 R58 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:996&r=ure |
| By: | Andrew Seltzer; Jonathan Wadsworth |
| Abstract: | The advent of commuting in 1930s London opened up opportunities to working-class people. Andrew Seltzer and Jonathan Wadsworth show how public transport boosts the labour market. |
| Keywords: | Economic geography, Technological change, labour market, UK Economy, Wages, Social mobility |
| Date: | 2023–02–21 |
| URL: | http://d.repec.org/n?u=RePEc:cep:cepcnp:6444&r=ure |
| By: | Lara Loewenstein; Paul S. Willen |
| Abstract: | We study the joint evolution of prices and rents of residential property. After constructing rent and price indices for renter- and owner-occupied properties, we decompose the change in the price of occupant-owned property into (1) changes in rent, (2) changes in the relative prices of investor- and occupant-owned properties, and (3) changes in the price-rent ratio. Via a simple model, we link our decomposition to different sources of variation in house prices. We argue that while the 2000s boom was plausibly driven by exuberant expectations, the boom of the 2020s more likely resulted from a preference shock. |
| JEL: | E30 E32 H31 R30 R31 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31013&r=ure |
| By: | Murray, Cameron (The University of Sydney) |
| Abstract: | The proposed Housing Australia Future Fund (HAFF) is a bad policy. Its main outcome is to unnecessarily pay millions each year in fees for financial management. If the objective is to make homes cheaper for Australians, it is not clear why the HAFF is better than doing nothing. The basic problem is that the HAFF does not produce new below-market housing of any sort. It instead uses money to buy non-housing assets. Just like forcing households to buy non-housing assets with their income makes it harder for them to buy a home to live in, so too does the HAFF make it harder for governments to invest in housing. The $10 billion could be spent on building or acquiring new public housing directly, or via state public housing agencies rather than on non-housing assets. If financial trickery is desired, these funds can be swapped for equity shares for accounting purposes. What seems to be overlooked it that housing, including public housing, is a financial asset that makes a high return over time. In fact, the total return on the typical Australian home has exceed the total return on the Future Fund, which would manage HAFF investments, since its inception in 2006. The bulk of this housing return comes from capital gains, which are returns that also accrue to public housing agencies who rent far below market prices. This is why public housing is well known to be the most cost-efficient way to provide below-market priced housing to residents, and why instead of a HAFF these funds should be used to directly build more public housing dwellings. |
| Date: | 2023–02–26 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:gcj2z&r=ure |
| By: | Vergara-Vidal, Jorge |
| Abstract: | The enormous everyday and cultural influence of the design carried out by the teams of the public agency Corporación de la Vivienda (CORVI) (Housing Corporation) in Chilean cities gives rise, in this text, to an approach to their period of greatest production as a unique creative moment which, guided by the idea of rationalisation of project decisions, collaborates centrally in the process of their standardisation. To this end, the information on the eighteen project typologies drawn up between 1966 and 1971 by these teams and contained in the document "Tipología de viviendas racionalizadas 1966-1972” (Rationalised housing typologies 1966-1972) is systematised. Not all of these designs were finally built, but their forms, materials, dimensions and programmes give an account of a synthesis of the housing built up to that time and of the similarities between them, which is understood as evidence of a process both typological and standardised, which delimits and symmetrises the structural and spatial aspects between the prototypes of social housing. |
| Date: | 2023–03–03 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:7wqmt&r=ure |
| By: | Cato, Misina; Schmidt, Tobias |
| Abstract: | In this paper we analyze how consumers in Germany updated expectations about inflation in response to the COVID-19 outbreak. We use a fixed effects model to estimate the effect of regional exposure to COVID-19 cases, the stringency of restriction measures and local unemployment rates on inflation expectations. We find that consumers who were locally more exposed to COVID-19 cases report higher inflation expectations. The relationship between the virus spread and inflation expectations is amplified if respondents live in high unemployment regions. We explain our findings through an information and experience channel. Information about the pandemic and its effects played an important role during the first wave of the pandemic. However, when attention to information diminishes, experience matters most. We document that negative personal (how severely the respondent was affected financially) and local experience (how severely the district was affected by COVID-19) are associated with higher inflation expectations and more pessimistic views with regard to unemployment, interest rates, house prices and the intention to spend. Our findings show that it is important to consider regional disparities when examining individual belief formation. |
| Keywords: | COVID-19 pandemic, inflationexpectations, inflation disagreement, perceived severity of COVID-19, personal experience |
| JEL: | E31 D14 D83 D84 G41 G51 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdps:022023&r=ure |
| By: | Mitze, Timo; Breidenbach, Philipp |
| Abstract: | We use four subsequent EU enlargement waves over three decades (1980s, 1990s, 2000s) to assess the regional effects of macro-institutional changes. Our focus is set on EU internal border regions which are specifically exposed to international integration, but it remains unclear how they benefit from this exposure. Treatment effects for different outcomes (per capita GDP, labor productivity, employment, population, night light emissions) are estimated by comparing the performance of EU internal border regions to overall regional development trends in the EU. We find significant border effects that build up over time and decay with spatial distance to the enlargement border. While per capita GDP, labor productivity levels and night light emissions develop positively on average, negative effects are found for the employment rate in border regions. However, effects can be specific to enlargement waves and country groups considered: Border regions in established member countries mainly gain from EU enlargement in terms of increasing their GDP per capita and labor productivity levels but face lower employment rates and population decline. However, border regions in new member countries, particularly in 2004 and 2007, most significantly gain through population and employment increases. This complex pattern of effects makes a straight 'winner-loser' categorization difficult and poses challenges to policy support for EU border regions. |
| Keywords: | Economic integration, EU enlargement, internal border regions, regional development, treatment effect estimation |
| JEL: | C23 F15 O47 R11 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:1007&r=ure |
| By: | Jorge Pablo Puig; Alberto Porto |
| Keywords: | Intergovernmental transfers, Local tax structure, Argentina |
| JEL: | H25 H29 H41 H71 H77 |
| Date: | 2021–11 |
| URL: | http://d.repec.org/n?u=RePEc:aep:anales:4508&r=ure |
| By: | Laetitia Dablanc (LVMT - Laboratoire Ville, Mobilité, Transport - ENPC - École des Ponts ParisTech - Université Gustave Eiffel) |
| Abstract: | New methods for collecting urban freight data are around the corner. This presentation explores case studies from abroad, especially data from e-commerce deliveries, and identifies challenges involved in developing these new methods: partnerships with operators, use of ANPR camera data, and other technologies in traffic, parking and planning policies. |
