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on Urban and Real Estate Economics |
| By: | Roberts, Jennifer (University of Sheffield); Taylor, Karl (University of Sheffield) |
| Abstract: | While the job search literature has increasingly recognised the importance of the spatial distribution of employment opportunities, local labour market conditions have been a notable omission from much of the empirical literature on commuting outcomes. This study of the commute times of dual earner couples in England and Wales finds that local labour market conditions are closely associated with commute times and their effects are not gender neutral. Male commute times are much more sensitive to local unemployment rates than women's; where women earn less than one-third of household income, their commute times do not seem to be sensitive to local unemployment. In addition, the more conducive the local labour market is to female employment, the less time women spend commuting. On average the 'female friendliness' of the local labour market has no effect on male commute times, but in households where women earn the majority of household income, men commute further if the local labour market is female friendly. We also show that it is important to account for the heterogeneity of household types; there are important differences in our results according to female income share, housing tenure, mover status and mode of travel. |
| Keywords: | commuting, local labour market, dual earner households |
| JEL: | D19 J24 R40 |
| Date: | 2015–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp9375&r=all |
| By: | David Cuberes (Clark University); Jennifer Roberts (Department of Economics, University of Sheffield) |
| Abstract: | Using information on the exact location of urban households in Britain for the period 2009-2013 we explore the validity of standard urban land use models by estimating the extent to which distance of residence from the city centre is a function of income. This is the first study of its kind for British cities. After controlling for household characteristics and access to transport, as well as city and time effects, and taking account of both spatial and serial correlation, we find a strong positive association between household’s income and distance from the city centre. We also estimate the income elasticity of demand for land and find that this is not large enough to support the view that richer households locate further from the city centre mainly because they prefer larger dwellings. Finally, we find that while poorer households live closer to the city centre, they have experienced increasing real incomes over the period relative to those who live further away. This supports the view that cities in Britain attract poor people rather than generate poverty. |
| Keywords: | urban poverty; cities; segregation by income |
| JEL: | I32 R23 |
| Date: | 2015–10 |
| URL: | http://d.repec.org/n?u=RePEc:shf:wpaper:2015022&r=all |
| By: | DRIDI, Manel |
| Abstract: | In this paper we seek to estimate the impact of local economic structure on the regional employment growth of 8 mainstream industry sectors in 24 local areas of Tunisia between 2000 and 2009. By referring to new economic geography and the empirical approaches dealing with agglomeration economies and dynamic externalities, we show that regional employment growth in industrial sector in Tunisia is driven mainly by externalities related to specialization while diversity do not seem to be important determinants of regional employment growth. Moreover we find that local competition have a positive significant effect on local employment growth. |
| Keywords: | regional growth, dynamic externalities, industrial structure, regional integration |
| JEL: | O47 R11 R12 |
| Date: | 2015–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:66988&r=all |
| By: | Dan S. Rickman (Oklahoma State University); Hongbo Wang (Oklahoma State University) |
| Abstract: | Using a spatial hedonic growth model, this paper empirically examines the relative roles of natural amenities and urban agglomeration economies as determinants of U.S. regional growth patterns from 2000 to 2010. Natural amenities and urban agglomeration are measured using the USDA Economic Research Service county classification codes. The general finding is that natural amenities and urban agglomeration both influenced regional growth. However, the natural amenity ranking is estimated to be positively related to increased productivity over the period rather than increased attractiveness to households. Urban agglomeration is positively related to increased amenity attractiveness to households. Within Census regional analysis revealed a stronger role for household natural amenity demand in nonmetropolitan areas. |
| Keywords: | regional population growth, amenities, agglomeration, urban economics, economic geography |
| JEL: | R00 |
| Date: | 2015–01 |
| URL: | http://d.repec.org/n?u=RePEc:okl:wpaper:1505&r=all |
| By: | Luisa Gagliardi; Teresa Schlüter |
