The paper analysis rental contracts in a two-period model of thehousing market with uncertain 'outside option', accounting for non-contractible mobility-cost and consumption indivisibilities. The mainndings are: (i) Bilaterally ecient contracts set rents which are lessvolatile than market rents...

The California Statistical Abstract is a publication that provides a wide-range of statistics about California.

I analyze empirically the effects of both urban and industrial agglomeration on men’s andwomen’s search behavior and on the efficiency of matching. The analysis is based on the ItalianLabor Force Survey micro-data, which covers 520 randomly drawn Local Labor Market Areas(66 per cent of the...

Both educational attainment and school quality are typically lower indisadvantaged areas than others and much recent policy attention has beenfocused on each. This paper looks at the quality problem, exploring therelationships between disadvantaged contexts, what schools do, and the qualityof...

Area-based programmes have long been a feature of urban policy in the UK.One rationale is that they are an effective means to target poor people. Areadeprivation indices are used to identify areas for targeting. This paper reviewsthe different results produced by these indices. It then examines...

In the past few years, widespread frustration with sprawlingdevelopment patterns has precipitated an explosion in innovativethinking and action across the United States. This new thinking –generally labeled as “smart growth” – contends that the shape andquality of metropolitan growth in...

This paper tests whether out-of-sample hedonic value predictions can be improved when a large urban housing market is divided into submarkets.

The paper investigates the characteristics of house price dynamics and the role of institutional features in nine Asia-Pacific economies during 1993-2006. On average, house prices tend to be more volatile in markets with lower supply elasticity and a more flexible business environment. At the...

Very little information exists about households’ longer-term movements betweentenures. Some cross-section datasets include information on length of stay in anyresidence but we have no systematic study of movement over time. This study usesthe British Household Panel Study to examine movements...

Economists have forcefully argued for the introduction and use of property derivatives as a hedge against house price risk (e.g. Shiller and Weiss, 1999). The rationale for these financial instruments seems clear, as many households are heavily invested in housing and standard financial...