| Keywords: | URBAN FREIGHT DATA, LOGISTICS MOBILITY, CITY LOGISTICS, ANPR CAMERA, LOW EMISSION ZONE, DATA SHARING |
| Date: | 2022–06–17 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03919863&r=ure |
| By: | Contini, Dalit (University of Turin); Di Tommaso, Maria Laura (University of Turin); Muratori, Caterina (University of Torino); Piazzalunga, Daniela (University of Trento); Schiavon, Lucia (University of Torino) |
| Abstract: | This paper estimates the effect of a full year of the COVID-19 pandemic on school performance, focusing on students at the end of upper secondary school who are about to enter the labour market or start university without having had the opportunity to recover. Using longitudinal data from standardised tests for the student population nationwide, we use difference-in-differences models to analyse the performance of two cohorts of students in Italy: a cohort that has never been exposed to the pandemic and a cohort that graduated in 2021. We find that the pandemic had a huge negative impact on students' performance in mathematics and reading (approximately 0.4 s.d. in both domains). Low-achieving pupils suffered the most, increasing the gap between strong and poor performers. The relative position of girls improved compared to boys. Different from the findings from the existing literature, inequalities by parental education remained largely unchanged. |
| Keywords: | COVID-19, school closure, learning loss, standardised tests, inequality |
| JEL: | I21 I24 I18 I28 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16008&r=ure |
| By: | Joshua Bleiberg; Eric Brunner; Erica Harbatkin; Matthew A. Kraft; Matthew G. Springer |
| Abstract: | Federal incentives and requirements under the Obama administration spurred states to adopt major reforms to their teacher evaluation systems. We examine the effects of these reforms on student achievement and attainment at a national scale by exploiting the staggered timing of implementation across states. We find precisely estimated null effects, on average, that rule out impacts as small as 0.015 standard deviation for achievement and 1 percentage point for high school graduation and college enrollment. We also find little evidence that the effect of teacher evaluation reforms varied by system design rigor, specific design features or student and district characteristics. We highlight five factors that may have undercut the efficacy of teacher evaluation reforms at scale: political opposition, the decentralized structure of U.S. public education, capacity constraints, limited generalizability, and the lack of increased teacher compensation to offset the non-pecuniary costs of lower job satisfaction and security. |
| JEL: | I20 I21 I28 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:30995&r=ure |
| By: | Emmanuel Jose Vazquez; Francisco Haimovich; Melissa Adelman |
| Keywords: | Dropout prevention, Early Warning, Impact Evaluation, School Management, Guatemala |
| JEL: | I2 I3 |
| Date: | 2021–11 |
| URL: | http://d.repec.org/n?u=RePEc:aep:anales:4529&r=ure |
| By: | Venkataram, Prahsanth S; Flynn, Justin A; Circella, Giovanni; Sperling, Daniel |
| Abstract: | A significant fraction of people with disabilities in the United States of America (US) do not drive, and these people disproportionately use public transit and paratransit services compared to drivers with disabilities. Substantial research exists regarding not only the ease for people with disabilities to use public transit and paratransit services but also the availability of such services and the availability of nearby pedestrian infrastructure. However, much less research exists regarding the effects of shared micromobility services, car-free areas, and consolidation of public transit services on the mobility of people with disabilities. This systems-level thinking about not only first-order effects but also second- and higher-order effects is critical for the development of policies that more effectively address the mobility needs of people with disabilities. |
| Keywords: | Social and Behavioral Sciences |
| Date: | 2023–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt1jc653r5&r=ure |
| By: | Klein, Alexander (University of Kent and CAGE) |
| Abstract: | This paper reviews research on spatial inequalities in the United States focusing on the Manufacturing Belt and Rust Belt. It offers a taxonomy of scholarship in this area and assesses its contribution to our understanding of the evolution of U.S. spatial inequalities since the middle of the nineteenth century. This scholarship has shown that the initial location of the Manufacturing Belt was influenced by natural resources, location of initial European settlements and early development of canals. The dominant position of the belt was the result of its large market potential which allowed firms to take advantage of agglomeration economies, supply-chain linkages and low-cost access to the consumers. Its decline and subsequent emergence of the Rust Belt was the result of rising labor costs and diminished location advantage. |
| Keywords: | manufacturing belt, rust belt, economic geography, spatial inequality JEL Classification: B20, R12, N61, N62, N91, N92 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:657&r=ure |
| By: | Luik, Marc-André; Steinhardt, Max Friedrich; Voss, Simon |
| Abstract: | In this paper we deliver first causal evidence on the relationship between immigrant host country language proficiency and homeownership. Using an instrumental variable strategy, we find a substantial positive impact of language skills on the propensity to own a home and the quality of housing. While this effect is mediated by education and household income, our estimates also speak in favor of a direct effect. Our results highlight the importance of host-country-specific human capital and, in particular, language proficiency for socio-economic assimilation. |
| Keywords: | language, immigrants, assimilation, homeownership |
| JEL: | J11 J13 J61 R21 Z13 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fubsbe:20233&r=ure |
| By: | Federico Boffa; Vincenzo Mollisi; Giacomo A.M. Ponzetto |
| Abstract: | Poor performance by the established political class can drive voters towards anti-establishment outsiders. Is the ineffectiveness of incumbent politicians an important driver of the recent rise of populist parties? We provide an empirical test exploiting a sharp discontinuity in the wage of local politicians as a function of population in Italian municipalities. We find that the more skilled local politicians and more effective local government in municipalities above the threshold cause a significant drop in voter support for the populist Five-Star Movement in regional and national elections. Support for incumbent governing parties increases instead. |
| Keywords: | populism, government efficiency, politician quality, political agency |
| JEL: | D72 D73 H70 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:bge:wpaper:1388&r=ure |
| By: | Künn, Steffen (Maastricht University); Palacios, Juan (Massachusetts Institute of Technology) |
| Abstract: | What is the impact of housing upgrades on occupant health? Although economists and policymakers are certain about the health implications of housing upgrades, empirical evidence is largely missing or else only based on small-scale experiments in developing countries. This study provides the first population-representative quasi-experimental estimates based on a large-scale refurbishment program that renovated half of the East German housing portfolio in the aftermath of German reunification. During the 1990s, the German government devoted significant financial resources to upgrading the insulation and heating systems of over 3.6 million dwellings in East Germany. We link the renovations to individual demand for the healthcare of occupants using the German Socio-Economic Panel (SOEP) as well as administrative records of universal hospital admissions in Germany. Exploiting the staggered roll-out of the renovation program, our results show that an improvement in housing quality enhances the health of vulnerable age groups. Evidence from hospital records suggests that reductions in hospitalization were due to a lower risk of cardiovascular problems for older individuals (45 years or older) which were mainly driven by days with extremely hot and cold ambient temperatures. Our findings have strong policy implications and can enrich the cost-benefit analysis of public investments in weatherization programs. |