| Abstract: | This paper investigates the relation between amenities and skills by looking at the sorting behavior of skilled individuals across neighbourhoods within British cities. Using a detailed micro dataset on housing transactions we recover a composite measure of local amenities that captures the level of attractiveness of each neighbourhood. By combining the amenity measure with data on British individuals we analyse how the cost associated with the consumption of amenities is distributed across education groups and across neighborhoods within cities defined as integrated labour markets. Results show that, holding constant the availability of job opportunities, high skilled individuals exhibit a moderate preference bias towards amenity consumption as they tend to sort into more attractive neighborhoods than lower skilled individuals with the same income. |
| Keywords: | Neighborhood Characteristics, Sorting, Amenities, Skills, Local Labour Markets, Hedonic Pricing |
| JEL: | R23 R22 J24 |
| Date: | 2015–09 |
| URL: | http://d.repec.org/n?u=RePEc:cep:sercdp:0184&r=all |
| By: | Moritz Schularick (University of Bonn); Alan Taylor (Department of Economics & Graduate Schoo); Oscar Jorda (U.C. Davis) |
| Abstract: | What risks do asset price bubbles pose for the economy? This paper studies bubbles in housing and equity markets in 17 countries over the past 140 years. History shows that not all bubbles are alike. Some have enormous costs for the economy, while others blow over. We demonstrate that what makes some bubbles more dangerous than others is credit. When fueled by credit booms asset price bubbles increase financial crisis risks; upon collapse they tend to be followed by deeper recessions and slower recoveries. Credit-financed house price bubbles have emerged as a particularly dangerous phenomenon. |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed015:910&r=all |
| By: | Edward L. Glaeser; Giacomo A. M. Ponzetto; Yimei Zou |
| Abstract: | Should China build mega-cities or a network of linked middle-sized metropolises? Can Europe’s mid-sized cities compete with global agglomeration by forging stronger inter-urban links? This paper examines these questions within a model of recombinant growth and endogenous local amenities. Three primary factors determine the trade-o¤ between networks and big cities: local returns to scale in innovation, the elasticity of housing supply, and the importance of local amenities. Even if there are global increasing returns, the returns to local scale in innovation may be decreasing, and that makes networks more appealing than mega-cities. Inelastic housing supply makes it harder to supply more space in dense con…fines, which perhaps explains why networks are more popular in regulated Europe than in the American Sunbelt. Larger cities can dominate networks because of amenities, as long as the benefits of scale overwhelm the downsides of density. In our framework, the skilled are more likely to prefer mega-cities than the less skilled, and the long-run benefits of either mega-cities or networks may be quite different from the short-run benefits. |
| Keywords: | cities, Networks, growth, Migration |
| JEL: | R10 R58 F15 O18 |
| Date: | 2015–09 |
| URL: | http://d.repec.org/n?u=RePEc:bge:wpaper:841&r=all |
| By: | Biniam B. Bedasso |
| Abstract: | This paper explores the determinants of college major choice in the presence of significant inter-group and spatial inequalities. I combine four years of admissions application data at an elite university in South Africa with quarterly labor force data to trace the link between aptitude-weighted expected earnings, spatial inequality and the choice of college major. The results show that much of the effect of expected earnings on college major choice operates through the choice of high school curriculum. Black and white individuals respond to differentials in expected earnings differently. Spatial inequality influences major choice through high school curriculum, near-peer role models and relative achievement at high school level. Identification is achieved through the help of a rich set of academic and geographic information contained in the admissions database. |
| Keywords: | College majors; Spatial inequality; Expected earnings; Non-market returns; South Africa |
| JEL: | J24 R23 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:rza:wpaper:552&r=all |
| By: | Barbora Slintáková (University of Economics, Prague); Stanislav Klazar (University of Economics, Prague) |
