No description available.

As distance from a house to retail sites decreases the price of a house should increase, ceteris paribus, because of increased shopping convenience. On the other hand, as distance decreases price should also decrease because the house is exposed to increased spillover of disamenities noise, light, traffic, etc. from the retail use. The study uses Computer Assisted Mass Appraisal data and a parcel level Geographic Information system map from King County (Seattle) Washington. An hedonic process is used to estimate the price effects of both the expected positive and negative price effects. Travel distance is a proxy for convenience and Euclidian distance is a proxy for negative spillovers. Standard hedonic housing price variables are used for control along with distance to other classes of non-residential uses and indexes of neighborhood street layout and connectivity. In traditional gridiron neighborhood, both convenience and negative spillovers have the expected effect on housing price. The net effect is a price effect curve with a net decrease in price at very short distances between houses and retail sites. But, beyond a short distance to the extent of convenient walking distance (about mile) the net effect is positive. In a non-traditional edge city type neighborhood, there is no effect, either positive or negative. This is due to the much greater distances between residential uses and retail uses in this type neighborhood that result from zoning that segregates land uses and long travel distance resulting from curvilinear street layout.

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The essay consists of three chapters. In chapter 1, I find that wages in U.S. regions have been diverging instead of converging from 1975 onward. This coincides with the period of accelerating skill-biased technological change. A decomposition of the divergence rate indicates three channels underlying the divergence: (1) an ever-widening wage gap between college graduates and high school graduates, (2) an increasing within-education group wage differential across regions, and (3) a concentration of skill composition across local labor markets. I then developed an endogenous skill-biased technology adoption model in which firms invest capital more intensively in regions with higher employment share of college graduates, explaining these three channels jointly. Finally I quantitatively assess the model by separately calibrating the regional aggregate production function; the results show that the relative skilled-labor efficiency has been persistently higher in skill-abundant regions, nevertheless the countrywide skill-biased technological change, is the main force making divergence happening. Chapter 2 studies energy-saving technological change in U.S. manufacturing sector, whose intensive margin and extensive margins are identified. I find that energy and capital are mostly complementary to each other, while labor is substitutive to energy-capital composite. However, a Cobb-Douglas nesting of labor is rejected. Quantitative exercise shows that in the post-crisis period, within in industry energy-saving technological change accounts for the largest proportion of the aggregate sectoral energy efficiency promotion in the long run. In contrast, in the short run, factor adjustment combined with sectoral shift accounts for the largest proportion of energy intensity reduction. Lastly, I provide evidence that structural change has taken place around the oil crisis in 1970s, which is consistent with the existing literature. In chapter 3, I documented the increasing dispersion of skill composition across different areas in the U.S. Meanwhile, the U.S. Housing Market has experienced a dramatic increase in the housing price, as well as a similarly increase in its dispersion across metropolitan areas. A set of related stylized facts are documented in this paper. First, the real wage goes similarly as real housing prices, but quantitatively different. Second, the rents and housing prices have not been going in the exactly same way, in terms of first two moments. Third, we find that local income inequality is positively correlated to the local housing price level. Based on these observations, we build a model where a dispersed skill-biased technology change can account for all the phenomena at the same time. / Ph. D.

No description available.

This paper researches the relationships between sub-center cities, satellite cities and core cities in Jingjinji Area, Huninghang Area and Pearl River Delta. It also covers the connections between Chinese housing market and stock market. It uses an unique dataset called China Real Estate Index System (CREIS) to measure the Chinese housing prices. Through correlations, Granger causality tests and regression models, this paper concludes there are indeed connections for the movements in housing prices in the surrounding cities relative to Beijing, Shanghai and Shenzhen in the three city groups, and there is no sufficient evidence to show the existence of the connection between Chinese housing market and stock market.

