EconStor >
Federal Reserve Bank of New York >
Staff Reports, Federal Reserve Bank of New York >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/60949
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorFrischtak, Claudioen_US
dc.contributor.authorMandel, Benjamin R.en_US
dc.date.accessioned2012-04-18en_US
dc.date.accessioned2012-08-17T14:38:24Z-
dc.date.available2012-08-17T14:38:24Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/60949-
dc.description.abstractWe use a recent policy experiment in Rio de Janeiro, the installation of permanent police stations in low-income communities (or favelas), to quantify the relationship between a reduction in crime and the change in the prices of nearby residential real estate. Using a novel data set of detailed property prices from an online classifieds website, we find that the new police stations (called UPPs) had a substantial effect on the trajectory of property values and certain crime statistics since the beginning of the program in late 2008. We also find that the extent of inequality among residential prices decreased as a result of the policy. Both of these empirical observations are consistent with a dynamic model of property value in which historical crime rates have persistent effects on the price of real estate.en_US
dc.language.isoengen_US
dc.publisherFederal Reserve Bank of New York New York, NYen_US
dc.relation.ispartofseriesStaff Report, Federal Reserve Bank of New York 542en_US
dc.subject.jelO18en_US
dc.subject.jelO15en_US
dc.subject.jelR30en_US
dc.subject.jelK42en_US
dc.subject.ddc330en_US
dc.subject.keywordwealth distributionen_US
dc.subject.keywordamenity valueen_US
dc.subject.keywordreal estateen_US
dc.titleCrime, house prices, and inequality: The effect of UPPs in Rioen_US
dc.typeWorking Paperen_US
dc.identifier.ppn690201567en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

Files in This Item:
File Description SizeFormat
690201567.pdf539.47 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.