10 Hot Topics in Urban Economics (including Housing Economics) Christian Hilber London School of Economics
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1 10 Hot Topics in Urban Economics (including Housing Economics) Christian Hilber London School of Economics
2 Hot Topics related to Land and Housing Markets 1. Costs and benefits of land use planning Benefit side well know but costs are largely ignored Regulatory cost = reason for affordability crisis in countries such as UK? Recommended readings: Cheshire and Hilber (2008, Economic Journal); Hilber and Vermeulen (2010, Final Report, Department for CLG) 2. Housing bubbles : the role of lending standards and supply constraints Which factors caused the housing bubble? Is it really a bubble (= prices deviate from fundamentals )? Role of loosening of lending standards and supply constraints Recommended readings: Glaeser et al. (2010, Harvard Kennedy School Policy Briefs), Glaeser et al. (2008, Journal of Urban Economics), Duca et al. (2011 a and b, SERC DPs); ); Hilber and Vermeulen (2010, Final Report, Department for CLG)
3 Hot Topics related to Land and Housing Markets (cont.) 3. Homeownership, mortgage defaults and the credit crunch crisis Which factors caused housing bubble? Is it really a bubble (= prices deviate from fundamentals )? Role of loosening of lending standards (and land use planning, see hot topic 1 above) Recommended readings: Mian and Sufi (forthcoming, American Economic Review), Hilber and Turner (2010, SERC DP) 4. Green buildings & sustainability What is the economic value of the certification of green buildings? Preliminary results suggest that green buildings command higher rents and selling prices? What are the causes of these price premiums? Recommended reading: Eichholtz et al. (2010, American Economic Review)
4 Hot Topics related to Growth of Cities and Productivity 5. Agglomeration Economies (a hot topic since 20 years!) What types of agglomeration forces facilitate strong economic growth in cities (e.g., specialization, competition, diversification)? What are the benefits and costs of agglomerations? How important are the benefits and costs economically (attempt to quantify magnitude) Recommended readings: Combes et al. (2009, CEPR DP), Combes et al. (2011, Journal of Economic Geography) 6. Entrepreneurship and the city What makes a city entrepreneurial? Why do some cities have many entrepreneurs and others don t? What kind of entrepreneurs encourage growth? Recommended readings: Glaeser et al. (2010a and 2010b, Journal of Urban Economics) 7. Productivity in the retail sector What factors determine retail productivity? Does land use planning reduce productivity? What is the role of entry barriers? Recommended readings: Cheshire et al. (2011, SERC DP), Schivardi and Viviano (2011, Economic Journal)
5 Hot Topics related to Equity Issues and the Future of Cities 8. Real earnings disparities & declining places How big are disparities really when accounting for housing costs? To what extent are disparities driven by sorting of skilled households into more productive places? Recommended readings : Combes et al. (2008, Journal of Urban Economics), Gibbons et al. (2011, SERC DP) 9. Information technology and urban structure: Do cities have a future? Will they make cities obsolete or more important? How easy to outsource tasks / role social interactions Recommended reading : Sinai and Waldfogel (2004, Journal of Urban Economics), Ioannides et al. (2008, Economic Policy) 10. Spatial impact of globalization/the role of transport costs & transport infrastructure investments Will globalization cause cities in developed countries to loose out? Will manufacturing production disappear in Western Europe and the US? Cost benefit analysis of transport infrastructure investment Do IS investments help overcome spatial disparities? Recommended readings : Krugman (1991), Glaeser (2011)
6 References Cheshire, P. and C.A.L. Hilber (2008). Office Space and Supply Restrictions in Britain: The Political Economy of Market Revenge. Economic Journal, Vol. 118, F185 F221. Cheshire, P., C.A.L. Hilber and I. Kaplanis (2011). Evaluating the Effects of Planning Policies on the Retail Sector: or do Town Centre First Policies Deliver the Goods? SERC Discussion Paper, No. 66, January. Combes, P. P., G. Duranton, L. Gobillon (2008). Spatial wage disparities: Sorting matters! Journal of Urban Economics, Vol. 63, Combes, P. P., G. Duranton, L. Gobillon, D. Puga and S. Roux (2009). The productivity advantages of large cities: distinguishing agglomeration from firm selection. London: CEPR Discussion Paper, No Combes, P. P., G. Duranton and L. Gobillon (2011). The identification of agglomeration economies. Journal of Economic Geography, Vol. 11(2),
7 References (cont.) Duca, J.V., J. Muellbauer, A. Murphy (2011). House Prices and Credit Constraints: Making Sense of the U.S. Experience. SERC Discussion Paper, No. 77, March. Duca, J.V., J. Muellbauer, A. Murphy (2011). Shifting Credit Standards and the Boom and Bust in U.S. House Prices. SERC Discussion Paper,No. 76, March. Eichholtz, P., N. Kok and J.M. Quigley (2010). Doing Good? Green Office Buildings. American Economic Review, Vol. 100(5), Gibbons, S., H.G. Overman, G. Resende (2011). Real Earnings Disparities in Britain. SERC Discussion Paper, No. 65, January. Glaeser, E.L. (2011). Triumph of the City. London. McMillan.
8 References (cont.) Glaeser, E.L., J. Gottlieb and J. Gyourko (2010). Did Credit Market Policies Cause the Housing Bubble? Harvard Kennedy School Policy Briefs, May. Glaeser, E.L., J. Gyourko and A. Saiz (2008). Housing supply and housing bubbles. Journal of Urban Economics, Vol. 64, Glaeser, E.L., S.S. Rosenthal and W.C. Strange (2010a). Urban Economics and Entrepreneurship. Journal of Urban Economics, Vol. 67, Glaeser, E.L., W.R. Kerr and G.A.M. Ponzetto (2010b). Clusters of entrepreneurship. Journal of Urban Economics, Vol. 67, Hilber, C.A.L. and T.M. Turner (2010). The mortgage interest deduction and its impact on homeownership decisions. SERC Discussion Paper, No. 55, September. Hilber, C.A.L. and W. Vermeulen (2010). The Impact of Restricting Housing Supply on House Prices and Affordability. Final Report. Department for Communities and Local Government, November. (
9 References (cont.) Ioannides, Y., H.G. Overman, E. Rossi Hansberg and K.Schmidheiny (2008). The effect of Information and Communication Technologies on Urban Structure. Economic Policy, 54, Krugman, P. (1991). Geography and Trade. Cambridge (MA): MIT Press. Mian, A.R. and A. Sufi (forthcoming). House Prices, Home Equity Based Borrowing, and the U.S. Household Leverage Crisis. Forthcoming American Economic Review. (Downloadable as Chicago Booth Research Paper No ) Schivardi, F. and E. Viviano (2011). Entry Barriers in Retail Trade. Economic Journal, 121(551), Sinai and Waldfogel (2004). Geography and the Internet: is the Internet a substitute or a complement for cities? Journal of Urban Economics, 56(1), 1 24.
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