Essays On Income Distribution And Housing Prices
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Essays On Income Distribution And Housing Prices
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Author : Yang Tang
language : en
Publisher:
Release Date : 2013
Essays On Income Distribution And Housing Prices written by Yang Tang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Electronic dissertations categories.
This thesis focuses on some prominent features in both U.S and Chinese economy. For instance, average housing price per square meter in China has been almost tripled from 1998 to 2010. What drives housing price growth? How much housing price growth can be explained by some fundamental factors? Those questions are interesting since it allows us to explore whether there is a bubble component in the housing price. If bubble exists, then how large it is? Another clear observation is that income inequality has risen sharply in U.S over the past several decades. What are those factors that might contribute to this trend? How financial friction may affect income distribution and people's education choice? Those are important issues that deserve further study.
Essays On Monetary Policy In Developing Countries
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Author : Zhandos Ybrayev
language : en
Publisher:
Release Date : 2019
Essays On Monetary Policy In Developing Countries written by Zhandos Ybrayev and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This dissertation explores the effects of monetary policy on economic inequality, asset prices and unemployment in developing countries. Emerging market economies are structurally different from advanced economies as they are generally associated with greater financial frictions, underdeveloped financial markets, as well as both a high average level and unequal access to dollarized assets, among others. Thus, the study on the impact of monetary policy in emerging economies requires additional specifications. The first essay investigates the distributional consequences of monetary policy in the context of a small open economy framework. I show that wealthy households (represented by the top ten percent of the income distribution), who are more able to save in foreign currencies, gain in purchasing power of their incomes by hedging against domestic inflation. At the same time, since the poor (represented by the bottom fifty percent of the income distribution) retain larger share of liquid assets denominated in domestic currency, consequently leading them to bear a greater burden of local currency inflation. I also show that contractionary monetary policy is associated with periods of higher income inequality in emerging markets. The second essay presents a comprehensive practical analysis of Kazakhstani city-level housing prices. The key focus is to test whether there is a single, integrated Kazakhstani housing market, and hence to examine potential long-run relationships among the seven city housing prices series for which we have monthly data during the period 2014-2017. We also explore how monetary policy shifts and subsequent exchange rate shocks could affect the system of relative prices. The results obtained suggest that city-level house prices are weakly related across cities in the long run, and the interest rate channel of monetary policy currently is surprisingly weak in Kazakhstan. The third essay discusses a relatively new take on Inflation Targeting as a single-mandate monetary policy, which effectively exposes its many disadvantages. Our discussion first introduces the issues of coordination and conflict between fiscal and monetary policies. Our empirical exercise directly addresses the unemployment outcome of inflation targeting policy compared to other monetary policy settings. Our results show that while IT actually reduced the average inflation rate prior 2008 financial crisis, it has a negative effect on the unemployment rate in the longer term. The paper argues that the aggregate unemployment rate is an optimal social welfare-maximizing goal for central banks and should be used as a natural second target in a typical emerging market economy case.
Inequality And Economic Policy
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Author : Tom Church
language : en
Publisher: Hoover Press
Release Date : 2015-12-01
Inequality And Economic Policy written by Tom Church and has been published by Hoover Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-12-01 with Political Science categories.
Drawing from a 2014 Hoover Institution Conference on Inequality in honor of Gary Becker, a group of distinguished contributors explore various measures of inequality in America and address the issue of whether or not it is increasing. In looking at this question and examining policy implications, the authors draw on research on human capital and intergenerational mobility. The authors suggest that the emphasis on inequality and redistribution, while not wrong, is nevertheless misplaced, for it may lead us to adopt policies that will disrupt the progress we have made while doing nothing to promote the kind of growth that is essential to national progress.
