We combine the real estate model of Potepan (1996) with the spatial equilibrium approach of Roback (1982) to prove the interdependency of housing prices, rental prices, building land prices and income via one simultaneous equilibrium analysis. Using unique cross-sectional data on the majority of...

The long-term price elasticity of supply of housing is a key factor determining the growth rates of housing prices and housing supply as the city grows. Therefore, the housing supply elasticity has considerable influence on the competitiveness of the region and on the growth potentials of the...

A wide variety of policies have spatially concentrated costs and diffuse benefits. In many cases, such policies exhibit severe governance failures. We present a formal model to investigate how these policy failures relate to institutions for resident participation. In the model, residents of two...

The year of 2015 was marked by a few troublesome trends in the crisis unfolding in Russia's regions. The overwhelming majority of Russia's territories ran a budget deficit while regional and municipal debts were piling up. A new trend towards drastic shrinking of consumption took hold....

Land use regulations have been pursued by many governments around the world. When making land development policies for cities that feature high population density and limited land supply, one question looms large: where and how much to build across different localities of a city? To answer this...

Despite being one of the smallest countries in the OECD, Israel is marked by significant socio-economic disparities, which have a clear spatial dimension. Ethnic and religious groups with weak socio-economic outcomes are not benefitting from the thriving high-tech sector in the centre of the...

This paper examines the time varying dispersion in city house price levels across the four biggest euro area countries compared with those in the United States. Using available city-level data over the period 1987-2008, it tests for price convergence and analyses key factors explaining price...

This paper presents the quantile estimation of house price between two years, 2004 and 2007 (a boom house price period) in several Spanish cities. We decompose the change in house price distribution into portions: changes in the distributions of the explanatory variables and changes in...

This paper examines the time varying dispersion in city house price levels across the four biggest euro area countries compared with those in the United States. Using available city-level data over the period 1987-2008, it tests for price convergence and analyses key factors explaining price...

A wide range of aggregate data is used to examine the spatial variation in homeownership rates among a cross-section of 96 German planning regions. The analysis accounts for potential endogeneity of prices and affordability as well as for spatial dependence in homeownership levels. In addition...