| Keywords: | housing quality, renovation program, health |
| JEL: | H54 I18 R21 R23 R38 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp15986&r=ure |
| By: | Matthew E. Kahn; Joseph Tracy |
| Abstract: | Over the last thirty years, there has been a rise in several empirical measures of local labor market monopsony power. The monopsonist has a profit incentive to offer lower wages to local workers. Mobile high skill workers can avoid the lower monopsony wages by moving to other more competitive local labor markets featuring a higher skill price vector. We develop a Roy Model of heterogeneous worker sorting across local labor markets that has several empirical implications. Monopsony markets are predicted to experience a “brain drain” over time. Using data over four decades we document this deskilling associated with local monopsony power. This means that observed cross-sectional wage gaps in monopsony markets partially reflects sorting on worker ability. The rise of work from home may act as a substitute for high-skill worker migration from monopsony markets. |
| JEL: | J42 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31014&r=ure |
| By: | Di Iasio, Valentina (University of Southampton); Wahba, Jackline (University of Southampton) |
| Abstract: | This paper examines the effects of natives' anti-immigration attitudes on migration flows to EU countries. We use panel data for migration to the EU between 1995-2018. We address the potential endogeneity between public attitudes and migration flows using instrumental variable techniques. We also control for the dependence between the attractiveness of alternative EU destinations. Our findings suggest that there is a negative causal relationship between anti-immigration attitudes and migration inflows to the EU from both EU and non-EU countries; i.e. natives' hostility discourages immigration. However, the elasticity of immigration to public attitudes is higher than the elasticity of immigration to economic factors for EU migrants. |
| Keywords: | EU migration, public attitudes, migration drivers |
| JEL: | J61 F22 |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp15942&r=ure |
| By: | Haibo Qin,; Zhongxuan, Xie; Li, Wenhan; Shang, Huping |
| Abstract: | Intellectualism is necessary for humankind to overcome major public crises, such as the coronavirus disease 2019 pandemic. Focusing on the data of scientific literacy across 140 cities in China and by employing the ordinary least square method, we tested the effectiveness of “anti-pandemic efforts based on intellectualism.” The findings are: (1) Intellectualism works, and it can achieve results in the citizen coproduction promotion to fight against COVID-19. For every 1% increase in citizens with scientific literacy in the city, citizen coproduction increased by 14.2%. (2) The urban education level and local government ability positively moderates the effect of the citizens' anti-pandemic efforts using intellectualism. (3) The results present a certain degree of heterogeneity at various stages, regions, and cities of different scales. This study responds to the lack of research on intellectualism and co-production; further, it provides novel ideas for improving the effectiveness of citizens' participation in public crisis governance. |
| Date: | 2023–03–08 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:x893s&r=ure |
| By: | Verhagen, Mark D. |
| Abstract: | Since individuals' social contexts vary strongly, large-scale policy interventions will likely have heterogeneous effects throughout a population. However, policy interventions are often assessed in narrow ways, either through aggregate effects or along a select number of a-priori hypothesised groups. Historically, such a narrow approach had been a necessity due to data and computational constraints. However, the availability of registry data and novel methods from the machine learning domain allow for a more rigorous, hypothesis-free approach to monitoring policy effects. I illustrate how these developments can revolutionise our measurement and understanding of policy interventions by studying the nationwide 2015 decentralisation of the social domain in The Netherlands. This policy intervention delegated responsibilities to administer social care from the national to the municipal level. The decentralisation was criticised beforehand for risk of producing inequitable effects across demographic groups or regions, but rigorous empirical follow-up remains lacking. Using machine learning methods on entire population data in The Netherlands, I find the policy induced strongly heterogeneous effects that include evidence of local capture and strong urban / rural divides. More generally, I provide a case study of how machine learning methods can be effectively used to monitor large-scale policy interventions. |
| Date: | 2023–03–16 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:qzm7y&r=ure |
| By: | Andrés César; Guillermo Falcone; Irene Brambilla; Leonardo Gasparini |
| Keywords: | Robots, Labor markets, Latin America |
| JEL: | J23 J24 |
| Date: | 2021–11 |
| URL: | http://d.repec.org/n?u=RePEc:aep:anales:4451&r=ure |
| By: | Phillips, Willard; Nicholson, George; Alleyne, Antonio; Alfonso, Maurys |
| Abstract: | As the Caribbean subregion seeks to implement strategies for meeting its obligations under the Paris Agreement, the sustainable development of its land transportation subsector has emerged as a significant challenge. This relates to both the need to reduce green house gas emissions, for which the subsector is a major emitter, as well as the necessity for reducing its overall dependence on imported fossil energy. While several policy initiatives have sought to address these issues, the evidence of growing land transportation problems now motivates a closer examination of challenges in the subsector. Among the main issues are increasing motor vehicle concentrations in small island spaces and growing traffic congestion arising from increased private motor vehicle ownership. All of these factors operate to produce economic, social and environmental burdens such as growing imports of vehicles, fuel and spare parts; increased motor vehicle accidents and mortality; and socially deviant behaviors such as road rage. Given the pivotal role of transportation in the advancement of economies and society, this paper suggests policy options for improving land transportation efficiency and sustainability in the Caribbean. This study also seeks to add to the very limited literature related to the issue of land transportation in Small Island Developing States. |
| Keywords: | TRANSPORTE, TRANSPORTE SOSTENIBLE, TRANSPORTE POR CARRETERA, POLITICA DE TRANSPORTE, DESARROLLO SOSTENIBLE, PEQUEÑOS ESTADOS INSULARES EN DESARROLLO, TRANSPORT, SUSTAINABLE TRANSPORT, ROAD TRANSPORT, TRANSPORT POLICY, SUSTAINABLE DEVELOPMENT, SMALL ISLAND DEVELOPING STATES |
| Date: | 2023–02–27 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col033:48725&r=ure |
| By: | Jo Blanden; Matthias Doepke; Jan Stuhler |
| Abstract: | Nearly all schools closed at some point during the Covid-19 pandemic. Reviewing the international evidence to date on the impact of these closures, Jo Blanden, Matthias Doepke and Jan Stuhler warn that they will substantially increase educational inequality. |
| Keywords: | educational inequality, education finance, children |
| Date: | 2022–10–20 |
| URL: | http://d.repec.org/n?u=RePEc:cep:cepcnp:639&r=ure |
| By: | Kashnitsky, Ilya (University of Southern Denmark) |