| Abstract: | It is common that governments favour home ownership also via personal income taxation. Particularly deductibility of mortgage interest payments can stimulate households to borrow to acquire their dwellings. On the one hand the tax advantage can be effective at achieving social objectives, but on the other hand there is agreement that the housing taxation creates substantial distortion that may increase house prices and household leverage which may have adverse consequences on both micro- and macroeconomic levels. Our aim is to explore whether there is a relation between the advantageous tax treatment of housing and household indebtedness. We employ the multiple regression and pooled cross-sectional data for the former 15 EU member countries (except Greece) for the period 2004-2013. Our analysis reveals that the variable representing the extent of the tax relief on debt financing of the owner-occupied housing affected the variable reflecting indebtedness of European households between 2004 and 2013 positively. |
| Keywords: | Household indebtedness, Housing taxation, Mortgage interest deductibility |
| JEL: | G21 H24 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:2804663&r=all |
| By: | Lars Nesheim (University College London); Florian Oswald (UCL); Jonathan Halket (University of Essex) |
| Abstract: | We use a large repeated cross-section of houses to estimate a selection model of the supply of owner-occupied and rental housing. We find that physical characteristics and unobserved heterogeneity and not location are important for selection. We interpret this as strong evidence in favor of contracting frictions in the rental market relating to maintenance and modification of a dwellings physical characteristics. |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed015:961&r=all |
| By: | Andrew Eyles; Stephen Machin |
| Abstract: | We study the origins of what has become one of the most radical and encompassing programmes of school reform seen in the recent past amongst advanced countries – the introduction of academy schools to English secondary education. Academies are state schools that are allowed to run in an autonomous manner which is free from local authority control. Almost all academies are conversions from already existent state schools and so are school takeovers that enable more autonomy. Our analysis shows that this first round of academy conversions that took place in the 2000s generated significant improvements in the quality of pupil intake and in pupil performance. There is evidence of heterogeneity as improvements only occur for schools experiencing the largest increase in their school autonomy relative to their predecessor state. Analysis of mechanisms points to changes in head teachers and management structure as key factors underpinning these improvements in pupil outcomes. |
| Keywords: | Academies; pupil intake; pupil performance |
| JEL: | I20 I21 I28 |
| Date: | 2015–08 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:63815&r=all |
| By: | François Bonnet (PACTE - Politiques publiques, ACtion politique, TErritoires - CNRS - Grenoble 2 UPMF - Université Pierre Mendès France - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble - Grenoble 1 UJF - Université Joseph Fourier); Etienne Lalé (ENSAE - École Nationale de la Statistique et de l'Administration Économique - ENSAE ParisTech); Mirna Safi (OSC - Observatoire sociologique du changement - CNRS - Sciences Po); Etienne Wasmer (ECON - Département d'économie - Sciences Po, OFCE - OFCE - Sciences Po) |
| Abstract: | Access to housing is difficult for minorities in France. An audit study we run in the Paris area showed that minority applicants do not face a strong disadvantage in the first step of the application; however, the fact that applicants come from a deprived area leads to more frequent unfavorable outcome (we call this residential discrimination as opposed to ethnic discrimination). The puzzle and paradox come from the fact that face-to-face interviews with real-estate agents in the city of Paris and the Parisian region DO NOT confirm this result. If anything, all discrimi-nation arise from ethnicity and agents dis-miss residential discrimination. Our paper, forthcoming in Urban Studies, documents this contrast between quantitative and qualitative methods and proposes interpretations. |
| Date: | 2015–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01205219&r=all |
| By: | Boschma, Ron (CIRCLE, Lund University; Utrecht University); Martín , Víctor (Universidad Rey Juan Carlos and ICEI); Minondo , Asier (Deusto Business School and ICEI) |
| Abstract: | The development of new industries demands access to local capabilities. Little attention has yet been paid to the role of spillovers from neighbor regions for industrial diversification, nor has the role of network linkages between neighbor regions been investigated. As the spread of capabilities has a strong geographical bias, we expect regions to develop new industries in which their neighbor regions are specialized. To test this hypothesis, we analyze the development of new industries in US states during the period 2000-2012. We show that an US state has a higher probability of developing a comparative advantage in a new industry if a neighbor state is specialized in that industry. We also show that neighbor US states have more similar export structures. This export similarity seems to be explained by higher social connectivity between neighbor states, as embodied in their bilateral migration patterns. |
