Within the context of a transition economy, this paper estimates how improved access to employment centers is capitalized into house price. We conduct an event study for the opening of subway Line 6 in Pudong district, Shanghai, China. The new line significantly reduces the commuting time to...

Using a unique survey data of Chinese households, we study the impact of house price growth and house price risk on entrepreneurship. House price risk, measured as the sensitivity of house price growth to local GDP growth, negatively impacts the entrepreneurship of homeowners relative to...

This paper develops a dynamic rational expectations general equilibrium framework that links house value to fundamental economic variables such as income growth, demographics, migration and land supply. Our framework is general and can handle non-stationary dynamics as well as structural changes...

Firms that dominate global trade export to multiple countries and frequently change their foreign destinations. We develop a new empirical framework for analysing markup elasticities to the exchange rate in this environment. The framework embodies a new estimator of these elasticities that...

This paper develops a dynamic rational expectations general equilibrium framework that links house value to fundamental economic variables such as income growth, demographics, migration and land supply. Our framework is general and can handle non-stationary dynamics as well as structural changes...