| Abstract: | Mortality keeps improving even in the most developed countries. Deaths before senior age become more and more occasional and thus are increasingly considered unnecessary and perhaps even avoidable. Denmark belongs to the most developed countries of the world in terms of progress in lowering human mortality levels. Yet there is still much room for large improvements – compared to Sweden, Danish population has almost the same survival profile up to age 50 but then there are striking differences in later ages. Between ages 50 and 65 about 10% of Danish males die while in Sweden this proportion is only about 7%. This paper explores the regularities of non-survival to pension age across Danish municipalities and compares them to ones in Sweden. The main focus of this exploration is identification of the spatial patterns based on the mortality characteristics of the population that are studied using the advanced spatial clustering algorithm that utilizes tree edge removal technique. The methodological challenge resolved along the way is the construction of reliable life table estimates for the small municipal populations. The results suggest that the main reason for the observed gap between Danish and Swedish municipalities, especially for males, is the lagging behind development of the most deprived areas, which corresponds with the results on widening gaps along socioeconomic dimensions. |
| Date: | 2023–02–21 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:y9ke4&r=ure |
| By: | Patrick Dylong; Paul Setzepfand; Silke Uebelmesser |
| Abstract: | Using data from two representative and large-scale population surveys with more than 4000 participants, we investigate the effect of randomized priming interventions on attitudes towards immigrants. We document robust null effects of these interventions under two experimental settings, across two surveys and for a range of specifications. Our results suggest that (economic) attitudes towards immigrants are less sensitive to priming than previous research indicates. We thus provide (i) a reference point for settings in which intentional priming interventions are ineffective, and (ii) an upper bound for unintended priming effects. We argue that researchers should not be overly concerned about confounding priming effects when designing surveys to elicit attitudes towards immigrants. |
| Keywords: | attitudes towards immigration, priming, experimental design |
| JEL: | C83 C90 J15 F22 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10306&r=ure |
| By: | Walter Cont; Diego Barril; Agustín Carbó |
| Keywords: | Electricity prices, price convergence, SIEPAC, Regional Electricity Market |
| JEL: | Q40 Q48 |
| Date: | 2021–11 |
| URL: | http://d.repec.org/n?u=RePEc:aep:anales:4455&r=ure |
| By: | OECD |
| Abstract: | The importance of experienced teachers cannot be underestimated. They can help raise the performance of studentsand improve the overall quality of schooling by supporting less-experienced colleagues. This Teaching in Focus: Where to find experienced teachers? analyses the distribution of teachers across schools from two different but complementary angles: equality and equity. |
| Date: | 2023–03–21 |
| URL: | http://d.repec.org/n?u=RePEc:oec:eduaah:45-en&r=ure |
| By: | Ramos; Pablo Negri; Martín Breitkopf; María Laura Ojeda |
| Keywords: | Recurrent Neural Networks, Regional Commodities Prices, Shock Simulations |
| JEL: | C45 Q11 |
| Date: | 2021–11 |
| URL: | http://d.repec.org/n?u=RePEc:aep:anales:4513&r=ure |
| By: | Chongyu Wang (The University of Hong Kong); Rose Neng Lai (University of Macau); Martin Hoesli (University of Geneva - Geneva School of Economics and Management (GSEM); Swiss Finance Institute; University of Aberdeen - Business School) |
| Abstract: | Treating the Russian invasion of Ukraine as a rare disaster event and defining proximity as both physical distance and political closeness, we analyze investors’ response to disaster risk by examining the performance of commercial real estate investments in countries of proximity to the event. We find that proximity to the war matters, but the impact of the disaster is not uniform across different property types. Firms with green and less obsolete properties are less likely to experience negative abnormal returns. Our findings highlight the differences in equity risk premia even within the same industry facing the same disaster. We also find support for the eminence of reducing reliance on brown fuel. |
| Keywords: | Disaster Risk, International Firm Performance, Equity Risk Premia, Russia’s Invasion of Ukraine, Sanction, Real Estate, Green Building |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:chf:rpseri:rp2316&r=ure |
| By: | Brunello, Giorgio (University of Padova); Esposito, Piero (University of Cassino); Rocco, Lorenzo (University of Padova); Scicchitano, Sergio (INAPP – Institute for Public Policy Analysis) |
| Abstract: | We investigate whether classical studies in high school – that emphasize in Italy the study of ancient languages such as Latin and Greek - affect personality traits. Using Italian survey data, we compare individuals who did classical studies in high school with similar individuals who completed a more scientific academic curriculum. We find that having done classical studies does not affect conscientiousness and openness but increases neuroticism and self-reported unhappiness. |
| Keywords: | school choice, education, classical studies, Big-5, non-cognitive skills, personality traits |
| JEL: | I21 I26 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp15985&r=ure |
| By: | Hosen, Miraz |
| Abstract: | Private tutoring has become a popular option for many university students in Bangladesh, especially in urban areas. Students at Pabna University of Science and Technology (PUST) are no exception, with many turning to private tutoring as a way to earn extra money, support themselves financially, and meet the expectations of their families. This study explores the real picture of private tutorship among students at PUST. Through a combination of online and offline questionnaire surveys, using purposive sampling, the paper identifies the factors that affect the income distribution of both male and female students. These factors include gender, Higher Secondary Certificate (HSC) background, and place of residence, dependency, patriarchy, and social perception. The study finds a significant variation in income distribution between the males and their counterparts at PUST. The study revealed several factors, such as higher secondary background, mobility, residence level, dependency, and solvency of family, that caused the variation in income from tutorship. However, few respondents think that tutorship has had a negative impact on their academic performance, while some do not know whether it has influenced their grades positively or negatively. The research contributes to the knowledge regarding the scenario of private tutorship among the public university students in Bangladesh, who mostly come from rural regions. This paper would be beneficial to different stakeholders, such as the government, university authorities, students, guardians, and academics who are related to the education system of Bangladesh. |
| Date: | 2023–03–09 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:s92bw&r=ure |
| By: | Linder, Anna (Health Economics Unit, Department of Clinical Science, Lund University); Gerdtham, Ulf-G (Department of Economics, Lund University); Heckley, Gawain (Health Economics Unit, Department of Clinical Science, Lund University) |
| Abstract: | The prevalence of mental ill-health is increasing among young people in many developed countries, raising concerns about their well-being. Experts have pointed to several potential contributing factors, including a heightened emphasis on educational achievement and performance evaluation, as well as shifting demands in the high-skilled job market. In this paper, we study the effect of introducing earlier grades in compulsory school on child mental health in Sweden. To do so, we exploit a grading reform in Swedish compulsory schools in which grades were introduced at an earlier age, in 6th grade instead of 8th grade as was previously the case. The reform provides a situation where the age at which children receive their first grade is arbitrary depending on if the child is born before or after the year-end. We show that girls who are exposed to one year earlier grades are more likely to be diagnosed with depression or anxiety by the end of compulsory school, controlling for potential age effects in a difference-in-discontinuities setup. We do not find similar effects among boys. Overall, these results imply that girls’ mental well-being may be particularly responsive to educational assessment through grades at earlier ages. |
