Showing 1 - 10 of 85
We describe a rational expectations model in which speculative bubbles in house prices can emerge. Within this model both speculators and their lenders use interest-only mortgages (IOs) rather than traditional mortgages when there is a bubble. Absent a bubble, there is no tendency for IOs to be...
Persistent link: https://www.econbiz.de/10010292107
The authors construct a dynamic general equilibrium model of cities and use it to estimate the effect of local agglomeration on per capita consumption growth. Agglomeration affects growth through the density of economic activity: higher production per unit of land raises local productivity....
Persistent link: https://www.econbiz.de/10010292152
The extremely large disparities in employment rates across Italian regions, and the bad performance of the Italian economy in terms of job creation in the 80´s and early 90´s make job creation a top-priority in the economic policy agenda. This paper uses data on employment from 784 Local Labor...
Persistent link: https://www.econbiz.de/10010295579
The paper outlines a static equilibrium model, which analyses the economic development in a two-country case by considering interregional migration in R&D-sectors. The effects of migration and firm decisions on both industrial agglomeration and economic development will be shown: lock-in-effects...
Persistent link: https://www.econbiz.de/10010296380
The systems of innovation (SI) approach has been established and extended during the last two decades. Although elementary goals and progress have been reached through seminal contributions by Freeman (1987), Lundvall (1992) or Nelson (1993), in designing a generic approach, displaying the...
Persistent link: https://www.econbiz.de/10010300071
We use data on wages and rents in different U.S. cities to assess the amenity effects on production and consumption of cultural diversity as measured by diversity of countries of birth of city residents. We show that US-born citizens living in metropolitan areas where the share of foreign-born...
Persistent link: https://www.econbiz.de/10011324913
We investigate the existence of wage premium due to cultural diversity across US cities. Using census data from 1970 to 1990, we find that at the urban level richer diversity is systematically associated with higher average nominal wages for white US-born males. We measure cultural diversity in...
Persistent link: https://www.econbiz.de/10011324967
The question of the spatial impacts of Information and Communication Technology (ICT) has animated intellectual and policy debate for a long time. At the beginning of the 1990s the advent of the Internet brought a new surge of debate: it was argued that the Internet would free the economy from...
Persistent link: https://www.econbiz.de/10011325119
In this paper we study the impact of diversity on regional growth by extending the existing literature in such that we differentiate between industry diversity and human capital diversity. In order to measure human capital diversity we construct a regional measure based on individual...
Persistent link: https://www.econbiz.de/10011332574
In this paper we employ parametric and nonparametric techniques to analyse the effect of the changes registered on regional market potential on the growth of Spanish regions during the period 1860-1930. The study of the Spanish experience during these years conforms a case study that allows...
Persistent link: https://www.econbiz.de/10011400060