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Online Resource
Online Resource
Handbook of regional and urban economics : volume 5 (2015)
Amsterdam, The Netherlands : North Holland
Details
UID:
gbv_825927145
Format: Online-Ressource (1653 S.)
ISBN: 9780444595393
Series Statement: Handbooks in economics volume 7
Content: Annotation, Developments in methodologies, agglomeration, and a range of applied issues have characterized recent advances in regional and urban studies. Volume 5 concentrates on these developments while treating traditional subjects such as housing, the costs and benefits of cities, and policy issues beyond regional inequalities. Contributors make a habit of combining theory and empirics in each chapter, guiding research amid a trend in applied economics towards structural and quasi-experimental approaches. Clearly distinguished from the New Economic Geography covered by Volume 4, these articles feature an international approach that positions recent advances within the discipline of economics and society at large.Emphasizes advances in applied econometrics and the blurring of "within" and "between" cities Promotes the integration of theory and empirics in most chapters Presents new research on housing, especially in macro and international finance contexts
Note: Online resource; title from PDF title page (ScienceDirect, viewed May 7, 2015)
Additional Edition: ISBN 9780444595331
Additional Edition: Erscheint auch als Druck-Ausgabe ISBN 9780444595331
Language: English
Subjects: Economics
RVK:
QY 000
Keywords: Regionalwirtschaft ; Stadtökonomie ; Regionale Wirtschaftsstruktur ; Regionale Wirtschaftsentwicklung ; Stadtökonomie
URL: Volltext
URL: Volltext
URL: Volltext  (Deutschlandweit zugänglich)
Author information: Henderson, J. Vernon 1947-
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  • 2
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    Chapter 1. Causal Inference in Urban and Regional Economics (2015)
    Details
    UID:
    gbv_1831650479
    ISBN: 9780444595393
    Content: Recovery of causal relationships in data is an essential part of scholarly inquiry in the social sciences. This chapter discusses strategies that have been successfully used in urban and regional economics for recovering such causal relationships. Essential to any successful empirical inquiry is careful consideration of the sources of variation in the data that identify parameters of interest. Interpretation of such parameters should take into account the potential for their heterogeneity as a function of both observables and unobservables.
    In: Handbook of regional and urban economics, Amsterdam, The Netherlands : North Holland, 2015, (2015), Seite 3-68, 9780444595393
    In: year:2015
    In: pages:3-68
    Language: English
    DOI: 10.1016/B978-0-444-59517-1.00001-5
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  • 3
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    Chapter 10. Immigration and the Economy of Cities and Regions (2015)
    Details
    UID:
    gbv_183165038X
    ISBN: 9780444595393
    Content: In this chapter, we analyze immigration and its effect on urban and regional economies focusing on productivity and labor markets. While immigration policies are typically national, the effects of international migrants are often more easily identified on local economies. The reason is that their settlements are significantly concentrated across cities and regions, relative to natives. Immigrants are different from natives in several economically relevant skills. Their impact on the local economy depends on these skills. We emphasize that to evaluate correctly such impact, we also need to understand and measure the local adjustments produced by the immigrant flow. Workers and firms take advantage of the opportunities brought by immigrants and respond to them trying to maximize their welfare. We present a common conceptual frame to organize our analysis of the local effects of immigration, and we describe several applications. We then discuss the empirical literature that has tried to isolate and identify a causal impact of immigrants on the local economies and to estimate the different margins of response and the resulting outcomes for natives of different skill types. We finally survey promising recent avenues for advancing this research.
    In: Handbook of regional and urban economics, Amsterdam, The Netherlands : North Holland, 2015, (2015), Seite 625-685, 9780444595393
    In: year:2015
    In: pages:625-685
    Language: English
    DOI: 10.1016/B978-0-444-59517-1.00010-6
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  • 4
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    Chapter 11. Housing Bubbles (2015)
    Details
    UID:
    gbv_1831650339
    ISBN: 9780444595393
    Content: Housing markets experience substantial price volatility, short-term price change momentum, and mean reversion of prices over the long run. Together, these features, particularly at their most extreme, produce the classic shape of an asset bubble. In this chapter, we review the stylized facts of housing bubbles and discuss theories that can potentially explain events like the boom–bust cycles of the 2000s. One set of theories assumes rationality and uses idiosyncratic features of the housing market, such as intensive search and short-selling constraints, to explain the stylized facts. Cheap credit provides a particularly common rationalization for price booms, but temporary periods of low interest rates will not explain massive price swings in simple rational models. An incorrectly underpriced default option can make rational bubbles more likely. Many nonrational explanations for real estate bubbles exist, but the most promising theories emphasize some form of trend chasing, which in turn reflects boundedly rational learning.
