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  • Articles  (17)
  • Blackwell Publishers Inc.  (17)
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  • Articles  (17)
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  • 2000-2004  (17)
  • 1995-1999
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  • 1
    Electronic Resource
    Electronic Resource
    Boston, USA and Oxford, UK : Blackwell Publishers Inc.
    Journal of regional science 42 (2002), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: Net multipliers, as introduced by Oosterhaven and Stelder (2002) accept outputs as entries instead of final demand. They are found by multiplying ordinary multipliers by the final demand ratio over the sector’s output. This pragmatic solution suffers from ratio instability over time. The alternative net multipliers proposed here are based on the interpretation of the Leontief inverse matrix for the effects generated at each round. The new solution is not sensitive to the size of impacts. Now net multiplier is equal to the corresponding ordinary multiplier minus one, and the ordering of multipliers is unchanged.
    Type of Medium: Electronic Resource
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  • 2
    Electronic Resource
    Electronic Resource
    Boston, USA and Oxford, UK : Blackwell Publishers Inc.
    Journal of regional science 42 (2002), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: Although the need for aggregation in input –output modelling has diminished with the increases in computing power, an alarming number of regional studies continue to use the procedure. The rationales for doing so typically are grounded in data problems at the regional level. As a result many regional analysts use aggregated national input –output models and trade –adjust them at this aggregated level. In this paper, we point out why this approach can be inappropriate. We do so by noting that it creates a possible source of model misapplication (i.e., a direct effect could appear for a sector where one does not exist) and also by finding that a large amount of error (on the order of 100 percent) can be induced into the impact results as a result of improper aggregation. In simulations, we find that average aggregation error tends to peak at 81 sectors after rising from 492 to 365 sectors. Perversely, error then diminishes somewhat as the model size decreases further to 11 and 6 sectors. We also find that while region – and sector –specific attributes influence aggregation error in a statistically significantly manner, their influence on the amount of error generally does not appear to be large.
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  • 3
    Electronic Resource
    Electronic Resource
    Boston, USA and Oxford, UK : Blackwell Publishers Inc.
    Journal of regional science 42 (2002), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: The paper re–evaluates the Easterlin hypothesis in a multiregional context by conceptually and methodologically accounting for two processes of spatial interdependence in an open subnational demo–economic system: diffusion of fertility norms and values across space, and movements between labor markets. The empirical analysis estimates pooled cross–sectional, time–series models using data for 18 Italian regions from 1952 to 1995. The results suggest that accounting for spatial interdependencies is necessary to avoid model misspecifications. Moreover, the models lead to space–time landscapes of fertility elasticities that suggest, for the majority of space–time units, an inverse Easterlin effect for the diffusion component but support of the Easterlin hypothesis due to labor movements across space.
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  • 4
    Electronic Resource
    Electronic Resource
    Boston, USA and Oxford, UK : Blackwell Publishers Inc.
    Journal of regional science 42 (2002), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: Books Reviewed:Michael L. Lahr and Ronald E. Miller (eds.), Regional Science Perspectives in Economic Analysis: A Festschrift in Memory ofBenjamin H. StevensGraham Clarke and Moss Madden (eds.), Regional Science in BusinessLuis Suarez–Villa, Invention and the Rise of TechnocapitalismSam Bass Warner, Jr., Greater Boston: Adapting Regional Traditions to the PresentJameson W. Doig, Empire on the Hudson: Entrepreneurial Vision and Political Power at the Port of New York AuthorityAlex Hirschfield and Kate Bowers (eds.), Mapping and Analysing Crime Data: Lessons from Research and PracticeAura Reggiani and Daniele Fabbri (eds.), Network Developments in Economic Spatial Systems: New PerspectivesJoseph Persky and Wim Wiewel, When Corporations Leave Town: The Costs and Benefits of Metropolitan Job SprawlKoichi Mera and Bertrand Renaud (eds.), Asia’s Financial Crisis and the Role of Real EstateMassimo Livi Bacci, The Population of Europe: A HistoryByron A. Miller, Geography and Social Movements: ComparingAntinuclear Activism in the Boston AreaRosalind Greenstein and Wim Wiewel (eds.), Urban–Suburban InterdependenciesHeather Nicol and Greg Halseth (eds.), (Re)Developmentat the Urban Edge: Reflections on the Canadian ExperienceMarco Verweij, Transboundary Environmental Problems and Cultural Theory: The Protection of the Rhine and the Great LakesJonathan Raper, Multidimensional Geographic Information Science
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  • 5
    Electronic Resource
    Electronic Resource
    Boston, USA and Oxford, UK : Blackwell Publishers Inc.
    Journal of regional science 42 (2002), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
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  • 6
    Electronic Resource
    Electronic Resource
    Boston, USA and Oxford, UK : Blackwell Publishers Inc.
