This paper addresses the question of whether and how easy monetary policy may lead to excesses in financial and real asset markets and ultimately result in financial dislocation. It presents evidence suggesting that periods when short-term interest rates have been persistently and significantly...

This paper estimates agglomeration benefits across five OECD countries, and represents the first empirical analysis that combines evidence on agglomeration benefits and the productivity impact of metropolitan governance structures, while taking into account the potential sorting of individuals...

This study approaches the question whether it “pays” to live in big(ger) cities in a three-fold manner: first, it estimates how city size affects worker productivity (agglomeration benefits) in Germany, based on individual-level wage data. Second, it considers whether productivity benefits...

This working paper offers a synthesis of the current knowledge on the determinants of productivity. It carefully reviews both “spatial” (e.g. agglomerations, infrastructure, geography) and “aspatial” (e.g. human capital, labour regulations, industry-level innovation and dynamism)...

In a context marked by rapid urbanisation, growing housing demand and the worsening impacts of climate change, national governments play a vital role in delivering environmentally sustainable cities with adequate and affordable housing. This paper reviews national housing policy instruments from...

Pedestrians are vulnerable in traffic, with frequently reported injuries and fatalities. These risks are believed to be correlated with socio-economic attributes such as age, income or education levels. For Korea, it is shown that elderly pedestrians have a higher mortality risk than other road...

In estimating agglomeration benefits across five OECD countries, this paper represents the first empirical analysis that contrasts cross-country evidence on agglomeration benefits with the productivity impact of metropolitan governance structures, while taking into account the potential sorting...

This paper analyses the spatial patterns of regional economic growth in Europe over the 1995 to 2010 period. It finds that regions, which contain large urban agglomerations, have been growing significantly faster than those that do not. Furthermore, proximity to large urban agglomerations has...