We estimate the marginal propensity to consume (MPC) out of permanent and transitory shocks to house price appreciation. We consider two different models under which those shocks may affect consumption. In the first one, housing is a risky asset. In the second one, housing has a role as a...

The purpose of this paper is to apply spatial econometrics, a new statistical tool that has recently attracted much attention, to Japanese land-price data and investigate how land-price movements are determined in Japan. A strong emphasis is put on measuring the degree of spatial correlation of...

This paper investigates the evolution of specialization patterns for the Italian provinces over the period 1995-2005 by analysing the dynamics of the sectoral distribution in the Balassa index of revealed comparative advantages. The results show that underlying a relatively stable distribution...

Recent studies of border effects have focused on the intra-country and inter-country comparison of trade flows. It is found that borders have a negative impact on the size of cross-border trade. In order to estimate border effects on a regional level one needs not only data on inter-country but...

This study examines why monetary policy at the national level can have vastly different effects on appreciation rates of single family houses across metropolitan statistical areas (MSAs). The study employs Case/Shiller monthly house price index data for 19 MSAs from 1992:06 to 2014:12 and FHFA...

Whether a firm is able to attract foreign capital and whether it may participate at the export market depends on whether the fixed costs associated with doing so are at least covered by the incremental operating profits. This paper provides evidence that success for some firms in attracting...