Found 80 article(s) for author 'Edward Glaeser'

Urban transformations and the future of cities

Urban transformations and the future of cities. Edward Glaeser, 2017, Book Chapter, “In the last few decades, many global cities and towns have experienced unprecedented economic, social, and spatial structural change. Today, we find ourselves at the juncture between entering a post-urban and a post-political world, both presenting new challenges to our metropolitan regions, municipalities, and cities. Many megacities, declining regions and towns are experiencing an increase in the number of complex problems regarding internal relationships, governance, and external connections. In particular, a growing disparity exists between citizens that are socially excluded within declining physical and economic realms and those situated in thriving geographic areas. This book conveys how forces of structural change shape the urban landscape.Link

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Nowcasting the Local Economy: Using Yelp Data to Measure Economic Activity at Scale

Nowcasting the Local Economy: Using Yelp Data to Measure Economic Activity at Scale. Edward Glaeser, Michael Luca, 2017, Paper, “Can new data sources from online platforms help to measure local economic activity at scale? Government datasets from agencies such as the U.S. Census Bureau have long been the gold standard for measuring economic activity at the local level. However, these statistics typically appear only after multi-year lags, and the public-facing versions are aggregated to the county or ZIP code level. In contrast, crowdsourced data from online platforms such as Yelp are often contemporaneous and geographically finer than official government statistics. In this paper, we present evidence that Yelp data can complement government surveys by measuring economic activity in close to real time, at a granular level.Link

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Reforming land use regulations

Reforming land use regulations. Edward Glaeser, April 22, 2017, Opinion, “Arguably, land use controls have a more widespread impact on the lives of ordinary Americans than any other regulation. These controls, typically imposed by localities, make housing more expensive and restrict the growth of America’s most successful metropolitan areas. These regulations have accreted over time with virtually no cost-benefit analysis. Restricting growth is often locally popular. Promoting affordability is hardly a financially attractive aim for someone who owns a home. Yet the maze of local land use controls imposes costs on outsiders, and on the American economy as a whole.Link

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Urban Productivity in the Developing World

Urban Productivity in the Developing World. Edward Glaeser, March 2017, Paper, “Africa is urbanizing rapidly, and this creates both opportunities and challenges. Labor productivity appears to be much higher in developing-world cities than in rural areas, and historically urbanization is strongly correlated with economic growth. Education seems to be a strong complement to urbanization, and entrepreneurial human capital correlates strongly with urban success. Immigrants provide a natural source of entrepreneurship, both in the U.S. and in Africa, which suggests that making African cities more livable can generate economic benefits by attracting talent. Reducing the negative externalities of urban life requires a combination of infrastructure, incentives, and institutions. Appropriate institutions can mean independent public authorities, public-private partnerships, and non-profit entities depending on the setting.Link

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How The Great Recession Changed Economic Thought

How The Great Recession Changed Economic Thought. Edward Glaeser, 2017, Book, “The past three decades have been characterized by vast change and crises in global financial markets—and not in politically unstable countries but in the heart of the developed world, from the Great Recession in the United States to the banking crises in Japan and the Eurozone. As we try to make sense of what caused these crises and how we might reduce risk factors and prevent recurrence, the fields of finance and economics have also seen vast change, as scholars and researchers have advanced their thinking to better respond to the recent crises.Link

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The Political Economy of Transportation Investment

The Political Economy of Transportation Investment. Edward Glaeser, January 2017, Paper, “Will politics lead to over-building or under-building of transportation projects? In this paper, we develop a model of infrastructure policy in which politicians overdo things that have hidden costs and underperform tasks whose costs voters readily perceive. Consequently, national funding of transportation leads to overspending, since voters more readily perceive the upside of new projects than the future taxes that will be paid for distant highways. Yet when local voters are well-informed, the highly salient nuisances of local construction, including land taking and noise, lead to under-building. This framework explains the decline of urban mega-projects in the US (Altshuler and Lubero§ 2003) as the result of increasingly educated and organized urban voters. Our framework also predicts more per capita transportation spending in low-density and less educated areas, which seems to be empirically correct.Link

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Urban Economics for the Developing World: An Introduction

Urban Economics for the Developing World: An Introduction. Edward Glaeser, 2017, Paper, “This is an introduction to the special issue of the Journal of Urban Economics on “Urbanization in Developing Countries: Past and Present”. We argue that the rapid urbanization and the rise of cities in the developing world demand new avenues of research and much more research to deal with the urban issues facing billions of people across the world that current work barely covers. This issue contains papers which move in that direction and signals a commitment by the journal to pursue this agenda.LInk

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The Economic Implications of Housing Supply

The Economic Implications of Housing Supply. Edward Glaeser, January 4, 2017, Paper, “Housing is both an investment and consumption good. Its production is almost prosaic in its use of simple resources like lumber, yet its financing involves trillions of dollars in mortgages that were central to the recent global financial crisis. As different as a two-by-four may be from a complex collateralized mortgage-back security, the simple fundamentals of housing supply are central to understanding housing markets, the securities that are tied to them, and America’s economic geography.Link

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Real Estate Bubbles and Urban Development

Real Estate Bubbles and Urban Development. Edward Glaeser, December 2016, Paper, “Why are real estate bubbles so common? Can these bubbles actually do some good? Real estate booms have regularly occurred throughout the world leaving painful busts and financial crises in their wake. This paper suggests that real estate is a natural investment for more passive debt investors, including banks, because real estate’s flexibility makes it better collateral than specifically built production facilities. Passive capital’s preference for real estate will be particularly strong when agency problems bedevil equity investments. Consequently, passive capital may flow disproportionately into real estate and the errors of passive capital can generate real estate bubbles.Link

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A Real Estate Boom with Chinese Characteristics

A Real Estate Boom with Chinese Characteristics. Edward Glaeser, Andrei Shleifer, October 2016, Paper, “Chinese housing prices rose by over 10 percent per year in real terms between 2003 and 2014, and are now between two and ten times higher than the construction cost of apartments. At the same time, Chinese developers built 100 billion square feet of residential real estate. This boom has been accompanied by a large increase in the number of vacant homes, held by both developers and households. This boom may turn out to be a housing bubble followed by a crash, yet that future is far from certain. The demand for real estate in China is so strong that current prices might be sustainable, especially given the sparse alternative investments for Chinese households, so long as the level of new supply is radically curtailed.Link

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