| Keywords: | new industries; regional branching; diversification; knowledge spillovers; US; regions; exports |
| JEL: | N94 O14 R11 |
| Date: | 2015–10–02 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:lucirc:2015_035&r=all |
| By: | Udesh Pillay (Human Sciences Reseach Council) |
| Abstract: | This paper examines the 'global city region' concept, as it has gained currency in a large and growing contemporary literature on urban agglomeration and economic/locational cluster formation in the large cities of the developed and developing world. Following a review of this literature, the applicability of newly emerging concepts to describe the recent pattern of urban growth in African cities is tested. The discussion then turns to a review of South African cities as they experience various forms of contemporary transition, following which economic profiles of the country's 'big four' urban conurbations are offered. The international literature and the concept of 'global city region' formation is then revisited to assess the extent to which South African cities may be joining the new and recent global city region arrivals in the developing world. The paper concludes that the city that may be South Africa's best 'global' prospect, and that is most likely to approximate 'city region' status, is Johannesburg and, in particular, a spatially-quadrangular tract of land referred to as the 'urban' core of the province of Gauteng. Bibliography. [ASC Leiden abstract] |
| Keywords: | Global Economic Restructuring, City Regions, Localities |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:2805220&r=all |
| By: | Aslund, Olof (IFAU); Grönqvist, Hans (Uppsala University); Hall, Caroline (IFAU); Vlachos, Jonas (Stockholm University) |
| Abstract: | We study the impact on criminal activity from a large scale Swedish reform of vocational upper secondary education, extending programs from two to three years and adding more general theoretical content. The reform directly concerns age groups where criminal activity is high and students who are highly overrepresented among criminal offenders. The nature of the reform and the rich administrative data allow us to shed light on several behavioral mechanisms. Our results show that the prolonged and more general education lead to a reduction in property crime, but no significant decrease in violent crime. The effect is mainly concentrated to the third year after enrollment, which suggests that being in school reduces the opportunities and/or inclinations to commit crime. |
| Keywords: | education, delinquency |
| JEL: | K42 |
| Date: | 2015–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp9374&r=all |
| By: | Asheim, Björn (CIRCLE, Lund University; UiS Business School/Centre for Innovation Research, University of Stavanger; BI Norwegian Business School, Oslo); Grillitsch, Markus (CIRCLE, Lund University); Trippl , Michaela (CIRCLE, Lund University) |
| Abstract: | Since its development in the 1990s, the Regional Innovation Systems (RIS) approach has attracted considerable attention from economic geographers, innovation scholars and policy makers. The RIS approach figures prominently in the scientific discourse about the uneven geography of innovation and the factors that shape the knowledge generation and innovation capacities of regions. The aim of this paper is to reflect about the emergence of the RIS approach, the current debate as well as future challenges. This reflection paper is guided by four overarching research questions: What are the origins and theoretical foundations of this approach? What has the RIS approach contributed to innovation studies and economic geography? What are the implications for innovation policy? And what are the recent lines of research and key research challenges in the future? We argue that the contributions of the RIS approach have been substantial. Still the approach has often been applied in a rather static way, more as a heuristic than a coherent theory. The key challenges for current and future research therefore are to move towards a more theory-based, dynamic perspective on RIS, dealing with new path development and the transformation of RIS. |
| Keywords: | regional innovation system; regional innovation policy; regional industrial change; transformation of innovation systems; research challenges |
| JEL: | O30 O38 P48 R10 R58 |
| Date: | 2015–10–02 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:lucirc:2015_036&r=all |
| By: | Ali T. Akarca (Department of Economics, University of Illinois at Chicago, Chicago, USA); Aysit Tansel (Department of Economics, METU; Institute for the Study of Labor (IZA) Bonn, Germany; Economic Research Forum (ERF) Cairo, Egypt) |
