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on Urban and Real Estate Economics |
| By: | Pan, Alexandra Q; Deakin, Elizabeth; Shaheen, Susan A |
| Abstract: | The relationship between housing and transportation costs has been the focus of much research, with classic urban theory positing that housing costs decrease and commuting costs increase as households move away from city centers. The growing population of low and low-moderate (LMI) households in suburbs may be taking advantage of lower housing costs, though research shows that housing cost savings in suburbs are offset by higher transportation costs. Our research explores dimensions of housing and transportation cost burden on LMI households in Contra Costa County in the San Francisco Bay Area using qualitative data from online/in-person surveys (n=208) and interviews conducted in English and Spanish (n=25). We found that housing burden is high, suggesting that LMI households choose to live in suburbs for diverse reasons, including rising rents and other requirements (e.g., credit score, rental history) in core cities, and desire for home ownership and a safer environment for children. Yet LMI suburban residents are still vulnerable to rising rents and housing instability in suburban areas. In addition to high housing costs, transportation costs are higher in suburbs due to longer commutes and higher reliance on personal vehicles. Car access is necessary, especially for households with young children. Reliance on cars becomes an issue as LMI households often encounter maintenance issues of used cars or inability to make car payments. When faced with lack of car ownership, households rely on social networks or public transit, and in some cases, forgo trips or relinquish their vehicles entirely. The lack of quality transportation alternatives in suburban contexts, as existing public transit services have long headways and are not well-suited to serving off-peak trips between suburban areas, leaves LMI households vulnerable. |
| Keywords: | Engineering |
| Date: | 2023–12–01 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:itsrrp:qt90f5j3mb |
| By: | Janine Boshoff; Steve Machin; Matteo Sandi |
| Abstract: | This paper combines ten years of idiosyncratic variation in school closure dates for all secondary schools in England with administrative records of educational and criminal trajectories linked at the individual level to study the impact of the school schedule on the dynamics of youth crime. When school is not in session, students commit more property offences, more serious violent offences and fewer minor violent offences. Thefts, robberies and violent assaults drive these effects. This is novel evidence of strong incapacitation effects from the protective factor of schooling which affects not only the incidence of violence, but also its severity. |
| Keywords: | crime, school attendance, exclusion. |
| JEL: | I20 K14 K42 H44 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11812 |
| By: | Schuyler Louie; John A. Mondragon; Johannes Wieland |
| Abstract: | The standard view of housing markets holds that the flexibility of local housing supply–shaped by factors like geography and regulation–strongly affects the response of house prices, house quantities and population to rising housing demand. However, from 2000 to 2020, we find that higher income growth predicts the same growth in house prices, housing quantity, and population regardless of a city's estimated housing supply elasticity. We find the same pattern when we expand the sample to 1980 to 2020, use different elasticity measures, and when we instrument for local housing demand. Using a general demand-and-supply framework, we show that our findings imply that constrained housing supply is relatively unimportant in explaining differences in rising house prices among U.S. cities. These results challenge the prevailing view of local housing and labor markets and suggest that easing housing supply constraints may not yield the anticipated improvements in housing affordability. |
| JEL: | E22 J61 R21 R31 R52 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33576 |
| By: | Cécile Gaubert; Frédéric Robert-Nicoud |
| Abstract: | We propose a spatial equilibrium model with heterogeneous households holding general non-homothetic preferences over tradable goods and housing. In equilibrium, desirable and productive locations command high housing prices. So long as housing is a necessity, these locations are disproportionately inhabited by high-income earners who are relatively less affected by high housing prices. We clarify how this source of sorting complements other potential sorting forces in spatial equilibrium models, namely, comparative advantage in production and heterogeneous preferences for locations. We show how to measure changes in welfare inequality across income groups in a theoretically-consistent way when housing is a necessity, extending the approach popular in models with homothetic preferences. We use our framework to track the evolution of welfare inequality between college and non-college graduates in the United States between 1980 and 2020. We find that, accounting for change in prices, it has risen by more than nominal wage inequality, even as college graduates increasingly sort into cities with expensive housing over this time period. |
| JEL: | R0 R12 R2 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33652 |
| By: | Sebastian Doerr (Bank for International Settlements; Centre for Economic Policy Research (CEPR)); Andreas Fuster (École Polytechnique Fédérale de Lausanne (EPFL); Swiss Finance Institute; Centre for Economic Policy Research (CEPR)) |
| Abstract: | Policy makers place high hopes in manufactured homes—the largest source of unsubsidized affordable housing in the US—to alleviate housing supply shortages. This paper shows that high market concentration in the multi-billion-dollar manufactured home loan market allows lenders to charge significantly higher interest rates than for site-built homes. Loan-level data indicate that borrowers in counties with higher lender concentration face significantly higher rates. Evidence from bunching at the regulatory HOEPA rate threshold, an instrumental variable analysis, and a difference-in-differences analysis around HOEPA’s introduction suggests a causal link. We further show that integrated lenders, which play an outsized role in the manufactured home loan market, charge particularly high rates, and we provide evidence suggesting that these lenders exploit their market power over borrowers. |
| Keywords: | mortgage market, competition, household finance, manufactured homes, HOEPA |
| JEL: | G21 G23 L13 R31 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:chf:rpseri:rp2528 |
| By: | David Albouy; R. Jason Faberman |
| Abstract: | We examine sorting behavior across metropolitan areas by skill over individuals’ life cycles. We show that high-skill workers disproportionately sort into high-amenity areas, but do so relatively early in life. Workers of all skill levels tend to move towards lower-amenity areas during their thirties and forties. Consequently, individuals’ time use and expenditures on activities related to local amenities are U-shaped over the life cycle. This contrasts with well-documented life-cycle consumption profiles, which have an opposite inverted-U shape. We present evidence that the move towards lower-amenity (and lower-cost) metropolitan areas is driven by changes in the number of household children over the life cycle: individuals, particularly the college educated, tend to move towards lower-amenity areas after having their first child. We develop an equilibrium model of location choice, labor supply, and amenity consumption and introduce life-cycle changes in household composition that affect leisure preferences, consumption choices, and required home production time. Key to the model is a complementarity between leisure time spent going out and local amenities, which we estimate to be large and significant. Ignoring this complementarity and the distinction between types of leisure misses the dampening effect child rearing has on urban agglomeration. Since the value of local amenities is capitalized into housing prices, individuals will tend to move to lower-cost locations to avoid paying for amenities they are not consuming. |
| JEL: | J30 J61 R23 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33552 |
| By: | Katja Gehr; Michael Pflüger |
| Abstract: | This paper explores the macroeconomic consequences of regulatory barriers in housing markets. We take a European perspective, allowing us to offer novel facts, theory, and methodology. Our focus is on Germany, a compelling case exemplifying key characteristics unique to European city systems. To take our model to the data, we estimate its structural equations for the population elasticities of urban benefits and costs using rich micro-data. The quantified model receives strong support from several sources of independent evidence. We study the effects of a counterfactual reduction of land-use regulations on aggregate welfare and evaluate the effect of cities on growth. |
| Keywords: | city systems, urban growth, urban benefits and costs, land-use regulations, amenities, location fundamentals |
| JEL: | C52 R12 D24 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11716 |
| By: | Robert Collinson; Deniz Dutz; John Eric Humphries; Nicholas S. Mader; Daniel Tannenbaum; Winnie van Dijk |
| Abstract: | Eviction may be an important channel for the intergenerational transmission of poverty, and concerns about its effects on children are often raised as a rationale for tenant protection policies. We study how eviction impacts children's home environment, school engagement, educational achievement, and high school completion by assembling new data sets linking eviction court records in Chicago and New York to administrative public school records and restricted Census records. To disentangle the consequences of eviction from the effects of correlated sources of economic distress, we use a research design based on the random assignment of court cases to judges who vary in their leniency. We find that eviction increases children's residential mobility, homelessness, and likelihood of doubling up with grandparents or other adults. Eviction also disrupts school engagement, causing increased absences and school changes. While we find little impact on elementary and middle school test scores, eviction substantially reduces high school course credits. Lastly, we find that eviction reduces high school graduation and use a novel bounding method to show that this finding is not driven by differential attrition. The disruptive effects of eviction appear worse for older children and boys. Our evidence suggests that the impact of eviction on children runs through the disruption to the home environment or school engagement rather than deterioration in school or neighborhood quality, and may be moderated by access to family support networks. |
| JEL: | H0 I24 I30 J0 K0 R0 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33659 |
| By: | Damm, Anna Piil (Aarhus University); Hassani, Ahmad (Aarhus University); Sørensen, Jonas Søndergaard (Aarhus University) |
| Abstract: | This paper asks whether Denmark’s large-scale intervention in disadvantaged public-housing neighbourhoods on the “Ghetto List” in 2010 altered the trajectories of the neighbourhoods and improved economic outcomes of pre-existing residents through infrastructural improvements and social programmes. We leverage a novel geo-referenced data set linked with administrative registers and defines similar, yet untargeted neighbourhoods and their pre-existing residents as the control group. Our difference-in-difference estimates show that the programme reduced crime, both through a short-run compositional change, and through an 9.5% reduction in the likelihood of a criminal conviction among pre-existing residents, driven by those with a history of criminal activity. |
| Keywords: | local community development, economic deprivation, human resources, residential segregation, migration, public policy analysis |
| JEL: | J6 J24 O15 R23 R28 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17843 |
| By: | Bruce D. Meyer; Angela Wyse; Douglas Williams |
| Abstract: | Data from the Department of Housing and Urban Development (HUD) indicate an unprecedented 43 percent increase in the number of people residing in homeless shelters in the United States between 2022 and 2024, reversing the gradual decline over the preceding sixteen years. Three-quarters of this rise was concentrated in four localities – New York City, Chicago, Massachusetts, and Denver – where large inflows of new immigrants seeking asylum were housed in emergency shelters. Using direct estimates from local government sources and indirect methods based on demographic changes, we estimate that asylum seekers accounted for about 60 percent of the two-year rise in sheltered homelessness during this period, challenging media and policy narratives that primarily attribute this rise to local economic conditions and housing affordability. |
| JEL: | H0 J0 R0 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33655 |
| By: | David Card; Jesse Rothstein; Moises Yi |
| Abstract: | We use detailed location information from the Longitudinal Employer-Household Dynamics (LEHD) database to develop new evidence on the effects of spatial mismatch on the relative earnings of Black workers in large US cities. We classify workplaces by the size of the pay premiums they offer in a two-way fixed effects model, providing a simple metric for defining “good” jobs. We show that: (a) Black workers earn nearly the same average wage premiums as whites; (b) in most cities Black workers live closer to jobs, and closer to good jobs, than do whites; (c) Black workers typically commute shorter distances than whites; and (d) people who commute further earn higher average pay premiums, but the elasticity with respect to distance traveled is slightly lower for Black workers. We conclude that geographic proximity to good jobs is unlikely to be a major source of the racial earnings gaps in major U.S. cities today. |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:cen:wpaper:25-23 |
| By: | Sarah Chung; Claudia Persico; Jing Liu |
