Download or read book Information Asymmetry and the Rent and Vacancy Rate Dynamics in the Office Market written by K.W. Chau and published by . This book was released on 2015 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates how information asymmetry affects the rent and vacancy rate adjust in response to external shocks using empirical data from the Hong Kong office market. We show that information asymmetry about the quality of real estate asset will lead to slower rent adjustments in response to external shocks. Information asymmetry makes it more difficult for the landlord and prospective tenant to agree on a new equilibrium rent, which also leads to temporary deviation of the vacancy rate from the natural vacancy rate. Compared to a low-end office unit, information asymmetry is less serious for a high-end office unit since a larger proportion of its rental value is derived from its location attributes which are easily observable by both the landlord and prospective tenants. One empirical implication is that high-end office rents adjust faster when there is a short-term disequilibrium. The other side of the coin is that the vacancy rates of high-end offices are less responsive to external shocks assuming that the natural vacancy rates are relatively stable over time. Empirical data from the Hong Kong office sub-markets are consistent with these implications.

Download or read book Dynamics of Office Markets written by John M. Clapp and published by The Urban Insitute. This book was released on 1993 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Adjustment in Property Space Markets written by Peter Englund and published by . This book was released on 2005 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Markets for property space adjust only gradually because tenants are constrained by long-term leases and landlords and tenants face transactions and information costs. Not only do rents adjust slowly, but space occupancy may differ from demand at current rent, giving rise to "hidden vacancies". We estimate the joint dynamics of office rents and vacancies using an error-correction model using a new lease rent series for Stockholm offices 1977--2002 estimated on 2,500 leases. It takes 5-10 years for the market to adjust to a shock. In a model simulation of a positive employment shock open vacancies fall from the natural level of 7 percent to below 4 percent, while hidden vacancies increase by about as much. Most of the variation in hidden vacancies over time is explained by the difference between demand at current and average rent on existing leases, which we calculate using data on contract lease length.

Download or read book Empirical Essays on Office Market Dynamics written by Maarten Guus Johan Jennen and published by . This book was released on 2008 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Towers of Capital written by Colin Lizieri and published by John Wiley & Sons. This book was released on 2009-09-15 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are global city office markets inherently unstable? This examination of office markets in major world cities analyses the flows of capital that create urban form, the nature of ownership, investment and occupation and the impact of office markets on economic stability. Towers of Capital – office markets & international financial services explores the relationship between the evolution of major international financial centres as part of the global capital market system, the development of office markets in those cities, real estate investment in those office markets and the patterns of risk and return that result from the interactions between financial flows and office markets. Rather than focusing on just one single aspect of the relationship, Colin Lizieri sets out the interconnections between the location of financial activity, the processes operating in office markets and the volatility of real estate returns. The resulting schematic model of IFC office markets provides insights into risk and will act as a springboard for subsequent empirical work. Towers of Capital develops a framework for understanding real estate and the transformation of the built environment in financial centres, based both on the development of global capital markets and on micro-level research into the functioning of office markets. By drawing together the insights, models and ideas that address global capital flows, the evolution of city systems, office market processes and real estate finance, the book will help students and researchers in property and urban planning, investors and policy advisors to understand the linkages between the evolution of financial markets, innovation in commercial real estate markets and the dynamics of the office markets in global cities.

Download or read book Building Cycles written by Richard Barras and published by John Wiley & Sons. This book was released on 2009-08-13 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economic crisis of 2008 was precipitated by a housing market crash, thus highlighting the destabilizing influence of the property cycle upon the wider economy. This timely book by a world authority explores why cycles occur and how they affect the behaviour of real estate markets. The central argument put forward is that growth and instability are inextricably linked, and that building investment acts both as a key driver of growth and as the source of the most volatile cyclical fluctuations in an economy. The role of building cycles in both economic growth and urban development is explored through a theoretical review and a comparative historical analysis of UK and US national data stretching back to the start of the nineteenth century, together with a case study of the development of London since the start of the eighteenth century. A simulation model of the building cycle is presented and tested using data for the City of London office market. The analysis is then broadened to examine the operation of property cycles in global investment markets during the post-war period, focussing on their contribution to the diffusion of innovation, the accumulation of wealth and the propagation of market instability. Building Cycles: growth & instability concludes by synthesizing the main themes into a theoretical framework, which can guide our understanding of the operation and impact of building cycles on the modern economy. Postgraduate students on courses in property and in urban development as well as professional property researchers, urban economists and planners will find this a stimulating read – demanding but accessible.

Download or read book Understanding German Real Estate Markets written by Tobias Just and published by Springer. This book was released on 2016-10-06 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, experts discuss how German real estate values have remained stable throughout the financial crisis, even though transaction volumes have been very volatile since 2005. Consequently, risk-averse national and international investors have started to invest in virtually all German real estate asset classes. This book tries to answer what has made the German real estate markets more resilient to shocks than many European real estate markets by analyzing the economic, regulatory and demographic environment. In 30 well-structured chapters, experts from both the academic and professional world analyze structural and current issues of German real estate markets. Readers will get a deep understanding of what makes the German real estate market special and where potential opportunities and threats in Europe’s largest real estate market exist.