| Abstract: | Antalya and Mugla provinces located in southwestern Turkey have emerged as new magnets for internal migration in the country. Socio-economic, demographic and labor market characteristics of immigrants coming to these two provinces from various regions are studied to uncover the reasons fueling their moves. This is accomplished through an analysis of descriptive statistics, and an analysis of a gravity model estimated. Differences and similarities between immigrants coming to these two provinces and those going to other migrant magnets, between immigrants and natives in Antalya and Mugla, and among immigrants coming to the two provinces from various origins are noted. What distinguishes Antalya and Mugla from other migrant-drawing provinces is that they attract some retirees and university students as well and their immigrants participating in the labor force are attracted mainly by jobs created in the sectors related to tourism, either directly or indirectly, rather than industry. Immigrants from different origins exhibit different characteristics and tend to specialize in different types of jobs. However, as other migrant flows, those directed at Antalya and Mugla are affected by distance adversely and by unemployment differential, past migration and population size at origin, favorably. |
| Keywords: | Internal migration, labor market, gravity model, Turkey, Antalya, Mugla. |
| JEL: | J21 J61 R23 |
| Date: | 2015–08 |
| URL: | http://d.repec.org/n?u=RePEc:met:wpaper:1505&r=all |
| By: | Williams, John C. (Federal Reserve Bank of San Francisco) |
| Abstract: | Presentation to Bank Indonesia, BIS Conference on “Expanding the Boundaries of Monetary Policy in Asia and the Pacific”, Jakarta, Indonesia, August 20, 2015 |
| Date: | 2015–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedfsp:151&r=all |
| By: | AGO Takanori; MORITA Tadashi; TABUCHI Takatoshi; YAMAMOTO Kazuhiro |
| Abstract: | This study analyzes the interplay between the agglomeration of economic activities and interregional differences in working hours, which are typically longer in large cities, as normally they are more developed than small cities. For this purpose, we develop a two-region model with endogenous labor supply. Although we assume a symmetric distribution of immobile workers, the symmetric equilibrium breaks in the sense that firms may agglomerate when trade costs are intermediate and labor supply is elastic. We also show that the price index is always lower, while labor supply, per capita income, real wages, and welfare are always higher in the more agglomerated region. |
| Date: | 2015–10 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:15118&r=all |
| By: | Martin, Hal (Federal Reserve Bank of Cleveland); Hanson, Andrew (Marquette University) |
| Abstract: | We simulate changes to metropolitan area home prices from reforming the Mortgage Interest Deduction (MID). Price simulations are based on an extended user cost model that incorporates two dimensions of behavioral change in home buyers: sensitivity of borrowing and the propensity to use tax deductions. We simulate prices with both inelastic and elastic supply. Our results show a wide range of price effects across metropolitan areas and prospective policies. Considering behavioral change and no supply elasticity, eliminating the MID results in average home price declines as steep as 13.5 percent in Washington, D.C., and as small as 3.5 percent in Miami-Fort Lauderdale, Florida. Converting the MID to a 15 percent refundable credit reduces prices by as much as 1.4 percent in San Jose, California, San Francisco, California, and Washington, D.C., and increases average prices in other metropolitan areas by as much as 12.1 percent (Miami- Fort Lauderdale). Accounting for market elasticities produces price estimates that are on average thirty-six percent as large as standard estimates. |
| Keywords: | house prices; housing subsidy; mortgage interest deduction |
| JEL: | H24 R21 R28 |
| Date: | 2015–10–06 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedcwp:1516&r=all |
| By: | Shaun Larcom; Ferdinand Rauch; Tim Willems |
| Abstract: | We estimate that a significant fraction of commuters on the London underground do not travel their optimal route. Consequently, a tube strike (which forced many commuters to experiment with new routes) taught commuters about the existence of superior journeys, bringing about lasting changes in behaviour. This effect is stronger for commuters who live in areas where the tube map is more distorted, thereby pointing towards the importance of informational imperfections. We argue that the information produced by the strike improved network-efficiency. Search costs are unlikely to explain the suboptimal behaviour. Instead, individuals seem to under-experiment in normal times, as a result of which constraints can be welfare-improving |
| Keywords: | Experimentation; learning; optimization; rationality; search |
| JEL: | D83 L91 R41 |
| Date: | 2015–09 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:63832&r=all |
| By: | Wattanadumrong (Naresuan University) |