| Abstract: | Recent empirical research shows that air pollution harms student test scores and attendance and increases office discipline referrals. However, the mechanism by which air pollution operates within schools to negatively affect student and teacher outcomes remains largely opaque. The existing literature has primarily focused on the effects of prolonged exposure to pollution on end-of-year test scores or total absence counts. We examine how ambient air pollution influences student-by-day and teacher-by-day outcomes, including absences and office discipline referrals, using daily administrative data from a large urban school district in California between 2003 and 2020. Using wind direction as an instrument for daily pollution exposure, we find that a 10 μg/m3 increase in daily PM2.5 causes a 5.7% increase in full-day student absences and a 28% increase in office referrals in a three-day window. Importantly, the effects are driven by low-income, Black, Hispanic, and younger students. In addition, over three days, a 10 μg/m3 increase in daily PM2.5 causes a 13.1% increase in teacher absences due to illness. Our research indicates that decreasing air pollution in urban areas could enhance both student and teacher attendance, and minimize disruptive behavior in educational settings. |
| JEL: | I14 I24 Q53 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33549 |
| By: | Mert Akan; Jose Maria Barrero; Nicholas Bloom; Thomas Bowen; Shelby R. Buckman; Steven J. Davis; Hyoseul Kim |
| Abstract: | We use matched employer-employee data to study where Americans live in relation to employer worksites. Mean distance from employee home to employer worksite rose from 15 miles in 2019 to 26 miles in 2023. Twelve percent of employees hired after March 2020 live at least fifty miles from their employers in 2023, triple the pre-pandemic share. Distance from employer rose more for persons in their 30s and 40s, in highly paid employees, and in Finance, Information, and Professional Services. Among persons who stay with the same employer from one year to the next, we find net migration to states with lower top tax rates and areas with cheaper housing. These migration patterns greatly intensify after the pandemic and are much stronger for high earners. Top tax rates fell 5.2 percentage points for high earners who stayed with the same employer but switched states in 2020. Finally, we show that employers treat distant employees as a more flexible margin of adjustment. |
| JEL: | J20 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33582 |
| By: | Cody Cook; Aboudy Kreidieh; Shoshana Vasserman; Hunt Allcott; Neha Arora; Freek van Sambeek; Andrew Tomkins; Eray Turkel |
| Abstract: | Starting in January 2025, New York City became the first city in the United States to introduce a fee for vehicles entering its central business district (CBD). Using Google Maps Traffic Trends, we show that the policy increased speeds in the CBD, had spillovers onto non-CBD roads, and reduced estimated vehicle emissions throughout the metro area. Relative to a set of control cities, average traffic speeds in NYC’s CBD increased by 15% following the introduction of congestion pricing, with larger effects during the most congested hours. Roads commonly traversed on routes to the CBD before the policy have also seen an increase in speeds and a decrease in estimated vehicle CO₂ emission rates. Overall, these speed changes reduced realized travel times on trips to and within the CBD by approximately 8%. The increase in speed is greatest in neighborhoods closer to the CBD, with no significant difference between neighborhoods with different income levels. |
| JEL: | R4 R41 R48 R5 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33584 |
| By: | Gordon H. Hanson; Enrico Moretti |
| Abstract: | We examine changes in the spatial distribution of good jobs across US commuting zones over 1980-2000 and 2000-2021. We define good jobs as those in industries in which full-time workers attain high wages, accounting for individual and regional characteristics. The share of good jobs in manufacturing has plummeted; for college graduates, good jobs have shifted to (mostly tradable) business, professional, and IT services, while for those without a BA they have shifted to (non-tradable) construction. There is strong persistence in where good jobs are located. Over the last four decades, places with larger concentrations of good job industries have tended to hold onto them, consistent with a model of proportional growth. Turning to regional specialization in good job industries, we find evidence of mean reversion. Commuting zones with larger initial concentrations of good jobs have thus seen even faster growth in lower-wage (and mostly non-tradable) services. Changing regional employment patterns are most pronounced among racial minorities and the foreign-born, who are relatively concentrated in fast growing cities of the South and West. Therefore, good job regions today look vastly different than in 1980: they are more centered around human-capital-intensive tradable services, are surrounded by larger concentrations of low-wage, non-tradable industries, and are more demographically diverse. |
| JEL: | J01 R0 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33631 |
| By: | Joanna Clifton-Sprigg (University of Bath); Jonathan James (University of Bath) |
| Abstract: | Using newly released detailed data on school absences, we find a “Friday effect”. Children are much less likely to attend schools in England on a Friday. We find that this pattern holds for different schools and for both authorised (mainly illness) and unauthorised absence. Furthermore, we document a social gradient in the “Friday effect” for unauthorised absences, where the effect is larger in more deprived areas. We also show the effect in secondary schools is bigger in areas with more persistent absence. Eliminating the “Friday effect” could lead to a 1.71% of a standard deviation increase in test scores and 0.8% increase in income in the longer run. |
| Date: | 2023–06–29 |
| URL: | https://d.repec.org/n?u=RePEc:eid:wpaper:58182 |
| By: | Attar, Itay (Ben Gurion University); Cohen-Zada, Danny (Ben Gurion University) |
| Abstract: | Using Israeli data, we establish that the interaction between school entrance age (SEA) policy and youth employment laws increases high school dropout rates among students who start school older—particularly males. This is because these students become eligible for employment at an earlier grade, increasing their likelihood and duration of work, which amplifies dropout rates. Intriguingly, this effect is primarily driven by students who achieved above-average test scores in elementary school. Among males, a higher SEA also reduces participation in and scores on a college entry exam, as well as college enrollment. Unlike most previous estimates, our estimates of the effect of SEA on college entry-exam scores are free from age-at-test effects. In the longer run, a higher SEA reduces educational attainment for both males and females and has a sizable negative, though statistically nonsignificant, effect on their earnings. Our findings suggest that replacing the minimum working age in youth employment laws with a minimum-grade-completion requirement could mitigate the unintended consequence of higher dropout rates among older school entrants. |
| Keywords: | returns to education, compulsory schooling, high school dropout, youth employment, school entrance age, date of birth, test scores |
| JEL: | I20 I28 J22 J24 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17790 |
| By: | Ma, Shuang (Guangzhou University); Mu, Ren (Texas A&M University) |
| Abstract: | This study investigates broadband internet's impact on rural-urban migration in China, using the Universal Broadband and Telecommunication Services pilot program as a quasi-experimental setting. Analyzing China Household Finance Survey data (2013-2021) through difference-in-differences estimation, we find that improved internet access significantly increased rural-urban migration. Effects were strongest in villages with initially low migrant populations, locations closer to county centers, and those with better road infrastructure. At the individual level, impacts were most pronounced among females, younger people, the more educated, and those from higher-income households. Increased attention to economic information, rather than enhanced e-commerce opportunities, appears to drive these migration decisions. Our findings suggest broadband creates “digital routes” facilitating outmigration rather than “digital roots” anchoring residents to rural areas. |
| Keywords: | migration, urbanization, information and communications technology, China |
| JEL: | O15 R2 L86 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17752 |
| By: | Kumar, Santosh (University of Notre Dame); Shandal, Monica (University of California, Santa Cruz); Zucker, Ariel (UC Santa Cruz) |
| Abstract: | We examine the impact of rural road connectivity on economic and social outcomes in the context of India’s PMGSY, the world’s largest rural road program. Using a novel village-level survey explicitly designed around PMGSY’s rollout, we exploit quasi-random variation in road placement to estimate causal effects. We find that roads increase producer prices by 1.4 SD, reduce consumer prices by 0.6 SD, shift labor from agriculture to local casual work, and decrease short-term migration. Additionally, road connectivity improves governance, delays marriages, and improves wedding quality. Our findings highlight the role of infrastructure in shaping rural economies and social institutions. |
| Keywords: | migration, wages, prices, PMGSY, rural roads, India |
| JEL: | I15 J43 O12 O18 R23 R42 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17775 |
| By: | Giovanni Facchini; Anja Neundorf; Sergi Pardos-Prado; Cecilia Testa |
| Abstract: | Regional economic conditions affect livelihoods and the geography of political resentment. Yet, individuals do not equally partake in their region’s economic fortunes, and their perceptions of relative deprivation need not be the same. Grievances are likely to be shaped not only by income disparities but also by how personal prospects are tied to regional conditions. We argue that the interaction between subjective individual and regional relative deprivation crucially affects perceptions of shared experience and systemic unfairness. Through a large-scale survey experiment in Britain, we provide causal evidence that poor individuals in poor regions express more political resentment due to diminished personal financial prospects and social status. In contrast, political attitudes among poor and wealthy individuals are indistinguishable in affluent regions. Our findings reveal how reference groups affect subjective perceptions of relative deprivation and highlight the importance of egocentric mechanisms, whereby the local economy shapes expectations of individual prospects. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:not:notnic:2025-01 |
| By: | Heidi Artigue; Patrick Bayer; Fernando V. Ferreira; Stephen Ross |
| Abstract: | This paper examines the long-term impact of keeping versus losing one’s home following a mortgage delinquency in the aftermath of the Great Recession, studying the trajectory of homeownership, consumption, and financial well-being over the subsequent decade. Our research design leverages the substantial number of households that experienced temporary income shocks and the turbulence of the foreclosure crisis — we focus on individuals who were seriously delinquent on their mortgages and compare outcomes between those who received a mortgage modification and those who did not. These two groups exhibit highly similar pre-trends in financial outcomes prior and during the Great Recession but diverge by 36 percentage points in their short-term likelihood of retaining homeownership. More than half of this disparity persists nearly a decade later, translating into an average capital gain of $83, 000 in the housing market. Despite these significant differences in homeownership and wealth accumulation, keeping a home does not appear to influence the path of creditworthiness, proxies for consumption, and the income rank of one's residential neighborhood. |
| JEL: | G51 R21 R28 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33692 |
| By: | Hoang, Thu (Monash University) |
| Abstract: | Using plausibly exogenous fluctuations in foreign real income per capita and longitudinal data from Australia, we examine the impact of economic conditions in immigrant parents’ home countries on their children’s academic performance. We find that a one percent increase in real GDP per capita in parents’ home countries leads to a 0.01 standard deviation improvement in children’s standardised test scores. The effect is particularly pronounced among children with parents born in Asia, where extended family ties play a strong role. Our mediation analysis suggests that the impact is likely driven by increased private tutoring. These findings imply that economic conditions in immigrants’ home countries can shape the educational outcomes and future economic prospects of their children in destination countries, likely through family and social networks. |
| Keywords: | immigrants ; test scores ; macroeconomic conditions ; parental input ; family. JEL classifications: I21 ; J11 ; J15 ; J22. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:wrk:wrkesp:84 |
| By: | Joshua Angrist; Peter Hull; Russell Legate-Yang; Parag A. Pathak; Christopher R. Walters |
| Abstract: | School districts increasingly gauge school quality with surveys that ask about school climate and student engagement. We use data from New York City’s middle and high schools to compare the long-run predictive validity of surveys with that of conventional test score value-added models (VAMs). Our analysis leverages the New York school match, which includes an element of random assignment, to validate a wide range of school quality estimates. We contrast the predictiveness of survey- and test-based measures for school effects on consequential outcomes related to high school graduation and college enrollment. Survey data generate better predictions of school impacts on high school graduation than test scores. But school effects on advanced high school diplomas and college attainment are better predicted by test score VAMs than surveys. We quantify the practical value of test-based and survey-based school quality measures by simulating the effects of access to one or both types of information for parents. Parents interested in boosting their children’s college attainment benefit more from test score value-added than from survey data. |
| JEL: | I21 J01 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33622 |
| By: | Nathaniel Baum-Snow; Gilles Duranton |