    Journal of regional science 42 (2002), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: Industries often promote their interests by arguing that they have a big impact on the rest of the economy. This poses the question of how to measure the importance of an activity. To answer this, the literature often uses (regional) input–output analysis. This paper critically reviews the traditional use of multipliers in such cases. To avoid double–counting impacts and to solve related conceptual problems, the net multiplier concept is introduced. This net multiplier is illustrated empirically for the Dutch transport sector using a Type II biregional input–output model for the Netherlands.
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  • 7
    Electronic Resource
    Electronic Resource
    Boston, USA and Oxford, UK : Blackwell Publishers Inc.
    Journal of regional science 42 (2002), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: In this study we show that during the postwar era the United States experienced a decline in the share of urban employment accounted for by the relatively dense metropolitan areas and a corresponding rise in the share of relatively less dense ones. This trend, which we call employment deconcentration, is distinct from the other well–known regional trend, namely, the postwar movement of jobs and people from the frostbelt to the sunbelt. We also show that deconcentration has been accompanied by a similar trend within metropolitan areas, wherein employment share of the more dense sections of MSAs has declined and that of the less dense sections risen. We provide a general equilibrium model with density–driven congestion costs to suggest an explanation for employment deconcentration.
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  • 8
    Electronic Resource
    Electronic Resource
    Boston, USA and Oxford, UK : Blackwell Publishers Inc.
    Journal of regional science 42 (2002), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: We explore the links between the halt of the convergence process of Italian regions at the beginning of the 1970s and the increase in regional unemployment dispersion. We consider a neoclassical exogenous growth model with an imperfect labor market and show that during the transitional dynamics the imperfections of the labor market negatively influence the output growth rate. In particular, the model implies that centralized bargaining is likely to set a national minimum wage that is too high with respect to the labor productivity of the less developed regions, resulting in a negative impact on their per capita output growth. We test the implications of the model on a regional panel data set using the GMM framework. Both our market distortion measure and the unemployment rate are found to significantly lower the growth rate of per capita output.
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  • 9
    Electronic Resource
    Electronic Resource
    Boston, USA and Oxford, UK : Blackwell Publishers Inc.
    Journal of regional science 42 (2002), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: Data Envelopment Analysis (DEA) is used to rank the relative efficiency of thirty–two counties comprising the Greater Minneapolis–St. Paul Metropolitan Region and finds that the greatest external economies originate in the urban core and decline toward the periphery. By employing 1993 IMPLAN input–output database and county estimates of final payments (inputs) and final demands (outputs), DEA classifies efficient and inefficient counties that produce maximum output using minimum input, and a sensitivity analysis ranks counties according to robustness of the efficiency classifications. Efficiency differences between three groups identify the metropolitan core, transitional region, and peripheral region. Dominant industries in the three regions are identified and contrasted using location quotients. This study adopts the various analytical techniques into an urban regional systems approach for policy analysis and implementation.
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  • 10
    Electronic Resource
    Electronic Resource
    Boston, USA and Oxford, UK : Blackwell Publishers Inc.
    Journal of regional science 42 (2002), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: This paper provides a temporal stochastic framework that is used to analyze economic transitions of countries in the world–system. As such, it provides a contribution to a general quantitative rendering of the world–systems perspective. State space modeling using Markov chains provides a powerful stochastic instrument for global economic modeling when structure is known but relational uncertainty is present as well as for examining temporal change of geographic phenomena. Two phenomena are examined: (1) country mobility among regional classes within the world–economy; and (2) the stability of the rate of country–level transitions. Results suggest that although a moderate amount of movement has taken place in the period 1960–1990, the overall structure of the world–economy has not changed significantly. Thus, although the developmental hypothesis that countries are upwardly mobile has merit, empirical results suggest that very little impact is observed in the world–system because countries moving upward in the world–economy region sequence are nearly balanced by countries moving down the sequence.
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  • 11
    Electronic Resource
    Electronic Resource
    Boston, USA and Oxford, UK : Blackwell Publishers Inc.
    Real estate economics 30 (2002), S. 0 
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Past studies have shown that ex–dividend stock prices are not fully reflective of dividend payments. A tax–induced clientele effect and micromarket limitations in stock pricing have been used to explain this pricing anomaly. This study focuses on the ex–dividend behavior of real estate investment trusts (REITs). Due to a low correlation between dividend size and dividend yield, REITs permit a cleaner examination of a tax–induced clientele effect. The results indicate that tick constraints in pricing ex–dividend stocks create the appearance of a tax–induced clientele effect in REITs when none should exist.
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  • 12
    Electronic Resource
    Electronic Resource
    Boston, USA and Oxford, UK : Blackwell Publishers Inc.
    Real estate economics 30 (2002), S. 0 
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We show how agency problems between lenders (principals) and third–party originators (TPO; agents) imply that TPO–originated loans are more likely to default than similar retail–originated loans. The nature of the agency problem is that TPOs are compensated for writing loans, but are not completely held accountable for the subsequent performance of those loans. Using a hazard model with jointly estimated competing risks and unobserved heterogeneity, we find empirical support for the TPO/default prediction using individual fixed–rate subprime loans with first liens secured by residential real estate originated between January 1, 1996, and December 31, 1998. We find that apparently equal loans (similar ability to pay, option incentives and term) can have unequal default probabilities. We also find that, initially, the agency–cost risk was not priced. At first, the market did not recognize the higher channel risk, since TPO and retail loans received similar interest rates even though the TPO loans were more likely to default. We also show that this inefficiency was short–lived. As the difference in default rates became apparent, interest rates on TPO loans rose about 50 basis points above otherwise similar retail loans.
