published_or_final_version / Housing Management / Master / Master of Housing Management

Li, Kun. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2009. / Includes bibliographical references (leaves 52-54). / Abstract also in Chinese. / Chapter 1 --- Introduction --- p.1 / Chapter 1.1 --- Stylized Facts --- p.3 / Chapter 1.2 --- Literature Review --- p.5 / Chapter 1.3 --- Model Framework --- p.8 / Chapter 2 --- The Model --- p.10 / Chapter 2.1 --- The Basic Setting --- p.10 / Chapter 2.2 --- Basic Assumptions of the Model --- p.14 / Chapter 2.3 --- The Bargaining Process --- p.15 / Chapter 2.4 --- The Determination of Ratios --- p.17 / Chapter 2.4.1 --- The Rent-Price Ratio --- p.17 / Chapter 2.5 --- Empirical Evidence --- p.17 / Chapter 2.5.1 --- Data Sources --- p.18 / Chapter 2.5.2 --- Estimation Strategy --- p.19 / Chapter 2.5.3 --- Estimation Results and Discussions --- p.20 / Chapter 3 --- The Model in the Long Run --- p.23 / Chapter 3.1 --- Assumptions --- p.23 / Chapter 3.2 --- Population Dynamics of the Model --- p.24 / Chapter 3.3 --- Comparative Statics --- p.25 / Chapter 3.4 --- Simulation Results in the Long Run --- p.28 / Chapter 3.4.1 --- Housing Market Parameters Variation --- p.28 / Chapter 3.4.2 --- Rental Market Parameters Variation --- p.31 / Chapter 3.5 --- Discussion --- p.34 / Chapter 4 --- The Model in the Short Run --- p.35 / Chapter 4.1 --- Assumptions in the Short Run --- p.35 / Chapter 4.2 --- Short-run Dynamics --- p.36 / Chapter 4.3 --- Simulation Results in the Short Run --- p.37 / Chapter 4.4 --- Discussions --- p.41 / Chapter 5 --- The Dynamics of the Model --- p.42 / Chapter 5.1 --- Dynamic Population and Bellman Equations --- p.42 / Chapter 5.2 --- Transition Path in the Dynamics --- p.43 / Chapter 5.2.1 --- Temporary Shocks and Impulse Responses --- p.43 / Chapter 5.2.2 --- The Transition Path for Permanent Shocks --- p.45 / Chapter 6 --- Further Research Directions --- p.47 / Chapter 6.1 --- Tenure Choice in the Model --- p.47 / Chapter 6.2 --- Market Accessability --- p.48 / Chapter 6.3 --- The ´ةMismatch´ة Approach --- p.49 / Chapter 7 --- Conclusion --- p.50 / Bibliography --- p.52 / Chapter A --- Simulation on Long-run Equilibrium --- p.55 / Chapter B --- Simulation on Short-run Equilibrium --- p.60 / Chapter C --- Transition Paths on Permanent Shock --- p.66 / Chapter D --- Impulse Responses --- p.72