| Abstract: | This paper analyses regional investment in Phitsanulok Province located in the lower north of Thailand. Using data for 713 local manufacturing industries registered from 1971 to 2014. This study examines their performance of the city growth and sizing of locally-owned (LOEs) enterprises and nonlocally-owned (NLOEs) enterprises. The key determinants are identified using a unique assembled data recorded by local authority recording and comprising all local manufacturing industries over time. The descriptive analytical approach will be applied to full sample (all industries) and other relevant issues (capital based, scale intensive, supplier dominated industries classified according to Thailand Standard Industrial Classification; TSIC). This study briefly examines the city growth of manufacturers’ existence and its changes over time. This approach can be applied to analyze the city growth at provincial-level of the country. |
| Keywords: | local manufacturing, Phitsanulok Province, city growth |
| JEL: | M21 R19 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:2805352&r=all |
| By: | Tim Landvoigt (UT Austin); Stijn Van Nieuwerburgh (NYU Stern School of Business); Vadim Elenev (NYU Stern) |
| Abstract: | We develop a new model of the mortgage market where both borrowers and lenders can default. Risk tolerant savers (risk takers) act as intermediaries between risk averse depositors and impatient borrowers. The government provides mortgage guarantees and deposit insurance. Underpriced government guarantees lead to risky mortgage origination and excessive financial sector leverage. Mortgage crises frequently turn into financial crises and government bailouts due to the fragility of the intermediaries' balance sheets. Increasing the price of the mortgage guarantee crowds in the private sector, reduces financial fragility, leads to less and safer mortgage lending, lowers house prices, raises mortgage rates and risk-free interest rates. It also makes all agents in the economy strictly better off. The welfare gains are particularly large for the risk takers so that the private market solution increases wealth inequality. |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed015:977&r=all |
| By: | Barra, Cristian; Zotti, Roberto |
| Abstract: | This paper investigates the regional innovation system (RIS) efficiency, and its determinants, in Italy through a Stochastic Frontier Analysis and using the concept of a knowledge production function. The contribution of universities’, private and public sectors’ resources devoted to research and development (R&D), in generating innovation, has been examined, as well as the impact of several exogenous environmental variables on RIS efficiency. The empirical findings suggest the importance of R&D investments taking place in the universities and in the private sector, which benefit the most to regional innovation activities; labour market and industries’ characteristics are found to have an important role on RIS efficiency. |
| Keywords: | Regional innovation system, Technical efficiency. Knowledge production function |
| JEL: | C14 C67 O31 |
| Date: | 2015–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:67067&r=all |
| By: | Steven Buck (Department of Economics, University of California, Berkeley); Maximilian Auffhammer (Department of Economics, University of California, Berkeley); Stephen Hamilton (Department of Economics, California Polytechnic State University); David Sunding (Department of Economics, University of California, Berkeley) |
| Abstract: | The paper evaluates welfare losses from urban water supply disruptions. The analysis incorporates important features of the water industry that may cause the initial allocation of water to be inefficient, namely that ther are a large number of retail-level water utilities, and that mosst water utilities engage in a form of average cost pricing where volumetric rates are used to finance fixed expenses. We consider a sample of 53 urban water utilities in California collectively providing service to over 20 million customers. We calculate shortage losses for these utilities using existing water rates and utility-specific price elasticities dervied from a demand estimation based on a panel data set of 37 California water utilities. Welfare losses for an annual 10% shortage ranging from an average of $1,458 per acre-foot of shortage to an average of $3,426 per acre-foot of shortage for a 30% supply disruption. The results indicate a household-level willingness-to-pay to avoid an annual shortage of approximately $60 to $600 depending on the shortage size and location. Beyond average losses, we also find evidence that there is substantial variation in shortage losses across utilities. For a 30% supply disruption, for example, the standard deviation across utilities of mean annual losses per acre-foot is $4,102. |
| URL: | http://d.repec.org/n?u=RePEc:cpl:wpaper:1502&r=all |
| By: | Christoph Basten; Catherine Koch |