| Keywords: | education policy; school grades; mental health; human capital development |
| JEL: | I10 I21 I28 |
| Date: | 2023–03–13 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:lunewp:2023_002&r=ure |
| By: | Pedro Juarros; Umberto Muratori; Daniel Valderrama |
| Abstract: | Do local fiscal multipliers depend on what the government purchases? We find that government purchases of services have larger effects on employment than spending on goods. Industries producing services are more labor-intensive than industries producing goods. This heterogeneity in labor intensity is an important mechanism behind these results. Spending directed toward labor-intensive industries generates stronger increases in employment and labor income relative to spending toward non-labor-intensive industries. |
| Keywords: | Heterogeneous Local Fiscal Multipliers; Services and Goods Spending; Labor Intensity |
| Date: | 2023–03–10 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:2023/052&r=ure |
| By: | Kihwan Bae (West Virginia University); Edward Timmons (West Virginia University) |
| Abstract: | Occupational credentials are typically not portable across geography. Using policy reforms by U.S. states, we show that the limited portability of occupational licenses constrains labor market activity and geographic mobility of licensed individuals. After states implement universal recognition, a policy that allows individuals with occupational licenses issued by other states to work without repeating a costly relicensing procedure, we find that the employment ratio increases by 0.98 percentage points among licensed individuals in the sample relative to unlicensed individuals. The employment effect is co-driven by additional labor market participation and a reduction in unemployment after the policy. With the employment effect, we also find some evidence of a decline in hourly wages among licensed individuals after the policy. Regarding geographic mobility, we show that migration into states with universal recognition increased by 0.77 percentage points or 48.4% among individuals with low portability licenses. Our findings suggest that universal recognition improves license portability and labor market efficiency. |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:wvu:wpaper:23-03&r=ure |
| By: | Lim, Seulgi (National Assembly Budget Office); Lee, Soohyung (Seoul National University) |
| Abstract: | We examine the health impacts of long commute time by exploiting a large-scale placed-based policy in South Korea. The policy relocated public employers in the capital area to disadvantaged cities. However, some public employees kept their residences in the capital area and spend long hours commuting. Using this change, we estimate 2SLS models whose results suggest that having a long commute substantially increases usage of medical services, particularly to treat respiratory, circulatory, and endocrine & metabolic diseases. However, we find mixed effects of long commute time on medical checkup outcomes and health-related activities such as exercise. |
| Keywords: | commute, health, place-based policy, Sejong, innovation city |
| JEL: | I10 J18 H51 R11 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16003&r=ure |
| By: | Hirotaka Goto |
| Abstract: | Individual participants in human society collectively exhibit aggregation behavior. In this study, we present a simple microscopic model of labor force migration by employing the active Brownian particles framework. Through agent-based simulations, we find that our model produces clusters of agents from a random initial distribution. Furthermore, two empirical regularities called Zipf's and Okun's laws were observed in our model. To reveal the mechanism underlying the reproduced agglomeration phenomena, we derived an extended Keller-Segel system, a classic model that describes the aggregation behavior of biological organisms called "taxis, " from our microscopic model. The obtained macroscopic system indicates that the agglomeration of the workforce in real world can be accounted for through a new type of taxis central to human behavior, which highlights the relevance of urbanization to blow-up phenomena in the derived PDE system. We term it "econotaxis." |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2303.09720&r=ure |
| By: | Bryanna Dixon; Anita Pena |
| Abstract: | Internal migration is inherently difficult to study with public data, which often lacks the geographic precision necessary to distinguish between moves that occur within counties, between counties but within states, and between states. Unfortunately, while very well suited to studying these phenomena, generally, the restricted-use ACS contains a constructed variable, “MIGPR”, that distinguishes between each type of move but contains some missing data. This report summarizes the characteristics of those respondents missing data on the MIGPR question to better understand the limitations of using this variable for studies of internal migration. |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:cen:tnotes:23-01&r=ure |
| By: | Leo Reutter (University of Kassel); Georg von Wangenheim (University of Kassel) |
| Abstract: | In the rental residential building stock, the landlord-tenant-dilemma is a well-known barrier to investments in energy efficiency and exacerbated where rent control limits the possibility to raise rents to finance landlords’ investments. Some jurisdictions, like Germany, allow landlords to extraordinarily increase rents in proportion to a modernization’s costs. In addition, the government grants subsidies to home-owners investing in energy efficiency. However, landlords must deduct these subsidies from modernization costs that may be levied on tenants. In this paper we model the interaction of these two policies. We find that the modernization surcharge itself is inefficient regarding landlords’ and tenants’ welfare. Non-deductible subsidies help incentivizing otherwise unprofitable modernizations, thereby improving the modernization width at the cost of tenants’ welfare, but at low levels they do not enlarge otherwise profitable modernizations. Deductible subsidies prove to be beneficial for landlords and achieve increases in landlords’ optimal modernization extent, improving modernization depth. Deductible subsidies can still incentivize investment where none is profitable without, albeit less effectively. When large enough to overcome the inefficient incentives of the modernization surcharge, deductible subsidies can also guarantee both landlords and tenants to gain welfare as well as increasing overall Social Welfare. |
| Keywords: | energy efficiency, landlord-tenant-dilemma, residential building sector, subsidies, tenancy law |
| JEL: | H23 K25 Q48 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:mar:magkse:202302&r=ure |
| By: | Lu, Hongyu; Rodgers, Michael O; Guensler, Randall |
| Abstract: | This white paper summarizes the development of MOVES-Matrix 3.0 based on EPA’s latest MOVES model known as MOVES3 (version 3.0.4). The research team updated the programs to account for changes in data structures and source sub-types and applied the same conceptual design used in MOVES-Matrix 2.0. The review of the MOVES3 and MOVES 2014b databases indicated a finer definition of the regions in terms of the unique combinations of fuel supply regions vs. Inspection/Maintenance (I/M) programs, with 40 fuel scenarios and 87 I/M scenarios in MOVES3 and 22 fuel scenarios and 84 I/M scenarios in MOVES 2014b. The increased number of fuel scenarios is due to the increased number of formulation regions and the one-to-many corresponding relationship between counties vs. fuel formulation regions by year. A total of 122 regions are defined in MOVES3 compared with 109 regions in MOVES 2014b, and the team anticipates at least 10% more running time to generate matrices for MOVES3, given the larger number of regions and the more complicated source type VSP/STP variables. View the NCST Project Webpage |