<p>The aim of the thesis is twofold: to analyze the effects of the expectations on the Bothnia Line on the housing market and expectations on railway use. To fulfill these aims, three questions are considered:</p><p>1. To what extent is property prices influenced by the expected effects of the Bothnia Line?</p><p>2. Are there differences in expectations on regional development and future journeys between residents in different locations and with different individual characteristics?</p><p>3. How are trips to work affected by the expectations on the Bothnia Line and the performance of the train service according to residents in different locations?</p><p>Property prices are investigated quantitatively with data delivered from Lantmäteriet. The data contains every sold property from 1994 to 2001 in the municipalities of Umeå, Nordmaling, and Örnsköldsvik. Expectations on regional development and future traveling on the Bothnia Line were investigated with two questionnaires conducted in the autumn of 2002.</p><p>The empirical results from the study of property prices are clear. There are no signs of influence from the Bothnia Line on the property prices close to the railway stations or in the proximity of the railway.</p><p>The empirical results from the questionnaires reveal a mixed picture of the expectations. In the municipalities located furthest away from the railway, the expectations are low. On the contrary, a large proportion (>75 %) of the residents in municipalities along the railway line believe it can be useful for the population in general when searching for new employment opportunities. This is especially true for males living in Örnsköldsvik. A significantly smaller proportion (≈25 %) believes they will use the railway themselves.</p><p>One explanation to the geographic variations is that they are a result from an ongoing diffusion process. Residents in Örnsköldsvik were the first ones to have a visual image of the railway since the construction started there. As the construction continues, the expectations might increase in other locations as well. Another possibility is that people only react on word of mouth from someone that actually made a trip before they consider changing the mode of transport. If that is the case, the expectations will increase only after the opening of the railway line.</p><p>With the exception of residents in Nordmaling, expectations on future journeys with the Bothnia Line are low. The low expectations on journeys on the Bothnia Line might be explained by the lack of attraction between the places along the line. They are satisfied with their present situation and cannot find any rationale to consider other alternatives. It is a different story if they are forced to consider other alternatives. The result from a stated preference study shows that if they are offered employment at another place, the majority is willing to commute.</p>

This paper reviews theoretical and empirical evidence of asset price movements impact on the real economic activity. A key channel is the wealth effect on consumption. Fluctuations in stock prices and housing prices influence the households wealth and could have important impacts on households consumption. In addition, stock prices may affect corporate sector investments and property prices may affect building activity. Here, the method of cointegration is used to estimate the wealth effect and the investment effect in aggregate time series for Germany after the Reunification in 1990. Moreover, we discuss the role of asset prices in the monetary policy strategy of the ECB.

The aim of the thesis is twofold: to analyze the effects of the expectations on the Bothnia Line on the housing market and expectations on railway use. To fulfill these aims, three questions are considered: 1. To what extent is property prices influenced by the expected effects of the Bothnia Line? 2. Are there differences in expectations on regional development and future journeys between residents in different locations and with different individual characteristics? 3. How are trips to work affected by the expectations on the Bothnia Line and the performance of the train service according to residents in different locations? Property prices are investigated quantitatively with data delivered from Lantmäteriet. The data contains every sold property from 1994 to 2001 in the municipalities of Umeå, Nordmaling, and Örnsköldsvik. Expectations on regional development and future traveling on the Bothnia Line were investigated with two questionnaires conducted in the autumn of 2002. The empirical results from the study of property prices are clear. There are no signs of influence from the Bothnia Line on the property prices close to the railway stations or in the proximity of the railway. The empirical results from the questionnaires reveal a mixed picture of the expectations. In the municipalities located furthest away from the railway, the expectations are low. On the contrary, a large proportion (&gt;75 %) of the residents in municipalities along the railway line believe it can be useful for the population in general when searching for new employment opportunities. This is especially true for males living in Örnsköldsvik. A significantly smaller proportion (≈25 %) believes they will use the railway themselves. One explanation to the geographic variations is that they are a result from an ongoing diffusion process. Residents in Örnsköldsvik were the first ones to have a visual image of the railway since the construction started there. As the construction continues, the expectations might increase in other locations as well. Another possibility is that people only react on word of mouth from someone that actually made a trip before they consider changing the mode of transport. If that is the case, the expectations will increase only after the opening of the railway line. With the exception of residents in Nordmaling, expectations on future journeys with the Bothnia Line are low. The low expectations on journeys on the Bothnia Line might be explained by the lack of attraction between the places along the line. They are satisfied with their present situation and cannot find any rationale to consider other alternatives. It is a different story if they are forced to consider other alternatives. The result from a stated preference study shows that if they are offered employment at another place, the majority is willing to commute.

published_or_final_version / Urban Design / Master / Master of Urban Design

published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Urban Design / Master / Master of Urban Design

published_or_final_version / Urban Design / Master / Master of Urban Design

published_or_final_version / Urban Design / Master / Master of Urban Design