Annual Conference

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Real Estate and Urban Economics

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May 2023

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
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Annual Conference

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Real Estate and Urban Economics

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May 2023

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
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Annual Conference

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Real Estate and Urban Economics

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May 2023

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
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Annual Conference

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Real Estate and Urban Economics

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May 2023

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
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Annual Conference

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Real Estate and Urban Economics

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May 2023

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,
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