Supersedes Working Paper 12-25.Restriction on the supply of new urban land is commonly thought to raise the value of existing urban land. Our paper questions this view. We develop a tractable production-externality-based circular city model in which firms and workers choose locations and...

Road tolls are a well established way of dealing with problems of congestion. Over recent years, the literature has expanded to take account of how congestion charges might interact with imperfections in other markets. In this paper, we consider the case where congestion occurs within a complex...

Capitalization (CAP) rates for residential real estate are generally assumed to vary with interest rates, expected appreciation, and a variety of other factors but not with the size or value of the unit. It is generally assumed that landlords can adjust unit size to increase supply in a size...

We utilize a novel method from Phillips, Shi and Yu (2013) to investigate whether Singaporean real estate markets have experienced bubbles. This method involves a doubly recursive right tailed unit root test which can be used for real time policy decisions. We fi nd that the Singaporean real...

This study investigates how information asymmetry affects the rent and vacancy rate adjust in response to external shocks using empirical data from the Hong Kong office market. We show that information asymmetry about the quality of real estate asset will lead to slower rent adjustments in...

The basic purpose of the study is to find a metric-variable of competitiveness for each country's tax regime and to assess the impact of tax regime differentiation across the common market. A country adopting competitive taxation policies manages to attract productive factors, funds and...

This paper analyses the growth of American cities, understood as the growth of the population or of the per capita income, from 1990 to 2000. This empirical analysis uses data from all the cities (incorporated places) with more than 25,000 inhabitants in the year 2000 (1152 cities). The results...

Over long periods of human history, labor market equilibrium involved movements from low-wage areas to high-wage areas, a form of arbitrage under the implicit view that wage differentials corresponded to utility differentials. This “labor economics” view is likely to be viable as long as...

The paper discusses two approaches to spatial equilibrium in the labor market. The more traditional approach of labor economics assumes wage differentials represent arbitrageable differences in utility, with implications 1) that migration should be toward higher wage areas and 2) that migration...