| Keywords: | Engineering, Motor Vehicle Emission Rate Modeling, Motor Vehicle Energy Use Modeling, MOVES2014, MOVES3, MOVES-Matrix |
| Date: | 2023–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt7qd6w47w&r=ure |
| By: | Jan Muckenhaupt (Technische Universität München (TUM)); Martin Hoesli (University of Geneva - Geneva School of Economics and Management (GSEM); Swiss Finance Institute; University of Aberdeen - Business School); Bing Zhu (Technische Universität München (TUM)) |
| Abstract: | This paper investigates the inflation hedging capability of listed real estate (LRE) companies from 1990 to 2021 in four economies: the US, the UK, Australia, and Japan. By using a Markov switching vector error correction model (MS-VECM), we identify that the short-term hedging ability moves towards being negative or zero during crisis periods. In non-crisis periods, LRE provides good protection against inflation. In the long term, LRE offers a good hedge against expected inflation and shows a superior inflation hedging ability than stocks. Additionally, we identify inflation-hedging portfolios by minimizing the expected shortfall. This inflation-hedging portfolio allocation methodology suggests that listed real estate stocks should play a significant role in investor portfolios. |
| Keywords: | Inflation Hedging, Listed Real Estate Companies, Markov-Switching, VECM, Inflation-Hedging Portfolio |
| JEL: | G11 G15 |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:chf:rpseri:rp2313&r=ure |
| By: | Eriksen, Tine Louise Mundbjerg (VIVE - The Danish Centre for Social Science Research); Gaulke, Amanda (Kansas State University); Skipper, Niels (Aarhus University); Svensson, Jannet (Copenhagen University Hospital); Thingholm, Peter Rønø (Aarhus University) |
| Abstract: | While there is a growing literature on family health spillovers, questions remain about how sibling disability status impacts educational outcomes. As disability is not randomly assigned this is an empirical challenge. In this paper we use Danish administrative data and variation in the onset of type 1 diabetes to compare education outcomes of focal children with a disabled sibling to outcomes of focal children without a disabled sibling (matched on date of birth of the focal child, sibling spacing and family size). We find that having a disabled sibling significantly decreases 9th grade exit exam GPAs, while having no impact on on-time completion of 9th grade. However, educational trajectories are impacted, as we find significant decreases in high school enrollment and significant increases in vocational school enrollment by age 18. Our results indicate that sibling disability status can generate economically meaningful inequality in educational outcomes. |
| Keywords: | sibling spillovers, health, diabetes, educational performance, SES |
| JEL: | I1 I2 J1 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp15988&r=ure |
| By: | Alfredo Palacios; Julia Gabosi; Caitlin Williams; Carlos Rojas-Roque |
| Keywords: | Slums, environmental health, urban health, healthcare services, poverty |
| JEL: | I14 R58 Q53 |
| Date: | 2021–11 |
| URL: | http://d.repec.org/n?u=RePEc:aep:anales:4502&r=ure |
| By: | Sumon Bhaumik (Management School, University of Sheffield); Subhasish M. Chowdhury (Department of Economics, University of Sheffield); Ralitza Dimova (Global Development Institute, University of Manchester); Hanna Fromell (Department of Economics and Business Economics, Aarhus University) |
| Abstract: | We investigate experimentally the effects of information about native/immigrant identity, and the ability to communicate a self-chosen personal characteristic towards the rival on conflict behavior. In a two-player individual contest with British and Immigrant subjects in the UK we find that neither information about identity nor communicating self-characteristics significantly affect the average level of conflict. Both of those, however, significantly affect players’ strategies, in the sense of the extent they involve conflict over time. Overall, the results indicate that inter-personal communication may help to mitigate high intensity conflicts when the identities are common knowledge among rivals. |
| Keywords: | Conflict, Experiment, Identity, Immigrant, Communication |
| JEL: | C72 C91 D72 |
| Date: | 2023–03–23 |
| URL: | http://d.repec.org/n?u=RePEc:aah:aarhec:2023-02&r=ure |
| By: | Pierre-Carl Michaud; Pascal St-Amour |
| Abstract: | Annuities, long-term care insurance and reverse mortgages remain unpopular to manage longevity, medical and housing price risks after retirement. We analyze low demand using a life-cycle model structurally estimated with a unique stated-preference survey experiment of Canadian households. Low risk aversion, substitution between housing and consumption and low marginal utility when in poor health explain most of the reduced demand. Bequests motives are found to be a luxury good and play a limited role. The remaining disinterest is explained by information frictions and behavioural status-quo biases. We find evidence of strong spousal co-insurance motives motivating LTCI and of responsiveness to bundling with a near doubling of demand for annuities when reverse mortgages can be used to annuitize, instead of consuming home equity. |
| Keywords: | retirement wealth; insurance; health risk; housing risk |
| JEL: | J14 G52 G53 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:rsi:irersi:13&r=ure |
| By: | Paul Koster (Vrije Universiteit Amsterdam) |
| Abstract: | When income inequality increases when average income levels increase, rises in average income levels might result in inequality costs. This paper develops marginal social welfare measures that account for the possibility that income inequality changes when average income levels change. Applications are given for the city of Amsterdam, The Netherlands. For this city, the income elasticity of the Gini is estimated in the range 0.25-0.48. Estimates of marginal welfare changes vary greatly with model choice. For plausible cases, estimates can be negative, raising doubts whether average income increases are beneficial in rich urban areas with high valuations of equality where income inequality increases in income. |
| Keywords: | Social welfare, income inequality, inequity aversion, post-growth |
| JEL: | A13 D61 D63 E24 |
| Date: | 2023–03–03 |
| URL: | http://d.repec.org/n?u=RePEc:tin:wpaper:20230009&r=ure |
| By: | Chiara Cavaglia; Sandra McNally; Guglielmo Ventura |
| Abstract: | The quality of apprenticeships in England has improved in recent years, but take-up has dropped. Chiara Cavaglia, Sandra McNally and Guglielmo Ventura show how these changes mean that those from disadvantaged neighbourhoods may be losing out on a potential route to social mobility. |
| Keywords: | Education, , UK Economy, Social mobility, Apprenticeships |
| Date: | 2023–02–21 |
| URL: | http://d.repec.org/n?u=RePEc:cep:cepcnp:647&r=ure |
| By: | Ismael Choinière-Crèvecoeur; Pierre-Carl Michaud |
| Abstract: | Few retirees use reverse mortgages. In this paper, we investigate how financial literacy and prior knowledge of the product influence take-up by conducting a stated-preference experiment. We exogenously manipulate characteristics of reverse mortgages to tease out how consumers value them and investigate differences by financial literacy and prior knowledge of reverse mortgages. We find that those with higher financial knowledge are more likely to know about reverse mortgages, not more likely to purchase them at any cost but are more sensitive to the interest rate and the insurance value of these products in terms of the non-negative equity guarantee. |
