Found 93 article(s) for author 'Edward Glaeser'

Rethinking the Federal Bias Toward Homeownership

Rethinking the Federal Bias Toward Homeownership. Edward Glaeser, 2011, Paper. “The most fundamental fact about rental housing in the United States is that rental units are overwhelmingly in multifamily structures. This fact surely reflects the agency problems associated with renting single-family dwellings, and it should influence all discussions of rental housing policy. Policies that encourage homeowning are implicitly encouraging people to move away from higher density living; policies that discourage renting are implicitly discouraging multifamily buildings. Two major distortions shape the rental housing market…” Link.

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Does Economic Inequality Cause Crises?

Does Economic Inequality Cause Crises? Edward Glaeser, December 14, 2010, Paper. “Did inequality cause the recent housing and financial crisis? For decades, a growing literature has tried to establish links between inequality and adverse outcomes, such as low economic growth,weak social cohesion and mortality and, most recently, financial crises. If true, these arguments would provide even more reasons to worry about our unequal income distribution. If false, we should still worry about income inequality, because in a just society everyone should have a decent standard of living and the opportunity to succeed. Empirically, it is true…” Link

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Housing Policy in the Wake of the Crash

Housing Policy in the Wake of the Crash. Edward Glaeser, Fall 2010, Paper. “Between 2000 and 2010, the U.S. housing market experineced a convulsion more extreme than in any previous recorded cycle. From May 2001 to May 2006, the Case/Shiller Standard & Poor’s twenty-city housing price index, which controls for changes in housing quality by comparing prices from repeat sales of the same homes, rose 54 percent more than consumer prices rose. In the three years that followed, housing prices, measured by the same index and corrected for inflation, fell more than on-third...” Link

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Start-Up City

Start-Up City. Edward Glaeser, Fall 2010, Paper. Like the rest of America, New York City has been buffeted by the recession that began in December 2007. This past August, the city’s unemployment rate stood at 9.6 percent, just over the national rate of 9.5. But New York’s economy will never recover from the downturn by trying to compete with China’s labor costs or with Houston’s housing costs. Nor can the city continue to rely on finance, which came to dominate it over the last 40 years: as the sad history of Detroit illustrates, one-industry towns rarely succeed in the long run. Rather, New York’s success will depend on its ability to…” Link

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The Secret to Job Growth: Think Small

The Secret to Job Growth: Think Small. Edward Glaeser, William Kerr, July 2010, Paper. “With job growth continuing to lag even as the economy picks up, local communities will be tempted to resume “smokestack chasing” – using tax breaks to attract big employers. That’s a misguided approach. Research shows that regional economic growth is highly correlated with the presence of many small, entrepreneurial employers – not a few big ones. In fact, a study of U.S. metro regions showed that cities whose number of “firms per worker” was 10% higher than the average in 1977 experienced 9%…” May require purchase or user account. Link

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Can Cheap Credit Explain the Housing Boom?

Can Cheap Credit Explain the Housing Boom? Edward Glaeser, Joshua Gottlieb, July 2010, Paper. “Between 1996 and 2006, real housing prices rose by 53 percent according to the Federal Housing Finance Agency price index. One explanation of this boom is that it was caused by easy credit in the form of low real interest rates, high loan-to-value levels and permissive mortgage approvals. We revisit the standard user cost model of housing prices and conclude that the predicted impact of interest rates on prices is much lower once the model is generalized to include mean-reverting interest rates, mobility, prepayment, elastic…” Link 

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The Varieties of Regional Change

The Varieties of Regional Change. Edward Glaeser, Kristina Tobio, Giacomo Ponzetto, June 2010, Paper. “Many metropolitan areas have experienced extreme boom-bust cycles over the past century. Some places, like Detroit, grew enormously as industrial powerhouses and then declined, while other older cities, like Boston, seem quite resilient. Education does a reasonable job of explaining urban resilience. In this paper, we present a simple model where education increases the level of entrepreneurship. In this model, human capital spillovers occur at the city level because skilled workers produce more product varieties and thereby…” Link

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Agglomeration Economics

Agglomeration Economics. Edward Glaeser, February 2010, Book Chapter. “When firms and people are located near each other in cities and in industrial clusters, they benefit in various ways, including by reducing the costs of exchanging goods and ideas. One might assume that these benefits would become less important as transportation and communication costs fall. Paradoxically, however, cities have become increasingly important, and even within cities industrial clusters remain vital. Agglomeration Economics brings together a group of essays that examine the reasons why economic activity continues to cluster together despite…” Link

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The Greenness of China: Household Carbon Dioxide Emissions and Urban Development

The Greenness of China: Household Carbon Dioxide Emissions and Urban Development. Edward Glaeser, December 2009, Paper. “China urbanization is associated with both increases in per capita income and greenhouse gas emissions. This article uses micro data to rank 74 major Chinese cities with respect to their household carbon footprint. We find that the ‘greenest’ cities based on this criterion are Huaian and Suqian while the ‘dirtiest’ cities are Daqing and Mudanjiang. Even in the dirtiest city (Daqing), a standardized household produces only one-fifth of the emissions produced in America’s greenest city…” Link

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Urban Economics and Entrepreneurship

Urban Economics and Entrepreneurship. Edward Glaeser, November 2009, Paper. “Research on entrepreneurship often examines the local dimensions of new business formation. The local environment influences the choices of entrepreneurs; entrepreneurial success influences the local economy. Yet modern urban economics has paid relatively little attention to entrepreneurs. This essay introduces a special issue of Journal of Urban Economics dedicated to the geography of entrepreneurship. The paper frames the core questions facing researchers interested in assessing the local causes and consequences of entrepreneurship…” Link

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