Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

We estimate the rate of intergenerational mobility in housing consumption in the context of largescale social engineering programs in Singapore. Using a comprehensive set of data on residential demographics merged with the real housing transaction records covering 149,745 parents-child pairs from 19...
Keywords: housing consumption, intergenerational mobility, social engineering programs, human capital
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

Based on mobile phone records for 71 million users and location tracking information for one million users over two years, this study examines the labor market impacts of the COVID-19 pandemic in China’s Guangdong province, whose GDP is larger than all but the top 12 countries in the world. Using ...
Keywords: COVID-19, Mobile Phone, Recovery, Unemployment
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

Hong Kong introduced a Tobin property tax—the Special Stamp Duty (SSD) Policy—in 2010, which substantially increased the selling costs of short-term property holders. This study examines the effectiveness of this Tobin property tax in curbing speculation and cooling down the market. We find that...
Keywords: Tobin tax policy, stamp duty tax, property speculators, lock-in period, bunching effect
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Annual Conference

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Real Estate and Urban Economics

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May 2022

Combining granular data on temperatures across the continental US with micro-level com-mercial real estate (CRE) data from 1980 to 2020, we study the impact of exposure to extreme temperature shocks on investment performance of CRE at the individual asset level. We find that exposure to extreme temp...
Keywords: climate change, climate finance, commercial real estate, economic costs
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

This paper investigates the relationship between climate change information and property prices. We employ datasets of home transactions and a novel climate change information shock in Singapore, the sea level rise (SLR) projections announced by the government. Based on Difference-in-Differences est...
Keywords: climate change, property prices, government announcement, Singapore
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