Au cours de la dernière décennie, les prix des logements ont augmenté de façon spectaculaire dans plusieurs pays à travers le monde. Par exemple, les prix des logements aux États-Unis, en Espagne et en Irlande ont été marqués par des cycles d'expansion et de récession les plus marquants de leur histoire. L'augmentation concomitante des prix des logements (et dans certains cas l’occurrence des épisodes d'expansion - récession) dans de nombreuses économies avancées soulève quelques questions importantes. Y a t-il eu une bulle immobilière dans les pays avancés? Quels sont les principaux déterminants de l'évolution des prix des logements dans ces pays? Est-ce que les marchés immobiliers des pays avancés sont-ils interdépendants? Le premier chapitre propose une modélisation structurelle des modèles VAR Bayésiens pour les États-Unis, la France, l'Espagne et la Grèce qui examinent les effets relatifs de l'évolution du secteur réel de production, du secteur financier et des flux internationaux de capitaux sur les marchés du logement. Un deuxième exercice tente d'identifier la présence de régimes de bulles immobilières à partir d’une modélisation Markovienne à deux états. Les principaux résultats liés au marche américain montrent que les entrées de capitaux étrangers, mesurées par le solde de la balance courante en pourcentage du PIB, comptent pour plus de 30 % de la variance des chocs qui frappent les prix des logements, tandis que les taux d’intérêt contribuent pour environ 38 %. En France, la politique monétaire a le plus grand pouvoir explicatif des évolutions du marché du logement, tandis qu'en Espagne et en Grèce, les taux hypothécaires variables et les investissements dans le logement exercent la plus grande influence sur le marché du logement. Tous les pays ont connu un régime de bulle immobilière sur la majeure partie des années 2000.Le deuxième chapitre utilise une approche de type Global VAR (ou GVAR) qui porte sur la modélisation des interdépendances internationales des prix immobiliers. Le modèle GVAR a été estimé empiriquement en utilisant des données trimestrielles de sept pays, pour la période 1987-2011. Les résultats montrent que les chocs des prix immobiliers originaires des États-Unis ont de fortes répercussions sur tous les pays, avec les plus fortes magnitudes observées pour l'Irlande. Ce résultat suggère que les marchés immobiliers pourraient être soumis à des effets de contagion du comportement des marchés financiers et que le secteur immobilier peut être analysé comme un actif spéculatif. Les liens entre les taux d'intérêt réels à long terme sont positifs et statistiquement significatifs dans tous les pays, même si ils ont un rôle limité sur l'évolution des prix immobiliers. Les chocs négatifs sur les prix immobiliers aux États-Unis ont des effets négatifs et statistiquement significatifs sur le PIB réel aux États-Unis, le Canada et l'Irlande.Le troisième chapitre est consacré au financement de la première guerre mondiale par les Etats-Unis et le rôle de la War Finance Corporation (WFC). Plus spécifiquement, on s’intéresse aux fluctuations des rendements des bons du Trésor américain émis entre novembre 1917 et décembre 1920. L’analyse économétrique est basée sur des techniques de séries temporelles Bayésiennes. Les principaux résultats montrent que les chocs positifs sur les achats de la WFC engendrent une réponse négative et statistiquement significative sur tous les types de rendements des bons de guerre. En outre, les achats de la WFC des bons Liberty et Victory, à l'exception du premier prêt des bons Liberty, ont eu un effet statistiquement significatif sur l'évolution des taux à court terme. Les achats de la WFC de la deuxième et de la quatrième émission des bons Liberty ont eu des effets significatifs et positifs sur les taux à court terme, ce qui suggère une déformation de la courbe des taux. / During the last decade, housing prices have increased dramatically in several countries around the world. For instance, housing prices in the United States, Spain, and Ireland have been marked by one of the most striking boom-bust cycles in their history. The concomitant increase in housing prices (and in some cases boom-bust episodes) across many advanced economies raises the following important questions. Was there a housing bubble across advanced countries? What are the main determinants of the housing price movements in these countries? Are the advanced countries' housing markets interrelated? The first chapter of the dissertation estimates a set of structural Bayesian VAR models for the U.S., France, Spain, and Greece that examine the relative effects of developments in the real production sector, the financial sector, and international capital flows on the housing market. A second exercise attempts to identify the presence of housing price bubble regimes by estimating a set of two state Markov-switching Bayesian VAR models. The main results for the U.S. show that foreign capital inflows, measured by the current account balance as a percentage of GDP, account for more than 30\% of the variance of the shocks hitting housing prices, while adjustable mortgage rates contribute about 38\%. In France, monetary policy has the largest explanatory power for the housing market evolutions, while in Spain and Greece, the variable mortgage rates and housing investments exert the largest influence on the housing market. All the countries experienced a bubble regime over most of the 2000s. The second chapter uses a Global VAR model estimated using quarterly data from seven countries, for the period 1987-2011, to analyze the interdependencies that exist between domestic and international factors in housing markets. We find that housing price shocks originating in the U.S. have large spillover effects on all the countries, with the largest magnitudes on Ireland. This result suggests that housing markets may be subject to contagion effects and that housing can be analyzed as a speculative asset, based on international data spanning the past two decades. Linkages in long-run real interest rates are positive and statistically significant across all the countries, although they have a limited role on the evolution of housing prices. Negative shocks to the U.S. housing prices have negative and statistically significant effects on real GDP in the U.S., Canada, and Ireland. The third chapter studies the price fluctuations of war bonds issued by the U.S Treasury in order to finance the World War I between November 1917 and December 1920. Bayesian time series techniques are used to carry out the analyses. We are focusing on the effects that the bond-purchasing program of the War Finance Corporation (WFC) had on the evolution of war bond yields. Our main results show that positive shocks to WFC purchases display a negative and statistically significant effect on all types of war bond yields. Furthermore, WFC purchases of Liberty and Victory Bonds, except the First Liberty Loan, had a statistically significant effect on the evolution of commercial paper rates. WFC purchases of the Second and Fourth Liberty Bonds had significant and positive effects on commercial paper rates, suggesting a twist in the bond yield curve.