Download or read book Critique of the New Consensus Macroeconomics and Implications for India written by Dilip M. Nachane and published by Springer. This book was released on 2018-11-02 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: The thought-provoking book presents alternative viewpoints to mainstream macroeconomic theory, questions conventional policy wisdom and suggests a systematic re-orientation of current macroeconomic and financial regulatory policies in India. The New Consensus Macroeconomics (NCM), which established itself in the 1980s as mainstream macroeconomics, essentially represents an “uneasy truce” between two dominant schools of economic thought viz. New Classical and Neo-Keynesian economics. The NCM sets the tone for much of the macroeconomic (especially monetary) policy followed by the advanced economies in the period of the Great Moderation (1990–2005). The recent global crisis has posed a major challenge to the NCM as empirical models based on the NCM failed to anticipate the occurrence of the crisis and later its extent and severity. The above considerations constitute the underpinnings of this book, which addresses the theoretical controversies within a general context and their policy implications for India. The authors’ analysis leads to a somewhat critical assessment of the financial sector policies followed in India since the initiation of reforms in 1991. This makes the book a valuable resource not only for researchers working in this area, but also for policy makers.

Download or read book Handbook on Residential Property Prices RPPIs written by Statistical Office of the European Communities and published by International Monetary Fund. This book was released on 2013-08-13 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: For most citizens, buying a residential property (dwelling) is the most important transaction during their lifetime. Residential properties represent the most significant component of households’ expenses and, at the same time, their most valuable assets. The Residential Property Prices Indices (RPPIs) are index numbers measuring the rate at which the prices of residential properties are changing over time. RPPIs are key statistics not only for citizens and households across the world, but also for economic and monetary policy makers. Among their professional uses, they serve, for example, to monitor macroeconomic imbalances and risk exposure of the financial sector. This Handbook provides, for the first time, comprehensive guidelines for the compilation of RPPIs and explains in depth the methods and best practices used to calculate an RPPI. It also examines the underlying economic and statistical concepts and defines the principles guiding the methodological and practical choices for the compilation of the indices. The Handbook primarily addresses official statisticians in charge of producing residential property price indices; at the same time, it addresses the overall requirement on RPPIs by providing a harmonised methodological and practical framework to all parties interested in the compilation of such indices. The RPPIs Handbook has been written by leading academics in index number theory and by recognised experts in RPPIs compilation. Its development has been coordinated by Eurostat, the statistical office of the European Union, with the collaboration of the International Labour Organization (ILO), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), United Nations Economic Commission for Europe (UNECE) and the World Bank.

Download or read book Experimental Methods of Shock Wave Research written by Ozer Igra and published by Springer. This book was released on 2015-10-31 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive and carefully edited volume presents a variety of experimental methods used in Shock Waves research. In 14 self contained chapters this 9th volume of the “Shock Wave Science and Technology Reference Library” presents the experimental methods used in Shock Tubes, Shock Tunnels and Expansion Tubes facilities. Also described is their set-up and operation. The uses of an arc heated wind tunnel and a gun tunnel are also contained in this volume. Whenever possible, in addition to the technical description some typical scientific results obtained using such facilities are described. Additionally, this authoritative book includes techniques for measuring physical properties of blast waves and laser generated shock waves. Information about active shock wave laboratories at different locations around the world that are not described in the chapters herein is given in the Appendix, making this book useful for every researcher involved in shock/blast wave phenomena.

Download or read book Approaches to Class Analysis written by Erik Olin Wright and published by Cambridge University Press. This book was released on 2005-07-01 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Few themes have been as central to sociology as 'class' and yet class remains a perpetually contested idea. Sociologists disagree not only on how best to define the concept of class but on its general role in social theory and indeed on its continued relevance to the sociological analysis of contemporary society. Some people believe that classes have largely dissolved in contemporary societies; others believe class remains one of the fundamental forms of social inequality and social power. Some see class as a narrow economic phenomenon whilst others adopt an expansive conception that includes cultural dimensions as well as economic conditions. This 2005 book explores the theoretical foundations of six major perspectives of class with each chapter written by an expert in the field. It concludes with a conceptual map of these alternative approaches by posing the question: 'If class is the answer, what is the question?'

Download or read book Urban Economics and Real Estate Markets written by Denise DiPasquale and published by Mellon Lectures in the Fine Ar. This book was released on 1995 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: This up-to-date, highly-accessible book presents a unique combination of both economic theory and real estate applications, providing readers with the tools and techniques needed to understand the operation of urban real estate markets. It examines residential and non-residential real estate markets--from the perspectives of both macro- and micro-economics--as well as the role of government in real estate markets.

