The recent dismal performance of overall job creation has left Italy, as of the end of the 90's, with very low participation and high unemployment rates. Moreover, Italy exhibits a large regional dispersion of those variables when compared to similar European Union economies. The present paper,...

This paper analyzes the role of uncertainty in a multi-sector housing model with financial frictions. We include time varying uncertainty (i.e. risk shocks) in the technology shocks that affect housing production. The analysis demonstrates that risk shocks to the housing production sector are a...

We use data on new apartment offerings in the municipality of Sao Paulo, Brazil to illustrate our main claim that the hedonic direct method using time dummies as well as the simple average method include cyclical behavior of observables and non observables in a house price index that may...

A house is a bundle of land and improvements, with the weights of the two components varying both over time and across locations. We capture the land intensity or leverage of a property by measuring the ratio of land to total value. This is accomplished using transactions data for single-family...

Accurate calculation of economic depreciation is essential for developing estimates of capital income, and stocks, and, by extension, for developing tax policy and financial accounting procedures. Accurate depreciation values are also necessary in empirical studies of economic growth and capital...

In this paper, we apply the Capital Depreciation Model to the estimation of office building scale in 35 major cities. The result shows that the China office market shows an average 40% increase in scale in the past 10 years. Economic growth is the key factors influence the office building price,...

Many studies documented that actual asset-price movements exhibit momentum and reversion to fundamentals. We study real estate markets and find that households' subjective house-price expectations capture momentum but not reversion to fundamentals. Moreover, if current house prices are deviated...

The paper investigates the broadening area of research utilizing micro-geographic economic analysis to conduct evaluations of area-based policies implemented at a micro-geographic level. It offers the first extensive, critical examination and synthesis of this subset of work including its...

Traditional urban models predict that office rents will be higher in larger and more prosperous cities with better transport and with industries with stronger agglomeration benefits. In addition, rental yields are expected to be lower in growing cities, especially when the supply of new office...

Our study provides evidence for firms' evaluation of location quality. We use a 2004 survey of 6,000 East German firms that contained questions on the importance and assessment of 15 different location factors ranging from closeness to customers and suppliers, transport infrastructure, and...