| Keywords: | reverse mortgages; savings; retirement planning; insurance |
| JEL: | G53 G21 R21 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:rsi:irersi:12&r=ure |
| By: | Ran Abramitzky; Jacob Conway; Roy Mill; Luke Stein |
| Abstract: | We study differences in economic outcomes by perceived skin tone among African Americans using full-count U.S. decennial census data from the late-19th and early-20th centuries. Comparing children coded as “Black” or “Mulatto” by census enumerators and linking these children across population censuses, we first document large gaps in educational attainment and income among African Americans with darker and lighter perceived skin tones. To disentangle the drivers of these gaps, we identify all 36, 329 families in which enumerators assigned same-gender siblings different Black/Mulatto classifications. Relative to sisters coded as Mulatto, sisters coded as Black had lower educational attainment, were less likely to marry, and had lower-earning, less-educated husbands. These patterns are consistent with more severe contemporaneous discrimination against African-American women with darker perceived skin tones. In contrast, we find similar educational attainment, marital outcomes, and incomes among differently-classified brothers. Men perceived as African Americans of any skin tone faced similar contemporaneous discrimination, consistent with the “one-drop” racial classification rule that grouped together individuals with any known Black ancestry. Lower incomes for African-American men perceived as having darker skin tone in the general population were driven by differences in opportunities and resources that varied across families, likely reflecting the impacts of historical or family-level discrimination |
| JEL: | D1 J1 J7 N3 Z13 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31016&r=ure |
| By: | Alka Obadić (Faculty of Economics and Business, University of Zagreb); Mislav Viktor Viljevac (Faculty of Economics and Business, University of Zagreb) |
| Abstract: | This paper analyses the existing educational and occupational structures of several EU member countries and their alignment with the needs of the labour market. Such a situation may indicate a structural mismatch in labour market in which the mismatch between the skills taught in schools and universities and the skills needed in the workplace appears. To evaluate this mismatch, the paper investigates the matching needs of employers and unemployed job seekers by disaggregating the registered employment office data by education and occupation groups in selected EU countries separately. More educated workers, as well as workers in more complex and better-paid occupations, might fare better when it comes to the aggregate labour market trends. For example, economic downturns and increases in unemployment might be felt more heavily by workers with lower education and those who work in professions requiring fewer skills. In this paper, we analyse the data for a selected group of countries (Austria, Croatia, Estonia, Slovenia, and Spain) from 2010 till 2022, using the Beveridge curves and estimate the labour market tightness and matching efficiency for different education and occupation groups. Our results show that differences in education levels and occupation result in relatively small deviations from aggregate trends in the labour market. Aggregate labour market trends therefore strongly impact all groups in the labour market, whether the market is segmented by education levels or by occupation. In other words, both the improvements in the labour market conditions and the worsening of labour market conditions have similar effects across different labour market segments. |
| Keywords: | educational structure, structural unemployment, Beveridge curve, matching efficiency, labour market tightness, EU |
| JEL: | J21 J22 J23 J63 |
| Date: | 2023–03–27 |
| URL: | http://d.repec.org/n?u=RePEc:zag:wpaper:2303&r=ure |
| By: | Audinga Baltrunaite (Bank of Italy); Tommaso Orlando (Bank of Italy); Ivano Pizzolla (Bank of Italy); Valerio Ragozini (Bank of Italy); Gabriele Rovigatti (Bank of Italy) |
| Abstract: | Verifying the paperwork of public tender bidders can be one of the most challenging phases of public procurement awarding procedures in terms of the time and resources needed. The so-called reverse procedure (‘inversione procedimentale’ in Italian) defers the verification of documents until after the ranking of bidders has been completed, so that only the eligibility of the winner needs to be verified. In this paper, we analyse the use and effectiveness of this procedure in Italian public tenders from 2019-22, after its temporary introduction in the regulatory system. Drawing from data on tenders for public works commissioned by municipal administrations, we find that the use of the reverse procedure has increased over time, especially in larger municipalities and in Central and Northern Italy, significantly reducing the duration of awarding procedures. |
| Keywords: | public procurement, public contracts |
| JEL: | H57 M4 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_750_23&r=ure |
| By: | Bellés Obrero, Cristina (Barcelona Institute of Economics); Rice, Caoimhe T. (University of York); Castello, Judit Vall (University of Barcelona) |
| Abstract: | This paper investigates the causal link between healthcare access and the help-seeking behavior of intimate partner violence (IPV) victims. Healthcare access can be an important entry point for screening or detecting IPV. Doctors are required by law to report any injuries to a judge if they suspect they are the result of a crime and can inform and direct victims to IPV services. We exploit the 2012 reform in Spain that removed access to the public healthcare system for undocumented immigrants. We use court reports and protection order requests from the Judicial Branch of the Spanish government to perform a difference-in-differences approach, comparing the help-seeking behavior of foreign and Spanish women before and after the reform. We find that the impact of the reform was immediate; foreign women's IPV reporting and application for protection orders decreased by 12%. This effect is entirely driven by regions with stronger enforcement of the reform. We show suggestive evidence that the reform left the underlying levels of IPV incidence unaffected. Instead, the results are driven by a reduction in injury reports by medical centers. Our findings are important given the increase in migration flows globally as well as for current debates on granting/limiting access to healthcare for marginalized groups. |
| Keywords: | healthcare access, intimate partner violence, reporting, undocumented immigrants |
| JEL: | I10 I12 I14 I31 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp15994&r=ure |
| By: | Aria Ardalan; Sebastian G. Kessing; Salmai Qari; Malte Zoubek |
| Keywords: | Otax incidence, corporate tax, event study |
| JEL: | H22 H25 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:sie:siegen:194-23&r=ure |
| By: | Shane Byrne; Kenneth Devine; Michael King; Yvonne McCarthy; Christopher Palmer |
| Abstract: | Under-refinancing limits the transmission of accommodative monetary policy to the household sector and costs mortgage holders in many countries a significant fraction of income annually. We test whether targeted communication can reduce the attention frictions that inhibit transmission by partnering with a large bank to analyze a field experiment testing messages sent to 12, 000 Irish households. While we find only small effects of disclosure design improvements, a reminder letter increases refinancing by 76%, from 8.9% to 15.7%. To interpret this reminder effect, we extend and estimate a mixture model of inattentive financial decision-making to allow for disclosure treatment effects on attention. We find that reminders increase the likelihood mortgage holders are attentive by over 60%, from 24% to 39%. A conservative back-of-the-envelope cost-effectiveness calculation implies that the average reminder letter generated €42 of mortgagor consumption (€605 per refinancing household). Our results illustrate that targeted central bank communication such as refinancing reminders could have a larger effect on refinancing than a standard policy rate cut. Reminders could further strengthen the refinancing channel and stimulate local consumption even when policy rates are at the zero-lower bound or set in a monetary union. |
