Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2018

Urban Structure, Land Prices and Volatility

Sheridan TITMAN, Guozhong ZHU
We develop a dynamic general equilibrium model that describes the evolution of land prices and rental rates in a monocentric city. The model explores the implications of urban configurations that may differ in terms of the flexibility of the citys borders and land use, i.e., zoning and the presence ...
Keywords: Land prices, land supply, rental rates
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2018

A Quantile Regression Analysis of Housing Price Distributions Near MRT Stations

Tien Foo SING, Daniel P. MCMILLEN, Diao MI
This study uses the opening of the new Circle Line (CCL) in Singapore as a natural experiment to test the effects of urban rail transit networks on non-landed private housing values in Singapore. Using the network distance measure and a local-polynomial-regression approach, we observe discontinuity ...
Keywords: Average treatment effects, distributional quantile effects, spatial variations, quantile decomposition, spatial autocorrelation, price heterogeneity
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Annual Conference

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Real Estate and Urban Economics

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May 2018

The Welfare Effects of Passenger Transportation Infrastructure: Evidence from China

Yatang LIN, Panle Jia BARWICK, Dave DONALDSON, Shanjun LI
In this paper, we develop a framework for evaluating the welfare impacts of passengertransportation infrastructure and apply it to study China’s High Speed Railway (HSR)network. We exploit newly available data on the universe of Chinese consumers’ creditand debit card transactions to construct c...
Keywords: Welfare impacts, passenger transportation infrastructure, High Speed Railway
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Annual Conference

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Real Estate and Urban Economics

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May 2018

Pockets of Poverty: The Long-Term Effects of Redlining

Ian APPEL, Jordan NICKERSON
This paper studies the long-term effects of redlining policies that restricted access to credit in urban communities. For empirical identification, we use a regression discontinuity design that exploits boundaries from maps created by the Home Owners Loan Corporation (HOLC) in 1940. We find that ""r...
Keywords: Redlining, Credit Rationing, Household Finance
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2018

Housing booms and shirking

Wenlan QIAN, Jia HE, Quanlin GU
This paper studies the incentive costs of housing booms. We use the type and actual time stamps of 9.3 million credit card transactions by over 200,000 cardholders from a large commercial bank to detect non-work-related behavior during work hours. After positive shocks to house prices, employees in ...
Keywords: Incentive costs, housing booms, distortionary effect, Elasticity
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