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  • 13
    Electronic Resource
    Electronic Resource
    Boston, USA and Oxford, UK : Blackwell Publishers Inc.
    Real estate economics 30 (2002), S. 0 
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Though approaching $200 billion a year, spending by homeowners and rental property owners on improvements and repairs to the stock of existing housing units has received little attention in the academic literature. Historically, studies of the determinants of home improvements have focused heavily on the static characteristics of the housing unit (age, value, size, location) and of the occupants (age, income, household composition). This article extends this inquiry by incorporating dynamic factors, namely changes in the composition of the household and previous spending on home improvements. The results of these enhancements are encouraging. Additions of household members and having recently undertaken a major home improvement project are significantly related to home expansion projects.
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  • 14
    Electronic Resource
    Electronic Resource
    Boston, USA and Oxford, UK : Blackwell Publishers Inc.
    Real estate economics 30 (2002), S. 0 
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This article examines the factors driving the borrower’s decision to terminate commercial mortgage contracts with the lender through either prepayment or default. Using loan–level data, we estimate prepayment and default functions in a proportional hazard framework with competing risks, allowing us to account for unobserved heterogeneity. Under a strict definition of mortgage default, we do not find evidence to support the existence of unobserved heterogeneity. However, when the definition of mortgage default is relaxed, we do find some evidence of two distinctive borrower groups. Our results suggest that the values of implicit put and call options drive default and prepayment actions in a nonlinear and interactive fashion. Prepayment and default risks are found to be convex in the intrinsic value of call and put options, respectively. Consistent with the joint nature of the two underlying options, high value of the put/call option is found to significantly reduce the call/put risk since the borrower forfeits both options by exercising one. Variables that proxy for cash flow and credit conditions as well as ex post bargaining powers are also found to have significant influence upon the borrower’s mortgage termination decision.
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  • 15
    Electronic Resource
    Electronic Resource
    Boston, USA and Oxford, UK : Blackwell Publishers Inc.
    Real estate economics 30 (2002), S. 0 
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This article is motivated by the limited ability of standard hedonic price equations to deal with spatial variation in house prices. Spatial patterns of house prices can be viewed as the sum of many causal factors: Access to the central business district is associated with a house price gradient; access to decentralized employment subcenters causes more localized changes in house prices; in addition, neighborhood amenities (and disamenities) can cause house prices to change rapidly over relatively short distances. Spatial prediction (e.g., for an automated valuation system) requires models that can deal with all of these sources of spatial variation. We propose to accommodate these factors using a standard hedonic framework but incoporating a semiparametric model with structure in the residuals modeled with a partially Bayesian approach. The Bayesian framework enables us to provide complete inference in the form of a posterior distribution for each model parameter. Our model allows prediction at sampled or unsampled locations as well as prediction interval estimates. The nonparametric part of our model allows sufficient flexibility to find substantial spatial variation in house values. The parameters of the kriging model provide further insights into spatial patterns. Out–of–sample mean squared error and related statistics validate the proposed methods and justify their use for spatial prediction of house values.
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  • 16
    Electronic Resource
    Electronic Resource
    Boston, USA and Oxford, UK : Blackwell Publishers Inc.
    Real estate economics 30 (2002), S. 0 
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This article investigates the determinants of real estate investment trusts (REIT) portfolio investment and institutional REIT ownership using multivariate Tobit regressions. We contend that many institutional investors take larger positions in more liquid assets like REIT stocks, as compared with private real estate equities, because of liquidity considerations. Consistent with this contention, we find that liquidity constraints are significantly related to REIT portfolio investment by institutional investors. We also find that institutional investors have different preferences for REIT stocks than do other investors; they generally prefer larger, more liquid REIT stocks.
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  • 17
    Electronic Resource
    Electronic Resource
    Boston, USA and Oxford, UK : Blackwell Publishers Inc.
    Real estate economics 30 (2002), S. 0 
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We study the impact of homeowning on the cognitive and behavioral outcomes of children. Using four waves of a comprehensive national panel data set, we control for many social, demographic and economic variables previously found to influence child outcomes. The data are a panel, allowing us to control for unobserved household– and child–specific factors. We use a treatment effects model to address the issue of possible sample selection bias caused by unobserved variables that influence both the parent’s choice of whether to own or rent and whether to invest in their children. We find that owning a home compared with renting leads to a 13 to 23% higher quality home environment, greater cognitive ability and fewer child behavior problems. For children living in owned homes, math achievement is up to 9% higher, reading achievement is up to 7% higher, and children’s behavioral problems are 1 to 3% lower.
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