| JEL: | D83 E58 G21 G28 G51 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31043&r=ure |
| By: | Soares, Rodrigo R. (Insper, São Paulo); Souza, Danilo (University of Sao Paolo) |
| Abstract: | We document that oil-producing areas of Brazil experienced increases in crime during the period of increased economic growth driven by the 2000s oil boom. This challenges the understanding that the impact of income shocks on crime is driven primarily by the legal status of the market in question. Offshore oil production, refining, and distribution in Brazil are concentrated in large firms, without scope for income contestability. We show that various equilibrium effects of the shock – such as increased inequality, urbanization, illegal goods presence, and deterioration in public goods provision – are likely to have contributed to the increase in crime. |
| Keywords: | crime, oil, income, Brazil |
| JEL: | H75 K42 Q34 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16002&r=ure |
| By: | Farrell, Niall |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:esr:wpaper:wp743&r=ure |
| By: | Federico Favata; Julián Leone; Jorge Lo Cascio |
| Keywords: | youth employment, labor market, income, pandemic effect |
| JEL: | E20 J31 |
| Date: | 2021–11 |
| URL: | http://d.repec.org/n?u=RePEc:aep:anales:4465&r=ure |
| By: | Israel García; Bernd Hayo |
| Abstract: | Do gender differences matter for politicians’ budgetary behaviour when confronted with an exogenous change in the institutional framework? After the 2013 Spanish municipal reform, municipalities with more than 20, 000 inhabitants were no longer responsible for managing the provision of social services. Using a difference-in-differences estimator in a sample of municipalities from the Madrid region for 2010−2019, we compare gender differences in social services spending before and after the reform between municipalities below 20, 000 inhabitants (control group) and above 20, 000 inhabitants (treatment group). Although social spending was, on average, significantly reduced in the treatment group post-reform, we observe significant differences between municipalities conditional on the gender composition of local governments, i.e. council and mayor. Whereas male-dominated governments cut social expenditure by about 20% of the total budget, gender-balanced and female-dominated governments did not. Moreover, gender-balanced governments combined with female mayors increased social services spending by 40% more than gender-balanced governments combined with male mayors. This finding supports the claim that social spending is, on average, of particular importance to female politicians, as they are willing to bend the law to uphold their interests. |
| Keywords: | gender, difference-in-differences, exogenous reform, political budget cycles, Spanish municipalities, Madrid region |
| JEL: | C23 E61 D72 H75 I38 J16 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10297&r=ure |
| By: | Zhaobo Zhu (Audencia Business School); Hang Lin (Shenzhen University [Shenzhen]); Min Chen (SFSU - San Francisco State University); Peiwen Han (Shenzhen University [Shenzhen]) |
| Abstract: | This paper examines the spillover effect of economic policy uncertainty on the financial market by comparing how local and external policy uncertainties affect the behaviors of analysts in an international financial center. Unlike findings in the United States and the United Kingdom, high local policy uncertainty does not significantly decrease analysts' earnings forecast accuracy or exacerbate forecast dispersion in Hong Kong. In contrast, high external policy uncertainty from Mainland China, the U.S., Europe, and across the globe significantly decrease analysts' forecast accuracy in Hong Kong, although these external policy uncertainties have also no significant effect on forecast dispersion. In addition, both local and external policy uncertainties have significant impact on analyst coverage and recommendations. These results provide strong evidence on the crosscountry spillover effect of economic policy uncertainty on a developed and international financial market. |
| Keywords: | Economic Policy Uncertainty Spillover Effect Analysts' Earnings Forecast Accuracy Forecast Dispersion Analyst Coverage Recommendations, Economic Policy Uncertainty, Spillover Effect, Analysts' Earnings Forecast Accuracy, Forecast Dispersion, Analyst Coverage, Recommendations |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03926514&r=ure |
| By: | Saïd Yami (LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique); Zouhaier M'Chirgui; Claude Spano; Olga Gontier Barykina |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03145505&r=ure |
| By: | Yasmine van der Straten (University of Amsterdam) |
| Abstract: | I study the implications of climate change and adaptation on housing and income, and wealth. I embed climate change in a redistributive growth model by introducing exposure of households and firms to extreme weather events, that damage their housing capital and physical capital, respectively. The analysis reveals that climate change is intrinsically redistributive, as it amplifies both income and wealth inequality. Low-income workers experience a relatively larger decline in income due to their exposure to climate-related damages, while the rate at which households with positive savings accumulate wealth rises. Furthermore, I find that adapting to climate change is more challenging for low-income households who are financially constrained, and the failure to reduce vulnerability to climate impacts exacerbates wealth inequality. Additionally, while houses exposed to climate risk face a price discount in the market, I demonstrate that the materialization of climate change risk puts upward pressure on house prices, as the supply of such houses becomes reduced. This general equilibrium effect is propagated and amplified over time. |
| Keywords: | Climate Change, Adaptation, Housing, Financial Assets, Extreme Weather Events, Income Inequality, Wealth Inequality |
| JEL: | E44 G51 Q54 |
| Date: | 2023–03–15 |
| URL: | http://d.repec.org/n?u=RePEc:tin:wpaper:20230014&r=ure |
| By: | Paul Chiambaretto (Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School) |
| Date: | 2021–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03514785&r=ure |
| By: | Adeel Malik; Rinchan Ali Mirza; Faiz Ur Rehman |
| Abstract: | We examine whether frontier rule, which disallows frontier residents from recourse to formal institutions of conflict management and disproportionately empowers tribal elites, provides a more fragile basis for maintaining social order in the face of shocks. Combining a historical border that separates frontier from non-frontier regions in north-western Pakistan with 10km-by-10km grid cell-level data on conflict in a spatial regression discontinuity design framework, we show that areas under frontier rule experienced significantly higher violence against the state after 9/11. |
| Keywords: | Institutions, Governance, Conflict |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2023-42&r=ure |
| By: | Muhammad Jehangir Khan (Pakistan Institute of Development Economics) |
| Abstract: | One crucial initiative currently in the limelight across the globe is the Trends in International Mathematics and Science Study (TIMSS), which ranks countries in terms of students’ scores in math and science globally. Indeed, individual countries have always relied on their indigenous tests to assess their educational excellence, but not in comparison to other countries. Hence, the TIMSS assessments, since the spread of the globalised competition, has become a way to title education supremacy. |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:pid:kbrief:2022:73&r=ure |