Handbook of Regional and Urban Economics Volume 5A 1st Edition by Gilles Duranton, Vernon Henderson, William Strange ISBN 9780444595393 0444595392

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ISBN 10: 0444595392
ISBN 13: 9780444595393
Author: Gilles Duranton, Vernon Henderson, William Strange

Developments in methodologies, agglomeration, and a range of applied issues have characterized recent advances in regional and urban studies. Volume 5 concentrates on these developments while treating traditional subjects such as housing, the costs and benefits of cities, and policy issues beyond regional inequalities. Contributors make a habit of combining theory and empirics in each chapter, guiding research amid a trend in applied economics towards structural and quasi-experimental approaches. Clearly distinguished from the New Economic Geography covered by Volume 4, these articles feature an international approach that positions recent advances within the discipline of economics and society at large.

• Emphasizes advances in applied econometrics and the blurring of “within” and “between” cities
• Promotes the integration of theory and empirics in most chapters
• Presents new research on housing, especially in macro and international finance contexts

Handbook of Regional and Urban Economics Volume 5A 1st Edition Table of contents:

Section I: Empirical Methods

Chapter 1: Causal Inference in Urban and Regional Economics

Abstract

1.1 Introduction

1.2 A Framework for Empirical Investigation

1.3 Spatial Aggregation

1.4 Selection on Observables

1.5 IV Estimators

1.6 Regression Discontinuity

1.7 Conclusion

Chapter 2: Structural Estimation in Urban Economics

Abstract

2.1 An Introduction to Structural Estimation

2.2 Revealed Preference Models of Residential Choice

2.3 Fiscal Competition and Public Good Provision

2.4 The Allocation of Economic Activity Across Space

2.5 Conclusions

Acknowledgments

Chapter 3: Spatial Methods

Abstract

3.1 Introduction

3.2 Nonrandomness in Spatial Data

3.3 Spatial Models

3.4 Identification

3.5 Treatment Effects When Individual Outcomes Are (Spatially) Dependent

3.6 Conclusions

Appendix A: Biases with Omitted Spatial Variables

Appendix B: Hypothetical RCT Experiments for Identifying Parameters in the Presence of Interactions Within Spatial Clusters