| Abstract: | The decline in housing affordability over recent decades has promoted an enhanced interest in housing supply. This chapter presents descriptive evidence about the evolution of us housing prices, quantities, and regulations since 1980, indicating that supply constraints appear to be increasingly binding. We then provide an overview of the various approaches used to model construction and land development for homogeneous and heterogeneous housing in static and dynamic contexts to understand housing supply. Our treatment incorporates empirical implementation and policy implications throughout. Finally, we provide an overview of quantitative evidence on the consequences of relaxing various types of supply constraints. |
| JEL: | R31 R38 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33694 |
| By: | Elizabeth Setren |
| Abstract: | Over sixty years following Brown vs. Board of Education, racial and socioeconomic segregation and lack of equal access to educational opportunities persist. Across the country, voluntary desegregation busing programs aim to ameliorate these imbalances and disparities. A longstanding Massachusetts program, METCO, buses K-12 students of color from Boston and Springfield, Massachusetts to 37 suburban districts that voluntarily enroll urban students. Supporters of the program argue that it prepares students to be active citizens in our multicultural society. Opponents question the value of the program and worry it may have a negative impact on suburban student outcomes. I estimate the causal effect of exposure to diversity through the METCO program by using two types of variation: difference-in-difference analysis of schools stopping and starting their METCO enrollment and two-stage least squares analysis of space availability for METCO students. Both methods rule out substantial test score, attendance, or suspension effects of having METCO peers. Classroom ability distribution and classroom suspension rates remain similar when METCO programs start and stop. There is no negative impact on college preparation, competitiveness, persistence, or graduation. |
| JEL: | I20 I21 I24 J15 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33623 |
| By: | Thomas Lloyd; Dean Yang |
| Abstract: | How does early educational quality affect longer-term academic outcomes? We shed light on this question via a natural experiment in the Philippines—the implementation of a mother tongue education policy in public schools in kindergarten to Grade 3. This policy led to an unexpected decline in educational quality, but differentially in a subset of schools strongly predicted by pre-policy student language composition. We use language composition variables as instrumental variables for treatment. Leveraging panel data and confirming robustness to pre-trends, we find that the policy led to declines in standardized test scores in public primary schools. Employing a triple-difference strategy with Philippine Census data (across cohorts, localities, and decadal censuses), we show that by 2020, cohorts fully exposed to the policy completed 0.3 fewer years of schooling. By revealing how a policy-induced reduction in early education quality reduces educational attainment in later years, our results underscore the importance of investing in the quality of education in the first years of schooling. |
| JEL: | H75 I21 I28 O15 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33600 |
| By: | van der List, Catherine (University of Essex) |
| Abstract: | To study the distribution of economic activity across space and place-based policies, I develop a model of the location choice of new establishments incorporating monopsonistic labor markets, taxes, and spillovers. Estimates using German administrative data indicate that establishments prefer lower taxes and lower worker outside options which enable establishments to pay lower wages. The degree to which various types of productivity spillovers matter in the location decision varies between industries. I also quantify the effects of a counterfactual place-based policy and find that the response of a commuting zone to the place-based policy depends on the degree of labor market power in that commuting zone. More monopsonistic labor markets receive more benefit from the place-based policy. |
| JEL: | J42 J23 H71 R12 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17742 |
| By: | Isaksen, Elisabeth T.; Johansen, Bjørn G. |
| Abstract: | Decarbonizing transportation requires a shift from conventional to zero-emission vehicles. We examine whether congestion pricing with electric vehicle (EV) exemptions accelerates this transition by encouraging a shift toward cleaner cars. To identify causal effects, we combine administrative data on car ownership with a triple-differences design that exploits household-level variation in policy exposure across metropolitan areas and work commutes. We find that higher rush hour charges for conventional vehicles significantly increase EV adoption, primarily through replacement rather than fleet expansion. However, responses vary by socioeconomic characteristics, with higher-income and well-educated households more likely to adopt EVs. Beyond car ownership, we document behavioral adjustments, including relocation to avoid tolls, re-routing around the cordon, and shifting travel timing. Overall, congestion pricing reduced traffic volumes and improved air quality. Our findings offer insights for designing equitable and effective transportation policies. |
| Keywords: | congestion pricing; electric vehicles; car ownership; transportation policy; traffic; air polution |
| JEL: | H23 R41 R48 Q58 Q52 Q55 |
| Date: | 2025–05–31 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:127836 |
| By: | Stoyanov, Andrey; Zubanov, Nick |
| Abstract: | Existing evidence points to a positive correlation between specific regulations and income inequality at a country or regional level, but little is known about how overall regulatory burden affects inequality at the local labor market level. Our study fills this gap by measuring local exposure to regulation from the industry-relevant articles of U.S. Code of Federal Regulation linked to local industry employment structure in 741 commuting zones (CZs) in the U.S. over the period 1970-2019. Relating our exposure to regulation measure to the CZ-level income inequality, computed from the Census records, we find that heavier regulation is followed by higher income inequality, lower average income and higher unemployment in the affected CZs. The implied effect estimates are sizeable and robust to various checks. We contribute to inequality research by identifying previously unknown, local effects of regulation on income inequality, exploring mechanisms through which they may occur, and demonstrating how available data can be used to produce more granular measures of exposure to regulation. |
| Keywords: | regulation, income, inequality, employment, local labor market |
| JEL: | L5 D63 E24 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:cexwps:316410 |
| By: | Caballero, Maria Esther (Carnegie Mellon University); Ippedico, Giuseppe (University of Nottingham); Peri, Giovanni (University of California, Davis) |
| Abstract: | We study how the US presidential election of 2016 affected the subsequent inflow of Mexican-born immigrants. We use the "Matricula Consular de Alta Seguridad" data to construct proxies for annual inflows and internal movements of Mexican-born individuals, including undocumented immigrants, across US commuting zones. We find that a 10-percentage point increase in the Republican vote share in a commuting zone reduced inflows by 1.8 percent after the 2016 Trump election. The internal relocation of established Mexican immigrants primarily explains this reduction, though inflows of new immigrants decreased as well. |
| Keywords: | migration, networks, political shocks |
| JEL: | D72 F22 J61 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17787 |
| By: | Condie, Abbie; Bakhtawar, Alsa; Ireland, Erika; Afroz, Farhana; Hathiari, Neha; kyzy, Syrga Kanatbek; Erdenebat, Munkhshur; Mohammad, Gazi Golam; Das, Utpal Kumar; Meek, Kristin |
| Abstract: | Urban resilience has become a central theme in addressing the complex challenges faced by rapidly growing cities. The Asia Resilient Cities (ARC) Project aims to foster resilience through a co-creation approach that combines participatory systems mapping (PSM) and community engagement. This paper outlines ARC’s methodology, which integrates diverse stakeholder perspectives, including marginalized groups, into urban resilience planning in four cities: Rajkot, India; Khulna, Bangladesh; Bishkek, Kyrgyz Republic; and Ulaanbaatar, Mongolia. The paper discusses how ARC adapted lessons from previous projects, emphasizing early and meaningful resident involvement to shape work plans that reflect the lived realities of city residents. Initial results highlight both the strengths and learnings from integrating resident feedback into resilience strategies, demonstrating how co-creation can align technical expertise with local context to create more inclusive, actionable plans. Key themes include the role of systems thinking, multistakeholder participation, and adaptive learning in urban planning. The findings underscore the need for contextualized, collaborative approaches to address the “wicked problems” inherent in urban development and resilience building. |
| Date: | 2025–04–21 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:c8w2d_v1 |
| By: | Randall Akee; Maggie R. Jones; Emilia Simeonova |
| Abstract: | Tribal lands in the U.S. have historically experienced some of the worst economic conditions in the nation. We review some existing research on the effect of American Indian tribal casinos on various measures of local economic development. This is an industry that began in the early 1990s and currently generates more than $40 billion annually. We also review the state of the literature on the effects of casino operations on communities in or adjacent to tribal areas. Using a new dataset linking individual and enterprise-level data longitudinally, this study examines the industry- and location-specific impacts of tribal casino operations. We focus in particular on the employment of American Indians. We document positive flows from unemployment and non-casino geographies to work in sectors related to casino operations. Tribal casinos differ from other standard place-based economic development projects in that they are focused on a single industry; we discuss these differences and note that some of the positive spillover effects may be similar to other, more standard place-based policies. Finally, we discuss additional and open-ended questions for future research on this topic. |
| Keywords: | Employment, Business Enterprises, Regional Economic Development, American Indians, Place Based Policies |
| JEL: | R11 J20 O2 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:cen:wpaper:25-24 |
| By: | Adam Gill; Lena E. Hensvik; Oskar Nordström Skans |
| Abstract: | In this article, we show that working from home is much more prevalent in the Nordic countries than in the rest of Europe and we discuss potential causes and labor market consequences of this stylized fact. Likely contributing causes include a good technological infrastructure and comparatively widespread digital preparedness in the population. Recent research also suggests that trust is a crucial prerequisite for maintaining a spatial separation between supervisors and workers in marginal occupations. We show that survey measures of trust are extremely high in all Nordic countries, and that these measures correlate very strongly with work-from-home across countries and industries in Europe even controlling for a range of cross-country differences. Finally, we discuss potential spillover effects of increased hybrid work on the Nordic labor markets. We show evidence suggesting that increased hybrid work has caused a relocation of the production of local service firms from business centers to high-work-from-home residential areas, without affecting average commuting distances of service workers. |
| JEL: | J32 M54 R30 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33581 |
| By: | Sardoschau, Sulin (Humboldt University Berlin); Casanueva-Artís, Annalí (Ifo Institute for Economic Research) |
| Abstract: | Freedom of speech is central to democracy, but protests that amplify extremist views expose a critical trade-off between civil liberties and public safety. This paper investigates how right-wing demonstrations affect the incidence of hate crimes, focusing on Germany's largest far-right movement since World War II. Leveraging a difference-in-differences framework with instrumental variable and event-study approaches, we find that a 20 percent increase in local protest attendance nearly doubles hate crime occurrences. We explore three potential mechanisms—signaling, agitation, and coordination—by examining protest dynamics, spatial diffusion, media influence, counter-mobilization, and crime characteristics. Our analysis reveals that large protests primarily act as signals of broad xenophobic support, legitimizing extremist violence. This signaling effect propagates through right-wing social media networks and is intensified by local newspaper coverage and Twitter discussions. Consequently, large protests shift local equilibria, resulting in sustained higher levels of violence primarily perpetrated by repeat offenders. Notably, these protests trigger resistance predominantly online, rather than physical counter-protests. |
| Keywords: | refugees, hate crime, signal, protest, right-wing |
| JEL: | D74 J15 D83 Z10 D72 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17763 |
| By: | Valli, Roberto (ETH Zürich) |
| Abstract: | Territorial conquest is commonly assumed to generate backlash among the conquered population. This paper argues that responses to annexation can instead vary between emigration, assimilation, and mobilization. I test the argument on Alsace-Lorraine, a region annexed twice by Germany and France between 1850 and 1938. Using novel spatial data on historical book publications to measure linguistic behavior of local elites and a difference-in-differences design, I find that both conquests caused large shifts toward the language of the conquering state. These shifts were driven by the substitution of authors, but also by systematic linguistic assimilation. Moreover, conquest promoted the mobilization of regionalist discourse, which most likely served as a tool for local elites to advocate local interests while integrating into the conquering state, rather than an secessionist form of identification. |
| Date: | 2025–04–17 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:cqr68_v2 |
