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Full-Text Articles in Economics
Where Do The Rents Go? Land Ownership In An Urban Model, Stephen Ross, John Yinger
Where Do The Rents Go? Land Ownership In An Urban Model, Stephen Ross, John Yinger
Center for Policy Research
Despite the predominance of homeownership, general equilibrium urban models assume that rents flow to absentee landlords or are redistributed to residents. This paper explores open urban models with more realistic forms of land ownership, namely ownership of shares in a land corporation and individual home ownership. These models, which produce capital gains and losses for residents, can yield different comparative static results than previous open models, with post-shock bid functions that are flatter at the periphery or steeper at the center. Moreover, shocks to these models cannot in general be analyzed without knowing the characteristics of all the urban areas …
Recounting Winners And Losers In The 1980s: A Critique Of Income Distribution Measurement Methodology, Richard V. Burkhauser, Amy D. Crews, Mary C. Daly
Recounting Winners And Losers In The 1980s: A Critique Of Income Distribution Measurement Methodology, Richard V. Burkhauser, Amy D. Crews, Mary C. Daly
Center for Policy Research
The 1980s have been characterized as a time when the “rich got richer and the poor got poorer.” Using a cross-over point methodology used in several recent studies, we show how sensitive the measurement of winners and losers can be to seemingly small differences in methodological practice. Specifically, we show sensitivity to the years compared, the income sharing unit chosen, and the inflation index used. Our results show that these and other studies of economic well-being exaggerate losses by mixing cyclical with cross-cycle effects
Financial Capital, Human Capital, And The Transition To Self-Employment; Evidence From Intergenerational Links, Thomas Dunn, Douglas Holtz-Eakin
Financial Capital, Human Capital, And The Transition To Self-Employment; Evidence From Intergenerational Links, Thomas Dunn, Douglas Holtz-Eakin
Center for Policy Research
The environment for business creation is central to economic policy, as entrepreneurs are believed to be forces of innovation, employment and economic dynamism. We use data from the National Longitudinal Surveys (NLS) to investigate the relative importance of financial and human capital exploiting the variation provided by intergenerational links. Specifically, we estimate the impacts of parental wealth and human capital on the probability that an individual will make the transition from a wage and salary job to self-employment. We find that young men’s own financial assets exert a statistically significant, but quantitatively modest effect on the transition to self-employment. In …
An Estimation Of Three Sets Of Indicators Of Financial Risk Among Multifamily Properties, Amy S. Bogdon, James R. Follain
An Estimation Of Three Sets Of Indicators Of Financial Risk Among Multifamily Properties, Amy S. Bogdon, James R. Follain
Center for Policy Research
A lack of information about the financial condition of multifamily properties has hindered the development of a secondary mortgage market in multifamily mortgages and federal policies to finance multifamily housing. The purpose of this paper is to improve our understanding of the financial condition of multifamily properties. The centerpiece of the analysis is the 1991 RFS [U.S. Bureau of the Census]. Three sets of indicators of financial distress are examined in this paper. The first is interest rate related risk. We find that twenty five percent of the properties with mortgages have contract interest rates at least 87 basis points …
Work, Welfare, And The Burden Of Disability: Caring For Special Needs Of Children In Poor Families, Marcia K. Meyers, Anna Lukemeyer, Timothy M. Smeeding
Work, Welfare, And The Burden Of Disability: Caring For Special Needs Of Children In Poor Families, Marcia K. Meyers, Anna Lukemeyer, Timothy M. Smeeding
Center for Policy Research
This paper addresses issues which arise at the juncture of welfare and disability policies. Using preliminary data from a recent survey of current and recent AFDC recipients in California, we find that disabilities and chronic health problems affect the mothers or children in 43 percent of all households in the AFDC system. The presence of one or more children with disabilities or chronic illnesses is found to have an impact on the economic well-being of families, with increased levels of direct hardship reported by families caring for one or more severely impaired children. Potential causes of higher levels of hardship …
Individuals' Lifetime Use Of Nursing Home Services: A Dynamic Microsimulation Approach, Sarah B. Laditka
Individuals' Lifetime Use Of Nursing Home Services: A Dynamic Microsimulation Approach, Sarah B. Laditka
Center for Policy Research
Despite the projected growth in the number of older Americans who will use nursing home services as the baby boom generation ages, there is little information about the total amount of time we can expect people to reside in nursing homes. I estimate individuals’ lifetime use of nursing home services using data from the 1984-1990 Longitudinal Study of Aging and the 1982, 1984, and 1989 National Long-Term Care Survey. A Markov model of functional status was used to estimate monthly functional status transition probabilities. Discrete-time hazard models were estimated to determine characteristics that were associated with nursing home use. Microsimulation …
The Demand For Home Mortgage Debt And The Income Tax, James R. Follain, Robert M. Dunsky
The Demand For Home Mortgage Debt And The Income Tax, James R. Follain, Robert M. Dunsky
Center for Policy Research
The goal of this paper is to learn more about the demand for the amount of mortgage debt owed by United States home owners. Mortgage debt is defined to be the amount of outstanding household debt secured by the owner’s principal residence; mortgages for second homes and other real estate are not considered, but second mortgages and home equity loans are. The analysis focuses on the behavior of individual households and examines variations in the their demand for mortgage debt with respect to a variety of characteristics such as household income, age, education, and other characteristics of the household. Of …
Do Housing Programs For Low-Income Households Improve Their Housing?, Amy D. Crews
Do Housing Programs For Low-Income Households Improve Their Housing?, Amy D. Crews
Center for Policy Research
The primary goals of the 1937 Housing Act were to provide safe and sanitary housing and to reduce crowding for low-income households. During the nearly 60 years since, the effective goals have expanded to include lowering housing costs, and by extension, to increasing nonhousing consumption. This paper examines the effect these programs have had on the overall consumption behavior of participants. Using data from the 1987 American Housing Survey (AHS), the results indicate that federal housing programs have little effect on the housing consumption of participants (4.4 percent increase), but an enormous effect on their nonhousing consumption (141 percent increase). …
Ruthless Prepayment? Evidence From Multifamily Mortgages, James R. Follain, Jan Ondrich, Gyan P. Sinha
Ruthless Prepayment? Evidence From Multifamily Mortgages, James R. Follain, Jan Ondrich, Gyan P. Sinha
Center for Policy Research
Estimates of a prepayment function for multifamily mortgages are reported in this paper. These are among the first attempts to estimate such a function; most previous work along these lines focuses on single family mortgages. A further distinguishing aspect of the paper is its attempt to incorporate the impact of unobservable factors on the mortgage refinancing decision. A variant of the maximum likelihood procedure first developed by Meyer (1987) is employed. The results indicate an overall positive duration dependence for the conditional prepayment rate. The estimated response of prepayments to a change in the market rate of interest is significant …
Family Structure And Institutionalization: Results From Merged Data, James Mcnally, Douglas Wolf
Family Structure And Institutionalization: Results From Merged Data, James Mcnally, Douglas Wolf
Center for Policy Research
Research on the patterns and behavioral consequences of kin networks among the older population is limited due to the shortcomings of most available survey data. Often, household surveys obtain little information on the number and characteristics of nonresident kin. Moreover, surveys are often confined to the noninstitutionalized population. One possible solution is to merge information from multiple sources, in order to achieve the requisite coverage of populations and data content. This paper reports on the development of a hybrid data base containing observations from the 1987-88 National Survey of Families and Households (NSFH) and the 1989 National Long-Term Care Survey …