    In: Handbook of regional and urban economics, Amsterdam, The Netherlands : North Holland, 2015, (2015), Seite 701-751, 9780444595393
    In: year:2015
    In: pages:701-751
    Language: English
    DOI: 10.1016/B978-0-444-59531-7.00011-9
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  • 5
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    Chapter 12. Housing, Finance, and the Macroeconomy (2015)
    Details
    UID:
    gbv_1831650320
    ISBN: 9780444595393
    Content: In this chapter, we review and discuss the large body of research that has developed over the past 10-plus years that explores the interconnection of macroeconomics, finance, and housing. We focus on three major topics—housing and the business cycle, housing and portfolio choice, and housing and asset returns—and then review the recent literature that studies housing and the macroeconomy during the great housing boom and bust of 2000–2010. Our emphasis is on calibrated models that can be compared with data. In each section, we discuss the important questions, the typical set of tools used, and the insights that result from influential articles. Although great progress has been made in understanding the impact of housing outcomes on macroeconomic aggregates and vice versa, work remains. For example, economists recognize the importance of changing credit-market conditions in amplifying the volatility of house prices, but cannot explain the timing of these changes. At the end of the chapter, we discuss a new literature that assesses the macroeconomic effects and welfare implications of housing policies.
    In: Handbook of regional and urban economics, Amsterdam, The Netherlands : North Holland, 2015, (2015), Seite 753-811, 9780444595393
    In: year:2015
    In: pages:753-811
    Language: English
    DOI: 10.1016/B978-0-444-59531-7.00012-0
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  • 6
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    Chapter 13. The Microstructure of Housing Markets : Search, Bargaining, and Brokerage (2015)
    Details
    UID:
    gbv_1831650312
    ISBN: 9780444595393
    Content: This chapter surveys the literature on the microstructure of housing markets. It considers one-sided search, random matching, and directed search models. It also examines the bargaining that takes place once a match has occurred, with the bargaining taking various forms, including two-party negotiations of different types and multiparty housing auctions. The chapter reviews research on real estate brokers as intermediaries as well, focusing on the role of brokers in the matching and bargaining process, the nature of competition and entry in the brokerage industry, and the incentive issues that are present. The chapter also considers the inefficiencies that pervade the brokerage industry and the related policy debates. These are important issues both because of the inherent importance of housing and brokerage and because of the importance of housing to macroeconomic dynamics.
    In: Handbook of regional and urban economics, Amsterdam, The Netherlands : North Holland, 2015, (2015), Seite 813-886, 9780444595393
    In: year:2015
    In: pages:813-886
    Language: English
    DOI: 10.1016/B978-0-444-59531-7.00013-2
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 7
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    Chapter 14. US Housing Policy (2015)
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    UID:
    gbv_1831650304
    ISBN: 9780444595393
    Content: Governments throughout the world intervene heavily in housing markets, and most have multiple policies to pursue multiple goals. This chapter deals with two of the largest types of housing policies in the United States, namely, low-income rental assistance and policies to promote homeownership through interventions in mortgage markets. We describe the rationales for the policies, the nature of the largest programs involved, the empirical evidence on their effects, and the data and methods used to obtain them. Because the US government uses such a wide range of policies of these types, this evidence has lessons for housing policy in other countries.