| By: | Patrinos, Harry Anthony (University of Arkansas, Fayetteville); Jakubowski, Maciej (University of Warsaw); Gajderowicz, Tomasz (University of Warsaw) |
| Abstract: | The COVID-19 pandemic caused widespread disruptions to education, with school closures affecting over one billion children. These closures, aimed at reducing virus transmission, resulted in significant learning losses, particularly in mathematics and science. Using United States data from TIMSS, this study analyzes the impact of school closure on learning outcomes. The losses amount to 0.36 SD for mathematics and 0.16 SD for science. The declines are similar across grades. The average decline in mathematics performance among U.S. students is substantially greater than the global average. n science, the decline observed among U.S. students does not significantly differ from the global trend. Girls experienced greater deviations from long-term trends than boys across both subjects and grade levels, reversing long term trends that once favored girls. Robustness checks confirm that pandemic-related school closures caused the decline in mathematics, while the downturn in science had already begun before COVID-19. |
| Keywords: | pandemics, human capital, returns to education, labor markets, COVID-19 |
| JEL: | E24 J11 J17 J31 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17755 |
| By: | Taylor Jaworski; Dongkyu Yang |
| Abstract: | The participation of the United States in World War II led to a substantial mobilization of domestic resources to produce the materiel used on the battlefields of Europe and in the Pacific. We produce new estimates for the impact of war mobilization on long-run economic growth and regional development in the United States over the postwar period. Guided by an economic geography model, we interpret our estimates as the direct effect of mobilization on local productivity. The findings suggest the largest likely aggregate welfare impact was modest, although there is variation across region. In addition, industrial mobilization contributed to manufacturing growth relatively more in the Northeast and Midwest, and less in the South and West. |
| JEL: | N92 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33705 |
| By: | Goulas, Sofoklis (Brookings Institution); Megalokonomou, Rigissa (Monash University); Sotirakopoulos, Panagiotis (affiliation not available) |
| Abstract: | We examine teachers’ perceptions toward top performing students and their role model influence on others in an online survey-based experiment. We randomly expose teachers to profiles of top performing students and inquire whether they consider the profiled top performers to be influential role models. These profiles varied by gender and field of study (STEM or Non-STEM). Our findings show that teachers perceive top-performing girls as more influential peer role models compared to boys (?= 0.289; p |
| Keywords: | teacher gender stereotypes, randomized controlled trial, peer role models, STEM |
| JEL: | I21 I24 J16 D83 C90 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17733 |
| By: | Cellini, Stefano (University of Surrey); Mello, Marco (University of Aberdeen); Moscelli, Giuseppe (University of Surrey) |
| Abstract: | We build a unique dataset by linking high-quality administrative data sources and model the mobility choices of tenured English National Health Service (NHS) hospital doctors across hospital organizations according to a random utility choice framework based on hospital quality, pay-for-performance incentives, local residential amenities and travel-to-work commuting distances. We account for the endogeneity of hospital quality through a control function approach. Doctors are willing to move 5.3 extra kilometers in order join a new hospital organization with a one-standard-deviation lower mortality rate, whereas they are willing to trade a standard deviation of the average monetary bonus received for their clinical excellence with the cost of moving 5 extra kilometers from their home. Primary school quality and low crime residential areas are only marginally salient in the choice of new employer. Counterfactual simulation estimates reveal that simultaneous improvements in hospital mortality and performance-related pay awards by one fourth of a standard deviation can lead to decreases in regional hospital doctor vacancy rates by 2% to 11%. |
| Keywords: | organization quality, hospital, physicians, mobility, skilled workers, incentive pay, vacancies |
| JEL: | C25 I11 J24 J45 J62 J63 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17798 |
| By: | Alonso-Armesto, Luis (University of Oxford); Cáceres-Delpiano, Julio (Universidad Carlos III de Madrid); Lekfuangfu, Warn N. (Universidad Carlos III de Madrid) |
| Abstract: | This study examines the impact of increasing the Minimum Legal Drinking Age (from 16 to 18 years old) on the academic performance, substance use, and peer behaviours of teenagers. Using a difference-in-discontinuities design, we exploit regional MLDA reforms in Spain and PISA data to identify significant improvements in mathematics and science performance, particularly among male teenagers and those from lower socioeconomic backgrounds. A complementary analysis using data from the Survey on Drug Use in Secondary Education in Spain indicates that these academic gains coincide with reductions in alcohol consumption, intoxication, smoking, and marijuana use, suggesting a link between substance use and educational outcomes. Moreover, the reform led to less drinking and less use of illicit drugs within peer networks, highlighting the amplifying role of peer effects in policy impact. |
| Keywords: | difference-in-discontinuities, alcohol, risky behaviour, education, minimum legal drinking age, PISA, ESTUDES, Spain, teenagers |
| JEL: | I18 I12 I21 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17772 |
| By: | Drigo, Alessandra |
| Abstract: | This study offers the first analysis of environmental and climate inequalities at the census tract level in Italy, providing valuable insights into spatial patterns of environmental and social vulnerability. The results highlight significant environmental inequality related to exposure to air pollution (PM2.5), as well as climate inequality linked to thermal discomfort (measured by the Discomfort Index). Among all regions, the Padana Valley stands out as the most severely affected by both stressors, marking its population as particularly vulnerable—regardless of their socioeconomic status. At the national level, the analysis identifies a negative correlation between exposure to environmental stressors and income proxies, and a positive correlation with the presence of non-European foreign residents. These associations remain robust even when the focus shifts to census tracts within the same municipality, suggesting that environmental and social inequalities persist not only across regions but also within local urban contexts. |
| Keywords: | Climate Change, Sustainability |
| Date: | 2025–04–18 |
| URL: | https://d.repec.org/n?u=RePEc:ags:feemwp:356626 |
| By: | Adamecz, Anna (University College London); Prinz, Daniel (World Bank); Vujic, Suncica (University of Antwerp); Szabo-Morvai, Agnes (KRTK KTI; Centre for Economic and Regional Studies, Institute of Economics) |
| Abstract: | This paper investigates the labor market impacts of a reform that universally lowered the school leaving age from 18 to 16 in Hungary. Using a difference-in-cross-cohort-comparisons approach and linked individual education-employment administrative panel data, we find that the policy led to an increase in the likelihood of dropping out from school and inactivity among individuals aged 16 to 18 but no corresponding increase in employment. Dropouts who were employed predominantly worked in low-skilled occupations. These effects were more pronounced among those from lower socioeconomic status, exacerbating existing inequalities. Our results suggest that the decrease in the school leaving age had adverse effects on school to work transition and did not yield the expected improvements in labor market integration. |
| Keywords: | school leaving age, employment, education reform |
| JEL: | I21 J13 J16 J24 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17844 |
| By: | Li Li (Peking University, Guanghua School of Management, Students); Xiangyang Li (Nankai University); Steven Ongena (University of Zurich - Department Finance; Swiss Finance Institute; KU Leuven; NTNU Business School; Centre for Economic Policy Research (CEPR)); Yabin Wang (Norwegian University of Science and Technology) |
| Abstract: | How do extreme weather and climate adaptation affect local financing cost? To answer this question, we examine the impact on Chinese municipal corporate bonds of both extreme rainfall and the Sponge City Pilot program. A one standard deviation increase in rainfall raises bond issuance spreads by 16 bps on average, but Sponge Cities manage to more than offset that. Further analysis demonstrates that the savings from reduced borrowing costs, coupled with broader economic gains in employment and corporate profits, far outweigh the program's investment costs. These findings underscore the importance of urban resiliency in shielding local finances from climate risks. |
| Keywords: | Extreme rainfall, Municipal corporate bond, Climate adaptation, Climate finance |
| JEL: | E32 E44 G32 Q54 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:chf:rpseri:rp2525 |
| By: | Flavio Cunha; Qinyou Hu; Andrea Salvati; Kenneth Wolpin; Rui Zeng |
| Abstract: | This paper evaluates the Jumpstart Program (JSP), a parenting intervention implemented by a school district in the Houston area to enhance school readiness among economically disadvantaged three-year-old children. Unlike many early childhood programs typically tested in controlled research settings, JSP leverages existing school district resources for scalability and practical application. We conducted a three-year randomized controlled trial to measure the program’s impact on child cognitive outcomes, parental engagement, and mechanisms of change. The results indicate improvements in children’s performance on curriculum-aligned assessments and modest gains in general cognitive readiness as measured by the Bracken School Readiness Assessment. Furthermore, treatment group parents demonstrated increased reading frequency with their children, underscoring enhanced parental involvement as a crucial mechanism behind the program’s success. We employed a structural model to analyze both the direct effects of JSP and its indirect effects through changes in the marginal productivity of investments or preferences via habit formation. Our analysis concludes that 75% of the program’s impact is attributed to direct effects, while 25% is mediated through changes in habit formation in parental investments. Our research underscores the potential of scalable, real-world interventions to bridge socio-economic gaps in early childhood development and inform the design of effective educational policies. |
| JEL: | C51 I24 I32 J15 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33537 |
| By: | Fetzer, Thiemo (University of Warwick, University of Bonn and Centre for Economic Policy Research); Guin, Benjamin (Bank of England); Netto, Felipe (Bank of England); Saidi, Farzad (University of Bonn and Centre for Economic Policy Research) |
| Abstract: | This paper examines how insurance companies monitor and react to cash‑flow shocks in commercial mortgage‑backed securities (CMBS). Using detailed micro data around the onset of the Covid pandemic, we show that lease expiration predicts commercial real estate mortgage delinquency, particularly for offices due to lower demand. Insurers monitor these risks and sell more exposed CMBS – mirrored by a surge in small banks holding CMBS. This monitoring effort also affects insurers’ trading in other assets, indicating limited risk assessment capacity. Our findings reveal that institutional investors actively monitor underlying asset risk and can even gain informational advantages over some banks. |
| Keywords: | Insurance sector; risk management; mortgage default; commercial real estate; CMBS; work from home |
| JEL: | G20 G21 G22 G23 |
| Date: | 2025–02–21 |
| URL: | https://d.repec.org/n?u=RePEc:boe:boeewp:1119 |
| By: | Patrick Bayer; Kerwin Kofi Charles; JoonYup Park |
| Abstract: | We introduce the concept of racial capital, defined as the collective material and non- material assets of the racial groups to which a child is exposed while growing up, and examine its potential to explain racial disparities in life outcomes that persist even after accounting for a broad range of parental and neighborhood resources. Estimates for Asian, Black, Hispanic, and White children born around 1980 imply that metro-level racial capital measures: (i) have substantial power to explain racial differences in life outcomes, (ii) sharply close and, in many cases, reverse the sign of racial intergenerational mobility gaps in education, income, and employment, and (iii) matter most when racial dissociation, as measured by residential and marriage segregation, is greatest. In contrast to standard estimates, our empirical framework implies a steady state equilibrium that is characterized by near equality for Black and White Americans. The inclusion of racial capital in the model, however, greatly slows the speed of convergence to the steady state, helping to explain the historically slow speed of racial economic convergence in the United States over the past two centuries. Finally, our framework highlights the complementary way that policies related to racial dissociation and wealth transfers affect the speed of convergence across generations. |
| JEL: | J15 J71 R31 R32 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33690 |
| By: | Caitlin K. Myers; Daniel L. Dench; Mayra Pineda-Torres |
| Abstract: | We use difference-in-differences research designs to estimate the effects of abortion bans on births at the county level, leveraging data on changes in driving distance and appointment availability at the nearest facility where abortion remains legal. We find that bans alone increase births, but their total impact depends on geographic barriers to access. Even in counties where distance and appointment availability remain unchanged, a total ban leads to a 1.0% increase in births, suggesting a chilling effect—potentially due to legal uncertainty, misinformation, or logistical hurdles—that is independent of measurable barriers. However, the effects grow substantially with travel burdens. In counties where the nearest abortion facility was 50 miles away pre-Dobbs, a total ban increases births by 2.8% when distance rises to 300 miles. Limited appointment availability in destination cities further amplifies these effects, resulting in an additional 0.4 percentage point increase in births. The largest increases occur among Black and Hispanic women, those without a college degree, and unmarried women. We do not observe evidence that the effects have diminished with time despite expanded logistical, financial, and telehealth abortion support, underscoring the persistent role that geographic barriers play in abortion access. |