Download or read book Understanding Inflation and the Implications for Monetary Policy written by Jeff Fuhrer and published by MIT Press. This book was released on 2009-09-11 with total page 517 pages. Available in PDF, EPUB and Kindle. Book excerpt: Current perspectives on the Phillips curve, a core macroeconomic concept that treats the relationship between inflation and unemployment. In 1958, economist A. W. Phillips published an article describing what he observed to be the inverse relationship between inflation and unemployment; subsequently, the “Phillips curve” became a central concept in macroeconomic analysis and policymaking. But today's Phillips curve is not the same as the original one from fifty years ago; the economy, our understanding of price setting behavior, the determinants of inflation, and the role of monetary policy have evolved significantly since then. In this book, some of the top economists working today reexamine the theoretical and empirical validity of the Phillips curve in its more recent specifications. The contributors consider such questions as what economists have learned about price and wage setting and inflation expectations that would improve the way we use and formulate the Phillips curve, what the Phillips curve approach can teach us about inflation dynamics, and how these lessons can be applied to improving the conduct of monetary policy. Contributors Lawrence Ball, Ben Bernanke, Oliver Blanchard, V. V. Chari, William T. Dickens, Stanley Fischer, Jeff Fuhrer, Jordi Gali, Michael T. Kiley, Robert G. King, Donald L. Kohn, Yolanda K. Kodrzycki, Jane Sneddon Little, Bartisz Mackowiak, N. Gregory Mankiw, Virgiliu Midrigan, Giovanni P. Olivei, Athanasios Orphanides, Adrian R. Pagan, Christopher A. Pissarides, Lucrezia Reichlin, Paul A. Samuelson, Christopher A. Sims, Frank R. Smets, Robert M. Solow, Jürgen Stark, James H. Stock, Lars E. O. Svensson, John B. Taylor, Mark W. Watson

Download or read book The Effects of Capital Controls on Exchange Rate Volatility and Output written by Michael Frenkel and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper extends the Dornbusch model of overshooting exchange rates to discuss both exchange rate and output effects of capital controls that involve additional costs for international asset transactions. We show that, on the one hand, such capital controls have the merit of reducing the volatility of exchange rates following a monetary shock. On the other hand, the implementation increases exchange rate volatility in the short run and induces costs for the real sector in the form of lower equilibrium output levels.

Download or read book The Minimum Wage and Labor Market Outcomes written by Christopher J. Flinn and published by MIT Press. This book was released on 2011-02-04 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: The introduction of a search and bargaining model to assess the welfare effects of minimum wage changes and to determine an “optimal” minimum wage. In The Minimum Wage and Labor Market Outcomes, Christopher Flinn argues that in assessing the effects of the minimum wage (in the United States and elsewhere), a behavioral framework is invaluable for guiding empirical work and the interpretation of results. Flinn develops a job search and wage bargaining model that is capable of generating labor market outcomes consistent with observed wage and unemployment duration distributions, and also can account for observed changes in employment rates and wages after a minimum wage change. Flinn uses previous studies from the minimum wage literature to demonstrate how his model can be used to rationalize and synthesize the diverse results found in widely varying institutional contexts. He also shows how observed wage distributions from before and after a minimum wage change can be used to determine if the change was welfare-improving. More ambitiously, and perhaps controversially, Flinn proposes the construction and formal estimation of the model using commonly available data; model estimates then enable the researcher to determine directly the welfare effects of observed minimum wage changes. This model can be used to conduct counterfactual policy experiments—even to determine “optimal” minimum wages under a variety of welfare metrics. The development of the model and the econometric theory underlying its estimation are carefully presented so as to enable readers unfamiliar with the econometrics of point process models and dynamic optimization in continuous time to follow the arguments. Although most of the book focuses on the case where only the unemployed search for jobs in a homogeneous labor market environment, later chapters introduce on-the-job search into the model, and explore its implications for minimum wage policy. The book also contains a chapter describing how individual heterogeneity can be introduced into the search, matching, and bargaining framework.

Download or read book Real Estate Finance in the New Economy written by Piyush Tiwari and published by John Wiley & Sons. This book was released on 2014-04-07 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial deregulation of the last quarter century has meant large flows of funds around the world seeking the highest risk-adjusted return for investors. Real estate is now established as an important asset class and advances in information technology provide the necessary tools to complement global developments in real estate finance and investment. A variety of investment vehicles have emerged, andReal Estate Finance in the New Economy examines these along with financing and risk in the context of globalization, deregulation and an increasingly integrated international world economy by exploring questions like: How have real estate financial structures evolved as economies grow and become internationalised? What role do economic change and financial systems play in the development of real estate investment? Are the risks associated with the ‘new economy’ really new? What is the future direction for real estate financing? The authors develop an economic framework for discussions on individual financial products to examine how real estate financial structures change with economic growth and internationalisation and also to show how developments in real estate finance impact economic growth.

Download or read book Nordic Economic Policy Review 2021 Nordic Housing Markets and Policies written by Anundsen, André Kallåk and published by Nordic Council of Ministers. This book was released on 2021-05-04 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: Available online: https://pub.norden.org/nord2021-022/ This issue of Nordic Economic Policy Review is devoted to Nordic housing markets and housing policies. Nordic housing markets face more or less the same problems and challenges, but the way policies and regulations deal with them differs in many respects. A comparison of policies, regulations and results across countries yields valuable lessons for policymakers. The work has been led and edited by Professor emeritus Harry Flam and Professor emeritus Peter Englund.