    In: Handbook of regional and urban economics, Amsterdam, The Netherlands : North Holland, 2015, (2015), Seite 887-986, 9780444595393
    In: year:2015
    In: pages:887-986
    Language: English
    DOI: 10.1016/B978-0-444-59531-7.00014-4
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 8
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    Chapter 15. How Mortgage Finance Affects the Urban Landscape (2015)
    Details
    UID:
    gbv_1831650290
    ISBN: 9780444595393
    Content: This chapter considers the structure of mortgage finance in the United States and its role in shaping patterns of homeownership, the nature of the housing stock, and the organization of residential activity. We start by providing some background on the design features of mortgage contracts that distinguish them from other loans and that have important implications for issues presented in the rest of the chapter. We then explain how mortgage finance interacts with public policy, particularly tax policy, to influence a household's decision to own or rent and how shifts in the demand for owner-occupied housing are translated into housing prices and quantities, given the unusual nature of housing supply. We consider the distribution of mortgage credit in terms of access and price, by race, ethnicity, and income, and over the life cycle, with particular attention to the role of recent innovations such as nonprime mortgage securitization and reverse mortgages. The extent of negative equity has been unprecedented in the past decade, and we discuss its impact on strategic default, housing turnover, and housing investment. We describe spatial patterns in foreclosure and summarize the evidence for foreclosure spillovers in urban neighborhoods. Finally, we offer some thoughts on future innovations in mortgage finance.
    In: Handbook of regional and urban economics, Amsterdam, The Netherlands : North Holland, 2015, (2015), Seite 987-1045, 9780444595393
    In: year:2015
    In: pages:987-1045
    Language: English
    DOI: 10.1016/B978-0-444-59531-7.00015-6
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  • 9
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    Chapter 16. Change and Persistence in the Economic Status of Neighborhoods and Cities (2015)
    Details
    UID:
    gbv_1831650282
    ISBN: 9780444595393
    Content: This chapter reviews recent literature that considers and explains the tendency for neighborhood and city-level economic status to rise and fall. A central message is that although many locations exhibit extreme persistence in economic status, change in economic status as measured by various indicators of per capita income is common. At the neighborhood level, we begin with a set of stylized facts and then follow with discussion of static and dynamic drivers of neighborhood economic status. This is mirrored at the metropolitan level. Durable but slowly decaying housing, transportation infrastructure, and self-reinforcing spillovers all influence local income dynamics, as do enduring natural advantages, amenities, and government policy. Three recurring themes run throughout the paper: (i) Long sweeps of time are typically necessary to appreciate that change in economic status is common, (ii) history matters, and (iii) a combination of static and dynamic forces ensures that income dynamics can and do differ dramatically across locations but in ways that can be understood.
    In: Handbook of regional and urban economics, Amsterdam, The Netherlands : North Holland, 2015, (2015), Seite 1047-1120, 9780444595393
    In: year:2015
    In: pages:1047-1120
    Language: English
    DOI: 10.1016/B978-0-444-59531-7.00016-8
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 10
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    Chapter 17. Taxes in Cities (2015)
    Details
    UID:
    gbv_1831650274
    ISBN: 9780444595393
    Content: Most cities enjoy some autonomy over how they tax their residents, and that autonomy is typically exercised by multiple municipal governments within a given city. In this chapter, we document patterns of city-level taxation across countries, and we review the literature on a number of salient features affecting local tax setting in an urban context. In OECD countries, urban local governments on average raise some 10% of total tax revenue, and in non-OECD countries, they raise around half that share. We show that most cities are highly fragmented: urban areas with more than 500,000 inhabitants are divided into 74 local jurisdictions on average. The vast majority of these cities are characterized by a central municipality that strongly dominates the remaining jurisdictions in terms of population. These empirical regularities imply that analyses of urban taxation need to take account of three particular features: interdependence among tax-setting authorities (horizontally and vertically), jurisdictional size asymmetries, and the potential for agglomeration economies. We survey the relevant theoretical and empirical literatures, focusing in particular on models of asymmetric tax competition, of taxation and income sorting, and of taxation in the presence of agglomeration rents.
    In: Handbook of regional and urban economics, Amsterdam, The Netherlands : North Holland, 2015, (2015), Seite 1123-1196, 9780444595393
    In: year:2015
    In: pages:1123-1196
    Language: English
    DOI: 10.1016/B978-0-444-59531-7.00017-X
    URL: Volltext  (Deutschlandweit zugänglich)
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