J.N.van.Ommeren 教授(アムステルダム自由大学)講演会のご案内

講演タイトル:Place-based policies and the housing market: Evidence from the Netherlands
講師:J.N. van Ommeren教授(アムステルダム自由大学,http://www.feweb.vu.nl/nl/afdelingen-en-instituten/spatial-economics/staff/j-ommeren/index.asp)
Abstract― We study the economic effects of place-based policies on the housing market. We develop a two-neighbourhood housing market matching model that incorporates search frictions and analyse the effect of an amenity-improving policy. It is shown that the positive effect of this policy on house prices is mitigated by a reduction in search frictions. The model also predicts that sales time of houses only temporarily decrease. We use a Dutch nationwide dataset with repeated sales to test these predictions for policies that aim to improve 83 impoverished neighbourhoods. We combine a first-difference approach with a (fuzzy) regression-discontinuity design to take into account that a neighbourhood's treatment probability is endogenous. House prices have increased with 2.5-4.0 percent and this effect seems to be permanent. It is shown that, on average, the sales time is reduced with 16-26 days (15-25 percent), but this effect is temporary. Our results suggest a positive net return on investment. 参加自由(無料)