Using Jones (2014) generalized human capital accounting, we extend the urban accounting model of Desmet and Rossi-Hansberg (2013) to account for the geographic distribution of skills across US metropolitan areas. The methodology allows the productivity of high-skill workers to depend on location...

This paper examines the impact of a policy change in transaction tax on speculators. The policy intervention took place in Singapore' housing market; it effectively raised the transaction cost in a segment favored by short-term speculators. Relative to the unaffected control sample, we find that...

We study spatial inequality in access to local public services between low-income and high-income households in Chinese cities. We examine the extent to which such inequality is exacerbated by residential sorting with respect to household income that makes neighborhoods with better access to...

The rapid pace of urbanization and income growth in China in the past decade, spurred in part by the liberalization of the urban housing and labor markets, resulted in considerable growth in urban land rents and wage rates. The objective of this study is to examine the influence of urban quality...

This paper develops a methodology to identify asset price response to news in the framework of Campbell-Shiller log-linear present-value equation. We show that slow price adjustment not only induces high serial auto correlation in real estate excess returns, but also dampens their volatility and...

This paper examines the impact of a policy change in Tobin's tax on housing market speculators. The policy intervention effectively raised the transaction cost in the market segment with a high presence of speculators. Relative to the unaffected control sample, we find that the rise in...

We estimate a skill-based directional migration model to assess the effects of regional human capital agglomeration on labor migration in China. Upon accounting for regional differentials in skill-based compensation, cost-of-living, amenities, and the like, model estimates indicate the...

In this paper we analyse the influence of expectations on the timing of office development in Amsterdam, Hong Kong and Singapore over a 25 year period. The forces that influence office development have been subject of a long history of empirical studies. Statistical work by Rosen (1984), Wheaton...

Using Jones (2014) generalized human capital accounting, we extend the urban accounting model of Desmet and Rossi-Hansberg (2013) to account for the geographic distribution of skills across US metropolitan areas. The methodology allows the productivity of high-skill workers to depend on location...

We study spatial inequality in access to local public services between low-income and high-income households in Chinese cities. We examine the extent to which such inequality is exacerbated by residential sorting with respect to household income that makes neighborhoods with better access to...