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Title:Neighborhood dynamics and the housing price effects of spatially targeted economic development policy PDF Logo
Authors:Krupka, Douglas J.
Noonan, Douglas S.
Issue Date:2009
Series/Report no.:IZA Discussion Papers 4308
Abstract:Neighborhoods are the result of a complicated interplay between residential choice, housing supply and the influences of the larger metropolitan system on its constituent parts. We model this interplay as a system of reduced-form equations in order to examine the effects of a generous spatially targeted economic development program (the federal Empowerment Zone program) on neighborhood characteristics, especially housing values. This system of equations approach allows us to compute direct effects of the policy intervention as well as the effects mediated through non-price channels such as changes in the housing stock or neighborhood demographics. In the process, we are able to shed light on the rich simultaneity among neighborhood characteristics, including housing prices.
Subjects:Economic development
simultaneity
JEL:R0
R21
R31
R38
R58
Persistent Identifier of the first edition:urn:nbn:de:101:1-20090825470
Document Type:Working Paper
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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