| Abstract: | How has the CCB affected mortgage pricing after Switzerland became the first country to activate this Basel III macroprudential tool? By analyzing a database with several offers per mortgage request, we construct a picture of mortgage supply and demand. We find, first, that the CCB changes the composition of mortgage supply, as relatively capital-constrained and mortgage-specialized banks raise prices more than their competitors do. Second, risk-weighting schemes linked to borrower risk do not amplify the CCB's effect. To conclude, changes in the supply composition suggest that the CCB has achieved its intended effect in shifting mortgages from less resilient to more resilient banks, but stricter capital requirements do not appear to have discouraged less resilient banks from risky mortgage lending. |
| Keywords: | banks, macroprudential policy, capital requirements, mortgage pricing |
| Date: | 2015–09 |
| URL: | http://d.repec.org/n?u=RePEc:bis:biswps:511&r=all |
| By: | Jari Kauppila |
| Abstract: | The share of bus transport of total passenger transport (as a percentage of total inland passenger-kilometres) is slightly above EU average in Finland. Buses account for around 10% of total passenger transport, compared with the EU average of 9% in 2011. The share of rail in total passenger transport, in turn, was 5% in 2011, below the EU average of 7%. Over 590 million passengers used public transport services in Finland in 2011. Buses carried nearly 60% of total number of passengers. However, in passenger-kilometres buses accounted for 41% of the total 11718 million passenger-km, while railways accounted for 34%. |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:oec:itfaab:2015/10-en&r=all |
| By: | Andersson , Ola (Research Institute of Industrial Economics); Andersson , Tommy (Department of Economics, Lund University) |
| Abstract: | The afternoon effect, i.e., that prices in a sequence of auctions with identical items are decreasing with the order in which the auctions are terminated, is a frequently observed phenomenon in empirical auction studies. Using an unsurpassed amount of data from sequential online train ticket auctions, we investigate two hitherto unexplored dimensions inherent in sequential auctions, namely, the timing of auction ends and the presentation order of the auctions in a sequence. We find that both these dimensions are important for price formation in sequential auctions, but even when controlling for them, a sizable afternoon effect remains. |
| Keywords: | sequential auctions; afternoon effect; presentation order; timing |
| JEL: | D02 D44 |
| Date: | 2015–09–30 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:lunewp:2015_028&r=all |
| By: | Thanos PALLIS |
| Abstract: | Cruise shipping has first established as the transportation of pleasure-seeking upper class travellers on seagoing vessels offering one or more ports of call in the United States and the Caribbean. Today this is a highly efficient global business. Modern specialised ships – radically different from cargo vessels – the use of an increasing number of cruise ports of call and turnaround ports so as to provide their customers excellent in-port and destination experiences, and convenient departures from proximal embarkation cities being fundamental tenets of the industry. |
| Date: | 2015–05 |
| URL: | http://d.repec.org/n?u=RePEc:oec:itfaab:2015/14-en&r=all |
| By: | James Yoo (California Baptist University) |
| Abstract: | This paper investigates the impact of change in sectoral water supply on employment in Maricopa County, Arizona using input-output model. The main contribution of this study is two-fold. First, we generate a database on water use by water source: surface water and groundwater. Second, we develop a modified input-output model that captures the economic impact of substitution in water use from surface to ground water due to variation in the cost of water supply.The study exercises two water supply change scenarios. Scenario I assumes that the total water supply/use decreases by 1% but the reduction comes only from surface water use, holding groundwater use constant. Scenario II assumes that surface water supply/use in all sectors decreases by 1%, and the reduction in surface water use is replaced by the exact amount of more expensive groundwater. We found that the magnitude of economic impacts depends on consumer’s responsiveness to water price change. When price elasticity of water demand is relatively low (<0.2), the economic impact of a 1 percent reduction in surface water supplies was smaller than under the first scenario. However, the more water users in all industries are responsive to a change in water price, the bigger are economic impacts are in terms of reductions in jobs, value added, and indirect business taxes. |
| Keywords: | economic impacts, input-output model, water supply |
| JEL: | C18 C67 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:2804932&r=all |
| By: | Chen, Ying-Ju; Zenou, Yves; Zhou, Junjie |