Essays In Finance And Welfare
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Author : Isaac Issa Hacamo
language : en
Publisher:
Release Date : 2014
Essays In Finance And Welfare written by Isaac Issa Hacamo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This dissertation explores the relationship between finance and welfare, focusing on how the expansion of credit supply in the beginning of the 2000s, leading to the 2007 financial crisis, affected U.S. households. This dissertation helps advance the study of how financial policies affect households' well- being. In the first chapter, I study the effect of access to credit on family structure. There is a large debate over the welfare effects of the early 2000s housing boom and bust. One potentially important welfare effect is the impact of mortgage credit expansion on family structure. Exploiting pre-housing boom variation on the distribution of old homeowners who live alone and are older than 65, I conduct within-county analysis with zip code level data to causally identify the effect of access to credit on fertility outcomes through a channel associated with a more efficient reallocation of the existing housing stock among households. I examine two other housing channels, house wealth gains and new construction, and show that the most relevant channel is the reallocation, which allows young households to access space by either moving to larger homes or achieving homeownership earlier in their life-cycle. A one standard deviation increase in reallocation leads to a 6.4% increase in fertility from 2000 to 2006. The same increase in house prices leads to only a 2.7% increase, and in new construction leads to a 1.5% decline in fertility from 2000 to 2006. I estimate that approximately 500,000 babies were born between 2000 and 2006 because of the reallocation channel. In the second chapter, I study the effect of housing demand on house prices through an interest rate channel. In the last housing boom, strong house price growth only lasted until 2005. Why did house price growth slowed down in 2006? This chapter studies the effect of interest rate changes on housing demand at the end of a housing boom and the subsequent effect on house prices. I use three different proxies for housing demand, based on Google search data on search terms likely to be used during the process of purchasing a home, such as "remax", "construction", or "real estate". A one- standard deviation increase in the change in interest in purchasing a home from 2005 to 2006, measured by the Google search volume, leads to a 0.4 standard deviation increase in contemporaneous house price growth. To identify the interest rate channel, I first compute a household income threshold for each county, defined as the necessary income to afford an interest-rate-only mortgage on a county's average loan in 2005. I then exploit the slope of the county's income distribution around this affordability threshold to estimate the fraction of households that, after an increase in mortgage interest rates from 2005 to 2006, could no longer afford to pay an interest-rate-only mort- gage. I use this fraction as an instrumental variable for housing demand. The IV beta is remarkably close to the OLS beta, and confirms the large effect of housing demand on house prices in 2006 through an interest rate channel. This chapter sheds light on the transition process between the housing boom in the 2000s and the subsequent financial crisis, and contributes to a better understanding of the impact of monetary policy on housing demand and house prices at the end of a housing boom.
Inequality In Singapore
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Author : Faizal Bin Yahya
language : en
Publisher: World Scientific
Release Date : 2014-12-30
Inequality In Singapore written by Faizal Bin Yahya and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-30 with Social Science categories.
Income inequality has become a global phenomenon. Rapid technological advancement and an expanding global workforce will continue to place huge pressure on wages all over the world, including Singapore. This edited volume is the product of the robust exchanges that took place in a series of closed-door discussions (CDDs) on inequality that the Institute of Policy Studies organised in the first half of 2012. The essays provide a range of views on the multi-faceted nature of inequality in Singapore, discuss candidly the specific challenges we face, and offer some policy recommendations.
The State Of China S State Capitalism
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Author : Juann H. Hung
language : en
Publisher: Springer
Release Date : 2018-11-23
The State Of China S State Capitalism written by Juann H. Hung and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-23 with Business & Economics categories.
This book comprises a collection of well-researched essays on selected contemporary economic and finance issues in China, making a timely contribution to the intellectual intercourse regarding the implications of China’s rise. These essays analyze issues related to the state of China’s ecology, real estate market, inbound and outbound FDI, income inequality, etc., and offer analysis on the policy and institutional causes of those issues. Readers will be able to infer their implications for business opportunities in China and the tradeoff / tension between economic growth and social welfare. Moreover, this book introduces an array of data and data sources useful to scholars and practitioners interested in studying the Chinese model of economic growth. This book will be a valuable resource to journalists and scholars trying to gain insight into China’s extraordinary pace of growth in the past three decades.
The Structure Of Income
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Author : Irving B. Kravis
language : en
Publisher:
Release Date : 1962
The Structure Of Income written by Irving B. Kravis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1962 with Income categories.
USA. Income distribution - a collection of essays, resulting from a questionnaire survey, on family income. Covers the wage structure and factors of differences in income (position in the social structure and in the occupational structure, etc.), etc. References.
Inequality
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Author : Allan Moscovitch
language : en
Publisher:
Release Date : 1981
Inequality written by Allan Moscovitch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Canada categories.
Essays On Wealth Inequality And Macroeconomics
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Author : Rodolfo Erasmo Oviedo Moguel
language : en
Publisher:
Release Date : 2018
Essays On Wealth Inequality And Macroeconomics written by Rodolfo Erasmo Oviedo Moguel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Electronic dissertations categories.
The role of credit on wealth inequality in the USA: 1980 - 2012. In the USA, the share of total household wealth held by the richest 1% increased from 23.5 % in 1980 to 41.8% in 2012. A sharp reduction in the saving rate of the bottom 90% accounts for approximately 40% of this change. I construct a quantitative model that, under a reasonable calibration, is able to replicate this fact. I then use the model to decompose the total variation among some of the most likely candidates: (i) changes in credit conditions, (ii) increase in the concentration and riskiness of labor income and, (iii) reforms to the tax code. This decomposition exercise shows that, in the context of my model, the relaxation of the borrowing constraint explains approximately 45% of the increase in the share of wealth going to the top 1%. I also show that, in the absence of the credit constraint, the exogenous changes under (ii) and (iii) would have brought about a counterfactual increase in the aggregate saving rate. The effect of housing on the distribution of wealth in the USA. Wealth inequality increased dramatically in the previous 40 years. We construct a heterogeneous agent model with two types of assets: housing and productive capital and evaluate the effect of the observed increase in the price of housing on the saving behavior of different groups and hence on the wealth distribution. A percentage of the equity in housing can be posted as collateral to issue non-mortgage debt and the increase in the price of housing effectively relaxed the borrowing constraints and increased the permanent income of households. The result is an increase in Non-Mortgage debt for the households that were originally constrained in line with the findings of Mian and Sufi (2014).