| JEL: | I11 I12 I18 J13 K23 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33548 |
| By: | Leah Boustan; Mathias Fjællegaard Jensen; Ran Abramitzky; Elisa Jácome; Alan Manning; Santiago Pérez; Analysia Watley; Adrian Adermon; Jaime Arellano-Bover; Olof Åslund; Marie Connolly; Nathan Deutscher; Anne C. Gielen; Yvonne Giesing; Yajna Govind; Martin Halla; Dominik Hangartner; Yuyan Jiang; Cecilia Karmel; Fanny Landaud; Lindsey Macmillan; Isabel Z. Martínez; Alberto Polo; Panu Poutvaara; Hillel Rapoport; Sara Roman; Kjell G. Salvanes; Shmuel San; Michael Siegenthaler; Louis Sirugue; Javier Soria Espín; Jan Stuhler; Giovanni L. Violante; Dinand Webbink; Andrea Weber; Jonathan Zhang; Angela Zheng; Tom Zohar |
| Abstract: | We estimate intergenerational mobility of immigrants and their children in fifteen receiving countries. We document large income gaps for first-generation immigrants that diminish in the second generation. Around half of the second-generation gap can be explained by differences in parental income, with the remainder due to differential rates of absolute mobility. The daughters of immigrants enjoy higher absolute mobility than daughters of locals in most destinations, while immigrant sons primarily enjoy this advantage in countries with long histories of immigration. Cross-country differences in absolute mobility are not driven by parental country-of-origin, but instead by destination labor markets and immigration policy. |
| JEL: | J61 J62 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33558 |
| By: | Ostrovsky, Michael (Stanford U); Yang, Frank (U of Chicago) |
| Abstract: | In this paper, we argue that the New York City congestion pricing plan whose implementation was paused in the summer of 2024 had a major shortcoming: as designed, it would have had a much more severe impact on the drivers of personal vehicles than on the passengers of taxis and ride-hailing vehicles, as well as on the clients of delivery services. In addition to being inequitable, this shortcoming would have likely made the congestion pricing scheme ineffective at solving the traffic congestion problem, due to the fact that the drivers of personal vehicles constitute a minority of traffic in the congestion pricing zone. We propose a simple modification to the scheme that addresses this shortcoming. |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:ecl:stabus:4228 |
| By: | Tomohiro Hirano; Alexis Akira Toda |
| Abstract: | Historical trends suggest the decline in the importance of land as a production factor, as evidenced by the decline in the employment and GDP shares of land-intensive industries. However, land continues to be a prominent store of value, as over half of household wealth in major countries is real estate. To explain this apparent disconnection between land output and land value, in a plausible economic model with land and aggregate risk, we theoretically study the long-run behavior of land prices and identify economic conditions under which land becomes overvalued relative to the fundamentals defined by the present value of land rents. Unbalanced growth together with the elasticity of substitution between production factors plays a critical role. We establish the Land Overvaluation Theorem: when the elasticity of substitution between land and non-land factors exceeds 1 (which is natural because we can create more space by constructing taller buildings with fixed land) and technological progress is faster in nonland sectors, land overvaluation necessarily emerges. As applications of the Theorem, we present three examples. (i) Land overvaluation emerges along the long-run transition from the Malthusian agricultural economy to the modern knowledge- and service-based economy. (ii) With aggregate uncertainty, land prices exhibit recurrent stochastic fluctuations around the trend, with expansions and contractions in the size of land overvaluation. (iii) In modern economies, land use is also changing and urban land has high value. We present a model of urban land prices and show that land overvaluation emerges in the process of urban formation characterized by unbalanced growth. |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:cnn:wpaper:25-011e |
| By: | Dodini, Samuel (Federal Reserve Bank of Dallas); Willén, Alexander (Norwegian School of Economics) |
| Abstract: | This paper examines the relationship between labor market power and employer discrimination, providing new causal evidence on when and where discriminatory outcomes arise. We leverage mass layoffs and firm closures as a source of exogenous job search and combine this with an exact matching approach. We compare native–immigrant worker pairs who held the same job at the same firm, in the same occupation, industry, location, and wage prior to displacement. By tracking post-displacement outcomes across labor markets with differing levels of employer concentration, we identify the causal effect of labor market power on discriminatory behavior. We provide four main findings. First, wage and employment discrimination against immigrants is substantial. Second, discrimination is amplified in concentrated labor markets and largely absent in highly competitive ones. Third, product market power has no independent effect, consistent with the idea that wage-setting power is necessary for discriminatory outcomes. Fourth, gaps fade with sustained employer–immigrant interactions, consistent with belief-based discrimination and employer learning. |
| Keywords: | discrimination, immigration, market power |
| JEL: | J7 J61 J42 J63 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17830 |
| By: | Stelios Michalopoulos; Elie Murard; Elias Papaioannou; Seyhun Orcan Sakalli |
| Abstract: | More than a century has passed since the abrupt exodus of 1.2 million Greek Orthodox from Anatolia and their resettlement in Greece, a transformative event for the country’s social and demographic landscape. Today, more than one in three Greeks reports a refugee background. While its historical significance is well-documented, its short-, medium-, and long-term impact on human capital accumulation remains unexplored. How did forced displacement shape the educational trajectories of the uprooted and their offspring? Did refugees invest in portable skills to respond to uncertainty, or did they struggle to catch up with the autochthonous? To address these questions, we trace the educational investments of refugees and their descendants over the last 100 years, leveraging granular census data and a comprehensive mapping of both their origins in Anatolia and their settlements in Greece. The analysis provides compelling support for the uprootedness hypothesis. Though initially lagging, refugees settling in the Greek countryside eventually outperformed nearby natives in educational attainment. Their university choices also diverged, with refugees’ lineages favoring degrees transferable beyond the Greek labor market, such as engineering and medicine, and natives specializing in law and other fields with a strong home bias. Exploring additional mechanisms reveals the critical role of linguistic barriers and local economic conditions in shaping these outcomes, rather than the refugees’ pre-migration economic background. The widespread educational gains of refugees and their descendants over four generations offer some hope that the ongoing surge of forced displacement, despite its tragedy, if properly addressed by the international community, can be a backbone of economic resilience for the affected communities. |
| JEL: | J24 N34 N44 O15 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33586 |
| By: | Fang, Tony (Memorial University of Newfoundland); Hartley, John (Memorial University of Newfoundland); Khan, Shanawaz (Memorial University of Newfoundland) |
| Abstract: | This article applies the ACL framework (Age at migration, Context/contact opportunities, and Life cycle stage) and uses qualitative interview data to compare the integration of Syrian adult & child refugees in St. John’s, Canada. Almost all children report having Canadian-born friends, outpacing the adults, facilitated by highly integrated classrooms. Their recreational activities are less structured, while adults focus on language school or settlement agency events. Children are more open to the new experiences and are much more optimistic about Canadian weather & food. They more often walk by bus to school, with adults favouring automobiles for transportation; this tends to be - because they are zoned to nearby schools instead of attending centralized language classes. |
| Keywords: | refugee integration, Atlantic Canada, youth refugees, refugee education, age differences, comparative study |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17785 |
| By: | Viral V. Acharya; Manasa Gopal; Maximilian Jager; Sascha Steffen |
| Abstract: | Using real estate investment trusts (REITs) that invest in commercial real estate (CRE) as a leading example, we study the implications for banks of extending credit lines to “shadow banks” or non-bank financial intermediaries (NBFIs). While small and mid-size banks hold an economically significant direct exposure in CRE term loans, a significant part of the CRE exposure of large banks is indirect via credit-line provision to REITs. Utilization of credit lines by REITs tends to be substantially more sensitive to market stress than non-financial corporates and other NBFIs. In turn, large banks suffer drawdowns and equity corrections in stress times from extending credit lines to REITs. Ignoring this NBFI credit line channel understates the exposure of large banks to stress. We propose a methodology to incorporate this exposure and its heterogeneity in bank capital stress tests. |
| JEL: | G01 G21 G23 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33590 |
| By: | Marina Bassi; Bruno Besbas; Lelys I. Dinarte Diaz; Saravana Ravindran; Ana Reynoso |
| Abstract: | Using a randomized control trial, this paper studies an at-scale preschool construction program that serves poor communities in rural Mozambique. We show that the program significantly increased preschool enrollment in treated communities by 73 percentage points, from a small base of 2 percent of children enrolled in preschool in control communities. The program also had significant positive effects on enrollment in and progression through primary school, with an increase of 6 percentage points in enrollment in first grade at age 6, and a 0.16 standard deviation impact on an index of cognitive and social-emotional skills measured at primary school-age. The impacts are concentrated among children of less educated parents, in less poor households, and living closer to the preschools. We also find that enrollment in preschool is an important direct mechanism for primary school success. Finally, the program caused parents in treated communities to invest more time in supporting their primary school-aged children and increased preschool enrollment of younger siblings. Our paper shows that even in a context of extreme vulnerability, a preschool construction program can be implemented in a cost-effective way and significantly improve child development for the founding and future generations. |
| JEL: | I24 J13 L32 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33543 |
| By: | Martin Hoesli (University of Geneva - Geneva School of Economics and Management (GSEM); Swiss Finance Institute; University of Aberdeen - Business School) |
| Abstract: | Purpose-This paper provides a critical review of the methods that can be used to estimate the discount rate or the capitalization rate needed to apply an income approach to value. It is based on the author's keynote address at the ESPI International Real Estate Conference in Paris in November 2024. Design/methodology/approach-We start by discussing the usefulness of asset pricing models from financial economics to derive discount rates. We then turn to a discussion of the build-up method which explicitly takes into account property-specific factors when assessing the riskiness of real estate investments and hence property values. Next, we discuss some key findings from papers that have relied on multi-factor models to uncover the determinants of discount and capitalization rates. We highlight the progress that has been made in gaining access to data and in modelling discount and capitalization rates. Findings-Although useful from a conceptual point of view, the main asset pricing model, the Capital Asset Pricing Model (CAPM), has limited use for real estate given its underlying assumptions. The build-up approach is intuitively appealing and is often used in practice, although it leaves much leeway to appraisers. Multi-factor models are useful and are increasingly being used with transaction-based data rather than appraisal-based data. Machine learning should further our understanding of the determinants of discount and capitalization rates. Originality/value-This paper provides a critical review of the methods that can be used to assess discount and capitalization rates. It also highlights some of the changes which have occurred recently and are likely to continue in the future. We maintain that studies analyzing the determinants of discount and capitalization rates are especially useful when conducted using micro-level transaction data. |
| Keywords: | Discount rate, capitalization rate, commercial real estate pricing, CAPM, appraisal data, transaction data, machine learning |
| JEL: | R32 G12 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:chf:rpseri:rp2531 |
| By: | Michael Gechter; Namrata Kala |