The aim of this thesis is to examine how wealth inequality alters when macroeconomic factors such as housing price index, inflation rate, and minimum wage change. In the theoretical part, the potential connection between some macroeconomic factors and wealth inequality is described through the link of the Lorenz Curve and Pareto distribution. In the empirical part, we analyze the development of wealth inequality in 21 countries from the European Union from 2004 to 2015. The study presents significant evidence that the housing price index is negatively correlated with wealth inequality while similar conclusions cannot be made regarding inflation rate and minimum wage. In this paper, the Gini index is used as a proxy for wealth inequality.

As distance from a house to retail sites decreases the price of a house should increase, ceteris paribus, because of increased shopping convenience. On the other hand, as distance decreases price should also decrease because the house is exposed to increased spillover of disamenities – noise, light, traffic, etc. – from the retail use. The study uses Computer Assisted Mass Appraisal data and a parcel level Geographic Information system map from King County (Seattle) Washington. An hedonic process is used to estimate the price effects of both the expected positive and negative price effects. Travel distance is a proxy for convenience and Euclidian distance is a proxy for negative spillovers. Standard hedonic housing price variables are used for control along with distance to other classes of non-residential uses and indexes of neighborhood street layout and connectivity. In traditional gridiron neighborhood, both convenience and negative spillovers have the expected effect on housing price. The net effect is a price effect curve with a net decrease in price at very short distances between houses and retail sites. But, beyond a short distance to the extent of convenient walking distance (about ¼ mile) the net effect is positive. In a non-traditional edge city type neighborhood, there is no effect, either positive or negative. This is due to the much greater distances between residential uses and retail uses in this type neighborhood that result from zoning that segregates land uses and long travel distance resulting from curvilinear street layout.

Housing price studies is the first step of housing market analysis. Prices are determined at the intersection point of supply and demand curves, which determine equilibrium point that represents equilibrium price and quantity level. At a point in time demand factors are more important in determining the prices because short-run supply curve is almost vertical. However, in the long run supply of housing, and its certain attributes, will increase if price premium arises in the previous periods. In most of the studies, house prices are analyzed by using hedonic price index technique, which enables us to have information about the demand side of housing sector. In the hedonic price framework, heterogeneous goods are considered as aggregations of characteristics, and implicit marginal prices for these characteristics are calculated. When &lsquo / Hedonic Price Analysis&rsquo / is applied to the housing sector, it shows us the price of each housing attribute and gives information about the preferences and willingness to pay of the people for each attribute. Therefore, at the end of such an analysis it is possible to see which attributes are valued most by house buyers in the city. The aim of this thesis is to reveal the implicit prices of housing attributes in the housing market of Ankara, for the year 2006, with the purpose of gaining more information about the demand side of the housing sector. For this purpose, hedonic pricing method is used with the data that are extracted from appraisal reports which include information about main attributes and estimated price of each dwelling unit.