| Abstract: | We study pricing strategies of competing firms who sell heterogeneous products to a group of customers in a social network. Goods are substitutes and each customer gains network externalities from her neighbors who consume the same products. We show that there is a unique subgame-perfect equilibrium where, first, firms choose the prices of each good for each consumer, and, then, individuals decide their consumption of the goods. We also fully characterize the equilibrium prices for any network structure, and relate these equilibrium outcomes to the familiar Katz-Bonacich network centrality measures. Contrary to the monopoly case, the equilibrium price of a customer not only depends on her own characteristics but also on others' characteristics. We show that firms price discriminate and charge lower prices to more central consumers. This means that more central consumers obtain a larger discount because of their impact in terms of consumption on their neighbors. We also show that the firms' equilibrium profits can decrease when either the network becomes denser or network effects are higher. |
| Keywords: | competition; differentiated products; pricing; social networks |
| JEL: | D43 D85 L13 L14 |
| Date: | 2015–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:10857&r=all |
| By: | Cara Orfield; Sheila Hoag; Debra Lipson |
| Keywords: | Competitive Grant Making, Local Governments, Health Coverage |
| JEL: | I |
| Date: | 2015–05–20 |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:95f94cae2e544bec9e48361e5253dd6b&r=all |
| By: | Brian Bell; Rui Costa; Stephen Machin |
| Abstract: | Do compulsory schooling laws reduce crime? Previous evidence for the U.S. from the 1960s and 1970s suggests they do, primarily working through their effect on educational attainment to generate a causal impact on crime. In this paper, we consider whether more recent experience replicates this. There are two key findings. First, there is a strong and consistent negative effect on crime from stricter compulsory schooling laws. Second, there is a weaker and sometimes non-existent link between such laws and educational attainment. As a result, credible causal estimates of the education-crime relationship cannot in general be identified for the more recent period, though they can for some groups with lower education levels (in particular, for blacks). |
| Keywords: | Crime, education, compulsory schooling laws |
| JEL: | I2 K42 |
| Date: | 2015–10 |
| URL: | http://d.repec.org/n?u=RePEc:cep:cepdps:dp1374&r=all |
| By: | Anita Holecz (University of West Hungary) |
| Abstract: | Our research focuses on teachers’ burnout to show that the passage of 15 years has been any change in burnout syndrome and analyze what kind of workplace-, personality- and behavioral characteristics explaining the factors of burnout.Our sample, a total of 783 practising teachers (primary and secondary school teachers). A survey tests were conducted at the beginning of the 2000s, in 2011 and 2014. Such as: MBI Test (Maslach, Jackson, 1986) version was made for teachers (Byrne, 1991), a Psychological Immune System (Oláh, 2005), a Preference of Coping Strategy (Oláh, 2005), a Temperament and Character Factors (TCI, Hungarian adaptation by Rózsa et al., 2004), a Big Five Questionare (BFQ, Hungarian adaptation by Rózsa et al., 2000). The job characteristics (eg. in court for years, workload, status), and satisfaction and happiness at work was measured by our questionare. Our results show that: teachers differ in some personality factors compared to other higher education graduates. Among the factors temperament harm avoidance and reward dependence is higher, while the persistence is lower. The dimensions of characters indicates the low level of self-worth and self-acceptance among teachers. The BFQ test results also showed meaningful differences. Significant differences were observed in two dimensions, energy and openness to experience. In both cases, there was lower means. Coping with stress also has found a significant difference compared to other graduates in higher education. On the positive difference that teachers often prefer person-oriented coping strategies. However, unfortunately, it appears the self punishment and the resignation in stressful situations. The three factors of burnout syndrome (emotional exhaustion, depersonalization, personal accomplishment) are relatively constans in different groups being tested three times since 2003 despite changes in the conditions of education. However, the proportion at risk of burnout is increasing. Until in 2003, 17.83% of the teachers were endangered, in the group tested in 2014 this rate is already 36%. The results of the regression analysis, the prevention of burnout workplace factors of happiness at work play one of the most important role. The personality factors are the need to strengthen, the self-directedness, intellectual openness, friendliness and self-regulatory system in prevention. |
| Keywords: | teachers, burnout, personality, coping preferencies, Psychological Immune System, happiness at work |
| JEL: | I00 I29 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:2805239&r=all |