| Abstract: | Firm location decisions are a key managerial choice, usually optimized over factors like proximity to customers or suppliers. These decisions may also impose externalities on the environment, and on other firms due to competitive or agglomerative forces. The inherent endogeneity of location decisions makes estimating the impact of firm presence difficult. In this paper, we study an environmental place-based policy that randomly moved over 20, 000 small firms in New Delhi to industrial areas outside the city over several years. We find that a reduction in firm presence improves air quality, reducing industrial pollution by 8% for the average neighborhood. However, industrial relocation is costly for firms, significantly increasing the probability of firm exit. We combine the exogenous assignment of firms to industrial plots with a model of firms playing a game of incomplete information to estimate the effect of neighborhood composition on firm survival through Marshallian agglomeration forces. We find that proximity to neighboring firms with input-output linkages increases the likelihood of firm survival, and taking these into account while determining firm placement in industrial areas would have halved the costs imposed on firms by the policy. These results provide causal evidence on the trade-offs between firm presence and environmental quality, and show that firm spillovers can be a useful force to minimize the costs on regulated firms. |
| JEL: | D22 L20 O10 Q52 Q53 Q56 Q58 R38 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33707 |
| By: | Andersson, Fredrik W. (Statistics Sweden); Wadensjö, Eskil (Stockholm University) |
| Abstract: | The proportion of the population being of working age is decreasing. One way to counteract this development is accepting labor immigration. In this article, we look at the part of labor immigration that comes from what is called third countries (countries outside EEA). Some of those who come to Sweden stay only for a short time. We investigate whether those who leave and those who stay differ in terms of various characteristics. We find that those who are highly educated and have higher incomes leave Sweden to a greater extent than others who come. |
| Keywords: | integration, non-EEA migrants, labor migration, return migration |
| JEL: | F22 J15 J21 J61 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17765 |
| By: | Francis M. Dillon; Edward L. Glaeser; William R. Kerr |
| Abstract: | We measure the level and growth of education segregation in American workplaces from 2000 to 2020. American workplaces show an educational segregation, measured by the degree to which the establishment has mostly workers of similar education levels, that is comparable to racial residential segregation in a typical metro area. Workplace isolation was particularly high for young and male workers without college degrees. The isolation of non-college workers is increasing over time. |
| JEL: | I24 J24 J31 J62 L23 O15 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33653 |
| By: | Pasquale Accardo (University of Bath); Giuseppe De Feo (University of Liverpool); Giacomo De Luca (Università Vita-Salute San Raffaele; Free University of Bozen-Bolzano) |
| Abstract: | So far, the application of network analysis to crime has been limited to the relationships within criminal networks. We build a novel network dataset by encoding information coming from the archive of the Italian Anti-mafia Commission, describing relationships of collusion and exchange of favours between mafia members and the political, economic and social elites in Sicily, the homeland of the Sicilian mafia. We apply network analysis techniques to study the "topological" role of mafia bosses and show that they strategically position themselves in the social network as an interface between the criminal and the legitimate world. |
| Date: | 2024–04–04 |
| URL: | https://d.repec.org/n?u=RePEc:eid:wpaper:58184 |
| By: | Baldazzi, Elisa (University of Bologna); Biroli, Pietro (University of Bologna); Della Giusta, Marina (University of Turin); Dubois, Florent (University of Torino) |
| Abstract: | Reliance on stereotypes is a persistent feature of human decision-making and has been extensively documented in educational setting, where it can shape students' confidence, performance, and long-term human capital accumulation. While effective techniques exist to mitigate these negative effects, a crucial first step is to establish whether teachers can recognize stereotypes in their environment. We introduce the Stereotype Identification Test (SIT), a novel survey tool that asks teachers to evaluate and comment on the presence of stereotypes in images randomly drawn from school textbooks. Their responses are systematically linked to established measures of implicit bias (Implicit Association Test, IAT) and explicit bias (survey scales on teaching stereotypes and social values). Our findings demonstrate that the SIT is a valid and reliable measure of stereotype recognition. Teachers' ability to recognize stereotypes is linked to trainable traits such as implicit bias awareness and inclusive teaching practices. Moreover, providing personalized feedback on implicit bias improves SIT scores by 0.25 standard deviations, reinforcing the idea that stereotype recognition is malleable and can be enhanced through targeted interventions. |
| Keywords: | inequality, stereotypes, discrimination, education |
| JEL: | I24 J16 J24 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17751 |
| By: | Yarkin, Alexander |
| Abstract: | This paper documents the effects of home-country Internet expansion on immigrants' health and subjective well-being (SWB). Combining data on SWB and health from the European Social Survey (ESS) with data on 3G and overall Internet expansion (ITU and Collins Batholomew), I find that immigrants' SWB and health increase following home-country Internet expansion. This result is observed in both the TWFE, and event study frameworks. The effects are stronger for (i) first-generation immigrants, (ii) those less socially integrated at destination, and (iii) those with stronger family ties to the origins. Thus, while recent evidence points towards negative effects of the Internet and social media on user well-being, the effects are very different for immigrants. |
| Keywords: | subjective well-being, internet, immigration, health, social networks |
| JEL: | F22 I31 J15 J61 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17743 |
| By: | Credit, Kevin |
| Abstract: | As per capita on-road CO2 emissions continue to rise in the US, a better understanding of the emissions-reduction benefits of building a new transit system is needed. Employing a novel quasi-experimental event study methodology, the results of this paper indicate that after 8 years of operation, construction of a light rail system has led to a small but significant reduction in regional on-road CO2 per capita of 8.4% - 12.9%. These results are robust to selection of control group and are larger than the estimated impact of light rail construction on population density (1.0%), evaluated in a comparative quasi-“placebo” study. |
| Date: | 2025–03–14 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:euyj6_v2 |
| By: | Kok, Chun Chee (Monash University); Lim, Gedeon (Hong Kong university); Shariat, Danial (UC Berkeley); Siddique, Abu (Royal Holloway, University of London); Tsuda, Shunsuke (University of Essex) |
| Abstract: | We exploit a population resettlement program of ethnic minorities in Malaysia to identify long-run effects of interethnic proximity on economic and political development. From 1948 to 1951, the colonial government moved 500, 000 rural Chinese into hundreds of isolated, mono-ethnic camps. In ethnic majority Malay communities adjacent to these camps, we find greater economic prosperity and lower vote shares for the ethno-nationalist Malay party. Effects are stronger in areas with historical, interethnic economic complementarities. Primary survey data suggests that trust-building and social integration were key channels. Our findings highlight the importance of persistent, localized contact in the co-evolution of economic and political development. |
| Keywords: | Malaysia, development, political preference, ethnicity, Chinese |
| JEL: | D72 O15 R23 J15 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17776 |
| By: | Erel, Isil (Ohio State U and ECGI); Ge, Shan (New York U); Ma, Pengfei (Singapore Management U) |
| Abstract: | We examine how healthcare providers' financial health affects their opioid prescription decisions, using changes in house prices in providers' residential neighborhoods as shocks to their wealth. We find that providers increase opioid prescriptions when experiencing adverse financial conditions: a one-standard-deviation decrease in house price growth leads to a 3% increase in opioid prescriptions. Results are robust to including provider office-year fixed effect and using the subsample of providers who live far away from their offices, which largely rules out a patient-demand explanation. Providers living in zip codes with price changes in the bottom half during 2007-2009 increased their opioid prescriptions by approximately 16% more in 2010-2012 than others. The effect is stronger among providers with greater home equity, those in competitive markets, and those serving vulnerable populations. Our findings reveal a previously undocumented channel through which providers' financial incentives affect opioid prescriptions. |
| JEL: | G51 I11 I13 I14 I18 L15 R30 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:ecl:ohidic:2024-27 |
| By: | Modestino, Alicia Sasser (Northeastern University); Young, Garry (National Institute of Economic and Social Research (NIESR)); Hasan, Md Mahmudul (University of Florida); Shi, Jiesheng (Northeastern University); Alam, Md Noor E (Northeastern University) |
| Abstract: | Patients in rural areas have higher rates of opioid use and overdose than those in urban areas that are linked to the greater prevalence and amounts of opioids prescribed. We merge individual claims data with county-level supply and demand factors to examine this relationship between geographical density and opioid prescribing. We find patients in rural areas are 10 percentage points more likely to receive an opioid prescription with about half of this differential attributable to the underlying health of the local population. A Blinder-Oaxaca decomposition reveals that roughly 80 percent of the remaining gap is explained by a combination of supply and demand factors. Allowing for the interaction of demand (e.g., working in a physically demanding occupation) and supply (e.g., healthcare delivery system) variables eliminates the gap. Our findings suggest several way states can reduce the gap in opioid prescribing between rural and urban areas, with possible downstream impacts on overdose and mortality. |
| Keywords: | opioid, prescribing, density, health disparity, geography |
| JEL: | I14 I15 I18 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17738 |
| By: | Alastair Langtry |
| Abstract: | This paper presents a model of network formation and public goods provision in local communities. Here, networks can sustain public good provision by spreading information about people's behaviour. I find a critical threshold in network connectedness at which public good provision drops sharply, even though agents are highly heterogeneous. Technology change can tear a community's social fabric by pushing high-skilled workers to withdraw from their local community. This can help explain rising resentment toward perceived ``elites'' -- their withdrawal actively harms those left behind. Moreover, well-meaning policies that upskill workers can make them worse off by reducing network connectedness. |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2504.06872 |
| By: | Modestino, Alicia Sasser (Northeastern University); Marks, Mindy (Northeastern University); Hoover, Hanna (University of Michigan); Pandit, Hitanshu (Northeastern University) |
| Abstract: | Summer Youth Employment Programs are known to have significant impacts on youth outcomes based on lotteries from oversubscribed programs. But most cities cannot use a lottery design due to heterogeneity across youth and jobs. How can programs achieve efficiency and equity under alternative assignment mechanisms? Using hiring platform data, we study youth application and employer selection behavior to explore these design challenges. We find large mismatches between the distribution of youth versus jobs leaving 10% to 25% of positions unfilled. Moreover, employers were nearly twice as likely to select white youth relative to their representation in the applicant pool. This disparity persisted when controlling for other demographics, the number and timing of applications, and job readiness. Our findings reveal that workforce development programs may perpetuate inequities in the absence of simple random assignment. Using a job matching algorithm, we show that placing just 30% of positions by lottery can improve both equity and efficiency. |
| Keywords: | youth, workforce development, summer jobs, job matching, algorithm |
| JEL: | D63 D91 I38 J13 M51 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17737 |
| By: | Bronson Argyle; Sasha Indarte; Benjamin Iverson; Christopher Palmer |
| Abstract: | We document substantial racial disparities in consumer bankruptcy outcomes and investigate the role of racial bias in contributing to these disparities. Using data on the near universe of US bankruptcy cases and self-reported and manually-identified measures of race, we show that minority filers are unconditionally 12.7 and 2.3 percentage points more likely to have their bankruptcy cases dismissed without debt relief in Chapters 13 and 7, respectively. We uncover strong evidence of racial homophily: in Chapter 13, where trustees have more discretion, minority filers are 2.3 percentage points more likely to be dismissed when randomly assigned to a White bankruptcy trustee than to a minority trustee. Black and Hispanic Chapter 13 filers are the most negatively affected by homophily. To interpret our findings, we develop a general decision model and new identification results relating homophily to bias. Our homophily approach is particularly useful in settings where traditional outcome tests for bias are not feasible because the decision-maker's objective is not well defined or decision-relevant outcomes or risk factors are unobserved. Applying this framework to our homophily estimate implies that at least 15% of the unconditional Chapter 13 dismissal gap and 53% of the conditional dismissal gap for minority filers is due to either taste-based or inaccurate statistical discrimination. |
| JEL: | C21 D63 G51 J15 K35 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33575 |
| By: | Berlinski, Samuel (Inter-American Development Bank); Sanz-de-Galdeano, Anna (Universidad de Alicante); Sóñora-Noya, Alba (University College London) |