Essays In Macro Finance
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Author : Jiwei Zhang
language : en
Publisher:
Release Date : 2023
Essays In Macro Finance written by Jiwei Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
This dissertation consists of four essays in macro-finance, focusing on the cause and effect of asset prices, inequality, and welfare. In particular, these essays highlight the role of institutions and structural changes in shaping outcomes of asset markets and of the macro-economy. The two overarching objectives of these essays are to analyze mechanisms of asset price movements and to understand how these asset price movements affect the daily lives of people. The four chapters of this dissertation examine the implications of inertia and stock market non-participation for equity prices, risk sharing, and wealth inequality; causal effects of Chinese Communist Party's cadre promotion system on land prices in China; interconnection between homeownership and marriage; fiscal responses to income inequality shocks. The first chapter quantifies the general equilibrium effects of financial innovation that increases access to equity markets. I study an overlapping generations model with both idiosyncratic and aggregate risk, solved with machine learning techniques. A benchmark economy with limited stock market participation and rebalancing frictions matches the current dynamics of macro aggregates, equity and bond returns, as well as wealth and portfolio concentration. A counterfactual experiment shows how widespread adoption of target date funds would improve risk sharing, reduce inequality, and generate substantial welfare gains for households in the bottom 90% of wealth distribution. The equity premium drops from 6.4% to 1.7%, while the standard deviation of equity returns stabilizes from 21.9% to 14.6%. Welfare implications vary with risk aversion and age. In general, the bottom 90% benefit from improved access to equity markets and better risk sharing, while the top 10% su↵er losses in wealth accumulation. Outcomes are very close between an economy with target date funds and one without any participation costs or rebalancing frictions. The second chapter identifies the causal effect of the Chinese Communist Party's performance- based promotion system to the country's real estate boom from 2003 to 2015. City-level leaders prioritizing economic growth allocate land at discounted prices to industrial firms rather than housing developers. Our analysis reveals that personal connections with provincial superiors are crucial for promotion and hence affect local land and housing supply. When city leaders share the same hometown as newly appointed provincial leaders, their chances of promotion increase by 15%, and GDP performances no longer matters. This connection reduces the need for industrial land allocation, resulting in a higher residential land supply in the city. In addition, cities with leaders who have hometown connections experience significantly higher supplies of residential land, and housing price growth rates are also 5% lower in these cities. The third chapter studies the phenomenon of marriage house in China and its effects on demo- graphics and homeownership. We first show empirical evidence for the complementarity between marriage and homeownership: single males with a marriage house (a house where the newlywed can move into) have 70% higher odds of getting married compared to their counterparts who do not have a marriage house. In addition, the timing of home purchase exhibits a clear cut-o↵ around the time of marriage, with the probability of purchasing a house peaking 0-2 years before marriage and slumping immediately after the time of marriage. Moreover, in the cross section, county house prices and average age at marriage are highly correlated in both level and in growth rate. We then quantify the marriage related incentives for homeownership using a lifecycle consumption-savings model with housing demand and ownership-dependent marriage shocks. In a counterfactual world where the marriage-house complementarity is absent, 45% of households under age 45 would delay their home purchases. Removing the marriage house friction from the marriage market would have slowed down the rise in age at first marriage by 40% between 1995 and 2010. Our results suggest that policies directed at either housing affordability or demographics can have significant consequences for both marriage and housing markets in China. Using data on U.S. state and federal taxes and transfers over the last quarter century, the fourth chapter estimates a regression model that yields the marginal effect of any shift of market income share from one quintile to another on the entire post tax, post-transfer income distribution. We identify exogenous income distribution changes and account for reverse causality using instruments based on exposure to international trade shocks, international commodity price shocks and national industry demand shocks, as well as lagged endogenous variables, with controls for the level of income, the business cycle and demographics. We find attenuation initially increases in quintile rank, peaks at the middle quintile and then falls for higher income quintiles, consistent with median voter political economy theory and the Stiglitz Director's law. We also provide evidence of considerable and systematic spillover effects on quintiles neither gaining nor losing in the "experiments, " also favoring the middle quintile. "Voting" and "income insurance" coalition analyses are presented. We find a strong negative relationship between average real income and the degree to which taxes and transfers are heavily redistributive.