Annual Conference

|

Real Estate and Urban Economics

|

May 2023

Housing Wealth and Fertility in China: A Regression Discontinuity Design

Qinghua ZHANG, Fan ZHANG, Ya TAN, Geer ANG
In this paper we examine the effects of housing wealth on fertility outcomes using a regression discontinuity design based on a 2006 Chinese housing policy. We show that the positive shock to housing wealth generated by this policy increased the likelihood of fertility by a significant margin of 3.6...
Keywords: Housing wealth, Fertility, Labor Participation, Health
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Real Estate and Urban Economics

|

May 2023

Frictional and Speculative Vacancies: The Effects of an Empty Homes Tax

Hong CHENG, Lu HAN , Derek STACEY
In this paper, we study the implications of a vacant home tax for housing availability and affordability. We develop a model with owner-occupied homes, tenanted rental units, and empty houses. Housing units are constructed by competitive developers and supplied to local households, but can also be s...
Keywords: empty houses, taxation of vacant homes, housing affordability
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Real Estate and Urban Economics

|

May 2023

The Value of Cleaner Waterways: Evidence from the Black-and-Smelly Water Program in China

Yue YU, Qianyang ZHANG
This paper investigates the economic impacts of cleaning up heavily polluted waterways in urban neighborhoods. We exploit the Black-and-Smelly Water Program in China as a natural experiment to identify the causal impact of cleaner waterways on local housing prices, housing supply, and business growt...
Keywords: Water Pollution, Environmental Regulation, Real Estate Market, China
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Real Estate and Urban Economics

|

May 2023

The Unintended Consequences of Coal Fired Power Plant Closures: Evidence from China

Yi FAN, Qiuxia GAO, Cheng Keat TANG
This paper examines the impact of power plant closures on air quality and health outcomes in China by exploiting quasi-experimental variation from the closures. We collected information associated with more than 1,700 power plants across China, and combined with high resolution satellite data measur...
Keywords: Externalities, Air Pollution, Coal-fired power plants, Displacement, Infant mortality
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Real Estate and Urban Economics

|

May 2023

Leveraging the Disagreement on Climate Change: Theory and Evidence

Russell Tsz-Nga WONG, Laura BAKKENSEN, Toan PHAN
We model a mortgage market where agents have different beliefs over a longrun climate risk. In contrast with existing two-period competitive-equilibrium models, our infinite-horizon competitive-search model predicts more pessimistic agents are more likely to make leveraged investments on properties ...
Keywords: climate finance, sea level rise, heterogeneous beliefs, real estate, mortgage, search and matching,
  • View
  • Download
  • Bookmark
  •    |