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Sudden Flight and True Sudden Stops
Rothenberg, Alexander D. - 2006
We extend the sudden stops literature by allowing crisis episodes to be caused by either the retreat of global investors, as is assumed but not shown in the extant literature, or the sudden flight of local investors. We find that almost half of the previously defined sudden stops are actually...
Persistent link: https://www.econbiz.de/10012465934
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Land Prices and Business Fixed Investments in Japan
Kiyotaki, Nobuhiro - 2004
investment. We develop a model that includes land in the production function. We show that in this model movements in land prices … between land and capital is greater than one. We then estimate an aggregate investment function. Consistent with an elasticity … movements in land prices explain relatively little of the movement in the business fixed investment. In addition to possibly …
Persistent link: https://www.econbiz.de/10012467778
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Equilibrium Exhaustible Resource Price Dynamics
Carlson, Murray - 2006
We develop equilibrium models of an exhaustible resource market where both prices and extraction choices are determined endogenously. Our analysis highlights a role for adjustment costs in generating price dynamics that are consistent with observed oil and gas forward prices as well as with the...
Persistent link: https://www.econbiz.de/10012466671
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Platform as a Rule Maker : Evidence from Airbnb's Cancellation Policies
Jia, Jian; Jin, Ginger Zhe; Wagman, Liad - National Bureau of Economic Research - 2021
Digital platforms are not only match-making intermediaries but also establish internal rules that govern all users in their ecosystems. To better understand the governing role of platforms, we study two Airbnb pro-guest rules that pertain to guest and host cancellations, using data on Airbnb and...
Persistent link: https://www.econbiz.de/10012585362
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Human-Algorithm Interactions : Evidence from Zillow.com
Fu, Runshan; Jin, Ginger Zhe; Liu, Meng - National Bureau of Economic Research - 2022
Using bi-weekly snapshots of Zillow in three US cities, we document how home sellers and buyers interact with Zillow's Zestimate algorithm during the sales cycle of residential properties. We find that listing and selling outcomes respond significantly to Zestimate, and Zestimate is quickly...
Persistent link: https://www.econbiz.de/10013172179
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Age-Based Property Tax Exemptions
Banzhaf, H. Spencer - 2019
Many local jurisdictions offer property tax exemptions or similar concessions to older citizens. Such exemptions represent substantial intergenerational transfers and may have important implications for local public finances. The consequences of age-based property tax exemptions depend upon the...
Persistent link: https://www.econbiz.de/10012479424
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The Total Risk Premium Puzzle
Jordà, Òscar - 2019
The risk premium puzzle is worse than you think. Using a new database for the U.S. and 15 other advanced economies from 1870 to the present that includes housing as well as equity returns (to capture the full risky capital portfolio of the representative agent), standard calculations using...
Persistent link: https://www.econbiz.de/10012479604
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Gender Differences in Negotiation : Evidence from Real Estate Transactions
Andersen, Steffen - 2020
We investigate negotiations over real estate and find that men secure better prices than women when negotiating to buy and sell property. However, the gender difference declines substantially when improving controls for the property's value; and is eliminated when controlling for unobserved...
Persistent link: https://www.econbiz.de/10012481512
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Portfolio Choice in Retirement : Health Risk and the Demand for Annuities, Housing, and Risky Assets
Yogo, Motohiro - 2009
In a life-cycle model, a retiree faces stochastic health depreciation and chooses consumption, health expenditure, and the allocation of wealth between bonds, stocks, and housing. The model explains key facts about asset allocation and health expenditure across health status and age. The...
Persistent link: https://www.econbiz.de/10012463342
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Housing Supply and Housing Bubbles
Glaeser, Edward L. - 2008
Like many other assets, housing prices are quite volatile relative to observable changes in fundamentals. If we are going to understand boom-bust housing cycles, we must incorporate housing supply. In this paper, we present a simple model of housing bubbles that predicts that places with more...
Persistent link: https://www.econbiz.de/10012464454