| Abstract: | We examine gender gaps in early childhood cognitive and social-behavioral skills across several Latin American and Caribbean (LAC) countries. Our study complements previous research focused on older children by analyzing the preschool period, a critical stage for lifelong human capital formation. We find that the female advantage commonly observed in school-aged children’s achievement, as well as in high school enrollment and completion in both high-income and LAC countries, is also frequently evident in early childhood within our sample of LAC countries. On average, girls outperform boys in various developmental measures and are less likely to exhibit externalizing behaviors. Furthermore, these gender gaps generally remain stable across the distributions of developmental outcomes. Unlike findings for older children in high-income countries, our results suggest that during early childhood in LAC, boys and girls do not show differential benefits from socioeconomic status or a more favorable home environment. |
| Keywords: | family disadvantage, gender, early childhood development, parental investments |
| JEL: | I24 I25 J13 J16 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17837 |
| By: | Bo Wu |
| Abstract: | Domestic and foreign scholars have conducted many studies on the influencing factors of digital inclusive finance, but few studies on the impact of the "Belt and Road" and the establishment of node cities on digital inclusive finance. Therefore, it is necessary to study the impact of the establishment of node cities in the "Belt and Road" on the development of digital inclusive finance. This paper mainly uses descriptive analysis and literature analysis to summarize and analyze the development status of China's digital inclusive finance and relevant theoretical research on the development of the "Belt and Road" Initiative, and analyzes and collates the background knowledge needed for the demonstration from the aspects of the development status of China's digital inclusive finance and the impact of digital inclusive finance on the economy. In this process, referring to the relevant economic theories, the theoretical model of this paper is proposed and the influence machine analysis is carried out. Empirically, this paper selects the development level of digital inclusive finance in 31 provinces in China from 2011 to 2020 as the explained variable, takes the establishment of "Belt and Road" node cities as a quasi-natural experiment, and verifies the promoting effect of the establishment of "Belt and Road" node cities on the development of digital inclusive finance in provinces through the differential differential method. And verify whether the level of Internet development is a mediating variable. The empirical results show that the establishment of node cities in the "Belt and Road" does promote the development of digital inclusive finance in provinces with the level of Internet development as an intermediary variable. |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2504.15316 |
| By: | Bonander, Carl (University of Gothenburg); Hammar, Olle (Linnaeus University); Jakobsson, Niklas (Karlstad University); Bensch, Gunther (RWI); Holzmeister, Felix (University of Innsbruck); Brodeur, Abel (University of Ottawa) |
| Abstract: | Islam (2019) reports results from a randomized field experiment in Bangladesh that examines the effects of parent-teacher meetings on student test scores in primary schools. The reported findings suggest strong positive effects across multiple subjects. In this report, we demonstrate that the school-level randomization cannot have been conducted as the author claims. Specifically, we show that the nine included Bangladeshi unions all have a share of either 0% or 100% treated or control schools. Additionally, we uncover irregularities in baseline scores, which for the same students and subjects vary systematically across the author’s data files in ways that are unique to either the treatment or control group. We also discovered data on two unreported outcomes and data collected from the year before the study began. Results using these data cast further doubt on the validity of the original study. Moreover, in a survey asking parents to evaluate the parent-teacher meetings, we find that parents in the control schools were more positive about this intervention than those in the treated schools. We also find undisclosed connections to two additional RCTs. |
| Keywords: | field experiments, student outcomes, reproduction, Bangladesh |
| JEL: | B41 C12 I25 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17781 |
| By: | Marty Haoyuan Chen; Ginger Zhe Jin |
| Abstract: | The past few years have seen a shift in many universities' admission policies from test-required to either test-optional or test-blind. This paper uses laboratory experiments to examine students' reporting behavior given their application package and the school's interpretation of non-reported standardized test scores. We find that voluntary disclosure is incomplete and selective, supporting the incentives of both partial unraveling and reverse unraveling. Subjects exhibit some ability to learn about the hidden school interpretation, though their learning is imperfect. Using a structural model of student reporting behavior, we simulate the potential tradeoff between academic preparedness and diversity in a school's admission cohort. We find that, if students have perfect information about the school's interpretation of non-reporting, test-blind is the worst and test-required is the best in both dimensions, while test-optional lies between the two extremes. When students do not have perfect information, some test-optional policies can generate more diversity than test-required, because some students with better observable attributes may underestimate the penalty on their non-reporting. This allows the school to admit more students that have worse observable attributes but report. We test the results’ robustness to a variety of extensions. |
| JEL: | D61 D63 D8 I23 I24 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33660 |
| By: | Xinquan Hu; Jun Zhang |
| Abstract: | We study the affirmative action policy in Chinese high school admissions, where high schools reserve a proportion of their quotas for graduates of low-performing middle schools. In line with the tradition of accountability, Chinese policymakers aim to ensure a verifiable allocation of reserved seats. We recognize the verifiability of widely used sequential mechanisms, which allocate reserved and open seats in separate stages. However, these mechanisms suffer from strategic complexity, leading to inefficiency and unfairness in the outcome. We then formalize a concept of verifiability for simultaneous mechanisms, which allocate all seats in one stage. We prove that a mechanism is individually rational, strategy-proof, and verifiable if and only if it is the deferred acceptance mechanism associated with one of two choice rules we characterize. We recommend a specific choice rule and mechanism, and discuss their benefits. |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2504.04689 |
| By: | Jonathan Fu (University of Zurich); Mrinal Mishra (The University of Melbourne); Steven Ongena (University of Zurich - Department Finance; Swiss Finance Institute; KU Leuven; NTNU Business School; Centre for Economic Policy Research (CEPR)) |
| Abstract: | Do articles on the "American Dream" in local U.S. newspapers spur local entrepreneurship? To answer this question, we assess almost 40, 000 such articles from the most recent decade using generative artificial intelligence. We find that one additional American Dream article published in a U.S. county is associated with a one percent increase in local entrepreneurship, an effect lasting for two subsequent years and which is four times larger when the narrative is "rags-to-riches". We deploy the narration of "educational-attainment-as-the-pathway-to-riches" to reach a causal interpretation. Our findings imply that regular media narratives can have a sizable impact on important economic outcomes. |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:chf:rpseri:rp2535 |
| By: | Docquier, Frédéric (LISER); Rapoport, Hillel (Paris School of Economics) |
| Abstract: | We investigate the relationship between immigration and right-wing populism, which we characterize as a self-reinforcing process. Anti-immigrant rhetoric and populist policies lead to a deterioration in the skill level of immigrants. This in turn fuels populist support. Historical and contemporary studies are suggestive of such dynamics. In particular, recent cross-country evidence shows that low-skill immigration tends to exacerbate populism, while high-skill immigration tends to mitigate it. Conversely, populist policies and xenophobic attitudes have a strong repulsive effect on highly-skilled immigrants and result in adverse immigrant selection. We use the empirical results from those studies to inform a theoretical model of joint determination of immigrants’ skill-ratio and right-wing populism levels. The model displays multiple equilibria. In this framework, structural trends such as internet penetration, erosion of the middle class, demographic pressure from poor countries or adverse cyclical shocks make the inferior equilibrium – the vicious circle of xenophobia -- more likely. |
| Keywords: | right-wing populism, immigration, vicious circle |
| JEL: | D72 F22 F52 J61 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17754 |
| By: | Xu, Lei |
| Abstract: | This study investigates structural barriers and systemic gaps in community engagement, funding accessibility, and technological integration within urban resilience frameworks, particularly in post-pandemic recovery contexts. Analyzing the role of community-based organizations, the research identifies operational constraints, including limited administrative capacity and resource fragmentation, which inhibit long-term planning and implementation. It further explores the disproportionate impact of public policy on marginalized populations, emphasizing the need for decentralized governance, responsive funding mechanisms, and digital infrastructure to improve coordination, transparency, and policy responsiveness. Findings highlight the necessity of embedding community organizations into formal governance models to enhance disaster preparedness and strengthen social infrastructure. |
| Date: | 2025–04–21 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:7nqgs_v1 |
| By: | Fang, Tony (Memorial University of Newfoundland); Gunderson, Morley (University of Toronto); Ha, Viet Hoang (Memorial University of Newfoundland); Ming, Hui (Sichuan University) |
| Abstract: | Our difference-in-difference analysis indicates that Covid-19 had a disproportionately adverse effect on the employment of recent immigrants relative to the Canadian-born and this was especially the case in lower-level occupations and in industries hard hit by the pandemic. The effects of Covid on actual hours worked for those who remained employed were modest as were the differential effects for recent immigrants, highlighting that most of the adjustment occurred in the extensive margin of reduced employment rather than the intensive margin of hours worked. Covid was associated with higher wages for recent immigrants who remain employed relative to their Canadian-born counterparts, and this is especially the case for recent immigrants in lower-level occupations and hard-hit industries. Reasons for these patterns are discussed. |
| Keywords: | recent immigrants, Canada, COVID-19, difference-in-difference, employment, hours, wages |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17756 |
| By: | Tomohiro Hirano; Joseph E. Stiglitz |
| Abstract: | This paper analyses the impact of credit expansions arising from increases in collateral values or lower interest rate policies on long-run productivity and economic growth in a two-sector endogenous growth economy with credit frictions, with the driver of growth lying in one sector (manufacturing) but not in the other (real estate). We show that it is not so much aggregate credit expansion that matters for long-run productivity and economic growth but sectoral credit expansions. Credit expansions associated mainly with relaxation of real estate financing (capital investment financing) will be productivity-and growth-retarding (enhancing). Without financial regulations, low interest rates and more expansionary monetary policy may so encourage land speculation using leverage that productive capital investment and economic growth are decreased. Unlike in standard macroeconomic models, in ours, the equilibrium price of land will be finite even if the safe rate of interest is less than the rate of output growth. |
| JEL: | E44 O11 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33661 |
| By: | Ghorpade, Yashodhan (World Bank); Imtiaz, Muhammad Saad (World Bank) |
| Abstract: | We examine the relationship between violent conflict and the willingness of potential migrants to accept lower skilled work (occupational downgrading). We develop a theoretical model of migration decisions, which we test using an innovative survey module administered to high-skilled youth in Myanmar. Consistent with the predictions of the model, we show that insecurity induced by conflict reduces the additional wage premium that individuals would typically demand for taking on lower-skilled work, indicating greater amenability to occupational downgrading. These effects are particularly pronounced for disadvantaged groups, such as women, ethnic minorities, and those with weaker labor market networks or English language skills. The results are driven by respondents from areas under territorial contestation, and those interviewed after the sudden activation of a conscription law during the survey. This further confirms how security considerations may override the preference for skill-appropriate job matching, suggesting that conflict may worsen labor market outcomes and reduce potential gains from migration, especially for disadvantaged groups. |
| Keywords: | occupational downgrading, migration, conflict, compensating differential, Myanmar |
| JEL: | J61 O15 F22 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17735 |
| By: | Barbara Biasi; Wayne Sandholtz |
| Abstract: | Public service reforms often provoke political backlash. Can they also yield political benefits for the politicians who champion them? We study a Wisconsin law that weakened teachers' unions and liberalized pay, prompting mass protests. Exploiting its staggered implementation across school districts, we find that the reform cut union revenues, raised student test scores, and increased pay for some teachers. Exposure to the law increased the incumbent governor's vote share by about 20% of his margin of victory and reduced campaign contributions to his opponent. Gains were larger in districts with stronger unions ex ante and in those where more voters benefited from the reform. Our findings highlight how even politically risky reforms can generate electoral benefits under the right circumstances. |