Section II: Agglomeration and Urban Spatial Structure

Chapter 4: Agglomeration Theory with Heterogeneous Agents

Abstract

4.1 Introduction

4.2 Four Causes and Two Moments: A Glimpse at the Data

4.3 Agglomeration

4.4 Sorting and Selection

4.5 Inequality

4.6 Conclusions

Acknowledgments

Chapter 5: The Empirics of Agglomeration Economies

Abstract

5.1 Introduction

5.2 Mechanisms and Corresponding Specifications

5.3 Local Determinants of Agglomeration Effects

5.4 Estimation Strategy

5.5 Magnitudes for the Effects of Local Determinants of Productivity

5.6 Effects of Agglomeration Economies on Outcomes Other Than Productivity

5.7 Identification of Agglomeration Mechanisms

5.8 Conclusion

Acknowledgments

Chapter 6: Agglomeration and Innovation

Abstract

6.1 Introduction

6.2 What is Innovation?

6.3 Patterns of Agglomeration and Innovation

6.4 Formal Theories Linking Agglomeration and Innovation

6.5 Additional Issues on Innovation and Agglomeration

6.6 Conclusions

Acknowledgments

Chapter 7: Cities and the Environment

Abstract

7.1 Introduction

7.2 Incorporating Local and Global Environmental Externalities into Locational Equilibrium Models

7.3 Global Externalities Exacerbated by the Intrametro Area Locational Choice of Households and Firms

7.4 Environmental Amenities in a System of Cities

7.5 The Urban Building Stock’s Energy Consumption

7.6 Conclusion

Acknowledgment

Chapter 8: Urban Land Use

Abstract

8.1 Introduction

8.2 Modeling Urban Land Use: The Monocentric Model

8.3 Extending the Monocentric Model

8.4 Agglomeration and Commercial Land Use: Modeling Polycentric Cities

8.5 Land Use Regulation

8.6 Empirical Price and Development Gradients

8.7 Patterns of Residential Sorting Within Cities

8.8 Patterns of Residential Land Development

8.9 Employment Decentralization and Patterns of Business Location Changes Within Cities

8.10 Conclusion

Acknowledgments

Chapter 9: Neighborhood and Network Effects

Abstract

9.1 Introduction

9.2 Neighborhood Effects

9.3 Network Effects

9.4 Neighborhood and Network Effects

9.5 Concluding Remarks

Acknowledgments

Chapter 10: Immigration and the Economy of Cities and Regions

Abstract

10.1 Introduction

10.2 Immigrants’ Distribution and Native Exposure

10.3 Theoretical Framework: The Skill Cells Approach at the National and Local Level

10.4 Empirical Approaches to Identify Causal Effects on Local Economies

10.5 Estimates of Native Responses and Effects on Outcomes

10.6 Recent Evolutions: Employer–Employee Panel Data and Historical Data

10.7 Conclusions

Section III: Housing and Real Estate

Chapter 11: Housing Bubbles

Abstract

11.1 Introduction

11.2 The Linear Asset Pricing Model and the Idiosyncrasies of Housing

11.3 Empirical Regularities of Housing Dynamics

11.4 Rationalizing the Seemingly Irrational: Search, Heterogeneity and Agency Problems in Credit Markets

11.5 A Menagerie of Modest Madness: Bounded Rationality and Housing Markets

11.6 Public Policy and Bubbles

11.7 Conclusion

Acknowledgment

Chapter 12: Housing, Finance, and the Macroeconomy

Abstract

12.1 Introduction

12.2 Stylized Facts

12.3 Housing and the Business Cycle

12.4 Housing over the Life Cycle and in the Portfolio

12.5 Housing and Asset Pricing

12.6 The Housing Boom and Bust and the Great Recession

12.7 Housing Policy

12.8 Conclusion

Acknowledgments

Chapter 13: The Microstructure of Housing Markets: Search, Bargaining, and Brokerage

Abstract

13.1 Introduction

13.2 One-Sided Search

13.3 Random Matching

13.4 Pre-search, Focused Search, and Segmented Search

13.5 Directed Search for Housing

13.6 Auctions

13.7 Real Estate Brokers: Fundamentals

13.8 Competition in the Residential Real Estate Brokerage Industry

13.9 Incentive Issues in Real Estate Brokerage

13.10 Conclusions

Acknowledgments

Chapter 14: US Housing Policy

Abstract

14.1 Introduction

14.2 Methods and Data

14.3 US Low-Income Rental Housing Policy

14.4 US Homeownership Policy

14.5 Conclusion

Chapter 15: How Mortgage Finance Affects the Urban Landscape

Abstract

15.1 Mortgage Finance in the United States

15.2 How Mortgage Finance Affects the Market for Owner-Occupied Housing

15.3 The Distribution of Mortgage Credit

15.4 Negative Equity

15.5 Foreclosures

15.6 Conclusion

Acknowledgments

Chapter 16: Change and Persistence in the Economic Status of Neighborhoods and Cities

Abstract

16.1 Introduction

16.2 Neighborhood Economic Status

16.3 City Dynamics

16.4 Conclusions and Future Research

Acknowledgments

Section IV: Applied Urban Economics

Chapter 17: Taxes in Cities

Abstract

17.1 Introduction

17.2 Institutional Background

17.3 Tax Setting Across Asymmetric Jurisdictions

17.4 Taxation and Urban Population Sorting

17.5 Taxation and Agglomeration Economies

17.6 Concluding Remarks

Acknowledgments

Appendix

Chapter 18: Place-Based Policies

Abstract

18.1 Introduction

18.2 Theoretical Basis for Place-Based Policies

18.3 Evidence on Theoretical Motivations and Behavioral Hypotheses Underlying Place-Based Policies

18.4 Identifying the Effects of Place-Based Policies

18.5 Evidence on Impacts of Policy Interventions

18.6 Unanswered Questions and Research Challenges

Acknowledgments

Chapter 19: Regulation and Housing Supply

Abstract

19.1 Introduction

19.2 Data: Old and New

19.3 Determinants of Regulation

19.4 Effects of Regulation

19.5 Welfare Implications of Regulation

19.6 Conclusion

Acknowledgments

Chapter 20: Transportation Costs and the Spatial Organization of Economic Activity

Abstract

20.1 Introduction

20.2 Stylized Facts About Transportation

20.3 Theoretical Framework

20.4 Reduced-Form Econometric Framework

20.5 Reduced-Form Empirical Results

20.6 Discussion

20.7 Conclusion

Acknowledgments

Chapter 21: Cities in Developing Countries: Fueled by Rural–Urban Migration, Lacking in Tenure Security, and Short of Affordable Housing

Abstract

21.1 Introduction

21.2 The Empirical Aspects of Rural–Urban Migration

21.3 Models of Migration and City Sizes in Developing Countries

21.4 Tenure Insecurity: A Hallmark of Housing Markets in Developing Countries

21.5 Provision of Affordable Housing in Developing Countries

21.6 Conclusion

Acknowledgments

Appendix

Chapter 22: The Geography of Development Within Countries

Abstract

22.1 Introduction

22.2 Development and the Aggregate Spatial Distribution

22.3 Development, Space, and Industries

22.4 The Urban Sector

22.5 Concluding Remarks

Chapter 23: Urban Crime

Abstract

23.1 Introduction

23.2 Criminogenic Characteristics

23.3 Incentives and Deterrence

23.4 Interactions

23.5 Incarceration

23.6 Big Swings in Crime

23.7 Where are Crimes Committed?

23.8 Conclusions

Acknowledgments

Index

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