| Keywords: | education reform, political feasibility, collective bargaining, teacher salaries. |
| JEL: | I20 P46 P11 J31 J45 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11817 |
| By: | Ayres, Ian; Lingwall, Jeff; Steinway, Sonia |
| Abstract: | Analyzing a new dataset of 110, 000 consumer complaints lodged with the Consumer Financial Protection Bureau (the "CFPB" or the "Bureau"), the authors find that: (i) Bank of America, Citibank, and PNC Bank were significantly less timely in responding to consumer complaints than the average financial institution; (ii) consumers of some of the largest financial services providers, including Wells Fargo, American Express ("Amex"), and Bank of America, were significantly more likely than the average consumer to dispute the provider's response to their initial complaints; and (iii) among the companies included in the database that provide mortgages, OneWest Bank, HSBC, Nationstar Mortgage, and Bank of America all received more mortgage complaints relative to mortgages sold than other mortgage providers. In addition, regression analysis suggests that consumer financial companies respond differently to complaints, depending on the type of product and issues involved, thereby generating significant differences in the timeliness of responses and whether consumers dispute those responses. Moreover, demographics matter: mortgage complaints per mortgage significantly increased in ZIP codes with larger proportions of certain populations, including Blacks and Hispanics. Companies were also less timely, and more likely to have their responses disputed, in areas with higher concentrations of senior citizens and college students, groups on which the CFPB is mandated to focus. |
| Date: | 2025–04–28 |
| URL: | https://d.repec.org/n?u=RePEc:osf:lawarc:usxmh_v1 |
| By: | Ficarra, Matteo (Geneva Graduate Institute); Mari, Rebecca (Bank of England) |
| Abstract: | This paper investigates the impact of floods on economic output and prices at the sectoral level for local authorities in England using highly granular climate and economic data. We use precipitation z-scores as an instrument for floods to deal with endogeneity stemming from adaptation capital and we obtain dynamic impulse responses to the shock on GDP and inflation with a local projection approach (LP-IV). We find significant heterogeneities across sectors in terms of size, timing and sign, with sectoral output (prices) declining (increasing) up to 20% (250 basis points) following an increase in the number of floods. This evidence explains well the response of aggregate GDP and inflation found in the literature. Our estimates suggest that reduced investment can only partially explain the decline in output, and only in manufacturing. The response of the number and value of real estate market transactions is instead consistent with a wealth effect that is line with the demand side behaviour in wholesale and retail trade. To shed more light on the interaction among sectors, we use input-output tables and show that flood shocks propagate through the production network. Finally, using local authority expenditure on flood defences and a proxy for adaptation capital, we find that investments in adaptation strongly reduce the likelihood of flooding, but are less effective at mitigating economic damages once a flood hits. Our analysis highlights the importance of disentangling the economic impact of climate change at the sectoral level and the need for adaptation investments. |
| Keywords: | Climate change; natural disasters; flooding; inflation |
| JEL: | Q54 R11 R53 |
| Date: | 2025–02–28 |
| URL: | https://d.repec.org/n?u=RePEc:boe:boeewp:1120 |
| By: | Brian J. Asquith (W.E. Upjohn Institute for Employment Research) |
| Abstract: | Do older workers change their labor supply in response to unexpected housing wealth losses (or gains)? Housing wealth is the largest component in most older Americans’ portfolios, and they may seek to recoup losses by working longer to help smooth consumption in retirement. Despite its importance, prior studies have not arrived at a consensus answer. I perform three different analyses to re-approach this question using Health and Retirement Study (HRS) data: a descriptive analysis, two separate differences-in-differences-indifferences analyses exploiting the China Shock and the Great Recession, and an analysis employing autoregressive models for estimating unexpected shocks to housing price appreciation. All three analyses concur that older homeowners do not significantly change their labor supply or Social Security claiming behavior in response to unexpected housing wealth gains or losses. Subgroup analyses suggest that college-educated workers may be the most responsive, even though housing wealth makes up a lower share of their total wealth, probably due to their comparably greater employment resiliency in weak labor markets. |
| Keywords: | older workers, labor supply, homeownership, Chinese import competition |
| JEL: | J26 J22 J21 R23 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:upj:weupjo:25-415 |
| By: | Mertz, Mikkel (Rockwool Foundation Research Unit); Ronchi, Maddalena (Northwestern University); Salvestrini, Viola (Bocconi University) |
| Abstract: | This paper shows that exposure to entrepreneurs during adolescence increases women's entry and performance in entrepreneurship and improves the allocation of talent in the economy. Using population-wide registry data from Denmark, we exploit idiosyncratic within-school, cross-cohort variation in early exposure to entrepreneurs, measured by the share of an adolescent's peers whose parents are entrepreneurs at the end of compulsory school. Early exposure, particularly to the entrepreneur parents of female peers, encourages girls' entry and tenure into this profession, while it has no impact on boys. This effect is associated with the creation of successful and female-friendly firms. Furthermore, early exposure reduces women's probability to discontinue education at the end of compulsory school and to hold low wage jobs through their lives. Finally, we find evidence in support of three main channels: (i) access to specific information; (ii) changes in aspirations and goals; (iii) increased consideration of entrepreneurship as a potential career. Together these results challenge the view that the most successful female entrepreneurs would enter this profession regardless of early exposure. |
| Keywords: | occupational choice, talent allocation, entrepreneurship, gender |
| JEL: | J24 J16 L26 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17801 |
| By: | Malte Baader (University of Zurich); Urs Fischbacher (University of Konstanz); Chris Starmer (University of Nottingham); Fabio Tufano (University of Leicester) |
| Abstract: | Identifying creative ability and its determinants is crucial in understanding artistic and innovative achievements. Previous work has shown that performance across established creativity tasks does not correlate within participants. A potential reason for this finding is that most creativity tasks lack well-defined performance criteria. In this paper, we develop a novel tool for measuring creative ability and assess its performance through experimental tests. We construct a semantic network serving as the underlying structure of our tool. Based on this network, participants perform two associative thinking tasks, Local Search and Depth Search. We characterise each task by relating it to an established measure of creativity, finding that performance in our proposed tasks is significantly related to their matched creativity task across several dimensions. Our new tool improves on established creativity tasks by utilising a predefined solution space. While capturing key features of established methodologies, it substantially increases on the ease of implementation and interpretation. In addition we also provide causal evidence on the effect of incentives on our tool. |
| Keywords: | Creativity; Associative Thinking; Methodology |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:not:notcdx:2025-01 |
| By: | Borghans, Lex (Maastricht University); Diris, Ron (University of Leiden); Tavares, Manuela (Young Women from Minorities) |
| Abstract: | In this paper, we identify the contribution of differences in test effort to gender gaps and socioeconomic gaps in achievement. We leverage question response time and random question order to obtain causal estimates of the effect of student effort on performance. Subsequently, we evaluate how differences in performance change when students would have made equal time investments. We find that effort explains around 25 percent of the socioeconomic gap in math and reading. For gender, correcting for effort closes around 18 percent of the reading gap while it increases the advantage of boys in math. Looking at average achievement, gender differences in effort can explain 49 percent of the gender achievement gap. We also show that the returns to response time are strongly underestimated by fixed effects models. |
| Keywords: | education economics, achievement gaps, student effort, instrumental variables |
| JEL: | I21 I24 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17734 |
| By: | Biasi, Barbara (Yale School of Management); Sandholtz, Wayne Aaron (Nova School of Business and Economics) |
| Abstract: | Public service reforms often provoke political backlash. Can they also yield political benefits for the politicians who champion them? We study a Wisconsin law that weakened teachers' unions and liberalized pay, prompting mass protests. Exploiting its staggered implementation across school districts, we find that the reform cut union revenues, raised student test scores, and increased pay for some teachers. Exposure to the law increased the incumbent governor's vote share by about 20% of his margin of victory and reduced campaign contributions to his opponent. Gains were larger in districts with stronger unions ex ante and in those where more voters benefited from the reform. Our findings highlight how even politically risky reforms can generate electoral benefits under the right circumstances. |
| Keywords: | Teacher Salaries, Collective Bargaining, Political Feasibility, Education Reform |
| JEL: | I20 P46 P11 J31 J45 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17836 |
| By: | Guglielmo Maria Caporale; Nieves Carmona-González; Luis Alberiko Gil-Alana; María Fátima Romero Rojo |
| Abstract: | This paper analyses trends and persistence in air pollution levels in 88 US metropolitan areas using fractional integration methods. The results indicate that the differencing parameter d is higher than 0 in 38 of the series, which supports the hypothesis of long-memory behaviour and implies that, although the effects of shocks are long-lived, they eventually die out. The highest degrees of persistence are found in the Fresno, Bakersfield, Bradenton and San Diego areas. On the whole the gathered evidence indicates that regional differences in pollution levels are significant, with factors such as industrialisation history and extreme weather events playing a crucial role in their degree of persistence. This suggests that, in order to tackle pollution more effectively, federal environmental policies, such as the Clean Air Act, should be complemented by more targeted ones taking into account local characteristics. |
| JEL: | C22 Q53 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11827 |
| By: | Gualtieri, Giovanni (National Research Council, Italy); Nicolini, Marcella (University of Pavia); Sabatini, Fabio (Sapienza University of Rome); Ventura, Marco (Sapienza University of Rome) |
| Abstract: | We study the electoral repercussions of the L'Aquila earthquake in 2009, one of Italy's most catastrophic post-WWII seismic events. We construct a unique municipality-level dataset, combining high-resolution data on the ground acceleration recorded during the earthquake with European election results and social capital metrics. Our findings indicate that the intensity of the shock positively influenced support for the incumbent national government but provided no electoral advantage to local incumbents. Analyzing potential transmission mechanisms, we find that relief measures did not automatically translate into political rewards. Instead, social capital played a pivotal role in shaping post--disaster electoral outcomes. The national government's electoral gains were concentrated in municipalities with a low density of civic organizations, where citizens relied predominantly on political institutions for assistance. Individual level evidence from survey data further supports our findings. Nonetheless, the impact of the earthquake was not enduring. In the subsequent elections, the incumbent government experienced a decline in support in the very municipalities where it had initially gained favor following the disaster. |
| Keywords: | elections, relief spending, redistribution, social capital, natural disasters, Italy, Silvio Berlusconi |
| JEL: | D72 H10 H12 Q54 Z1 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17758 |
| By: | Michael Koch; Antonella Nocco |
| Abstract: | This paper introduces a novel mechanism by emphasizing benefits for firms through participation in buyer networks among firms that source the same locally produced inputs. In a first step, we utilize register-based data from Denmark to generate a firm-specific buyer network variable which relies on firms’ industrial input structures and imports. Utilizing this proxy we provide evidence of cost savings from network participation, as larger buyer networks reduce firms’ input demand. Subsequently, we develop a trade model incorporating vertical linkages and introduce network effects that result in savings in intermediate costs. Our theory posits that the magnitude of these savings may be associated with the effectiveness of knowledge transmission among network participants. Consequently, firms operating in regions with efficient knowledge transmission networks may realize greater savings in intermediate input costs, leading to increased profits from local and export sales. In a last step, we provide empirical evidence supporting our theoretical predictions by demonstrating the positive impact of buyer networks based on relationship-specific products on domestic firm revenues. |
| Keywords: | new trade theory, vertical linkages, network effects. |
| JEL: | F12 F15 R12 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_117815 |