Residential Land Use Regulation and the US Housing Price Cycle Between 2000 and 2009

In a sample covering more than 300 cities in the US between January 2000 and July 2009, we find that more restrictive residential land use regulations and geographic land constraints are linked to larger booms and busts in housing prices. The natural and man-made constraints also amplify price responses to an initial positive mortgage-credit supply shock, leading to greater price increases in the boom and subsequently bigger losses.residential land use regulation; credit expansion; housing prices

How Did Exchange Rates Affect Employment in US Cities?

We estimate the effects of real exchange rate movements on employment in US cities between 2003 and 2010. We explore the differences in the composition of local industries to construct city-specific changes in exchange rates and estimate their effects on local employment in manufacturing industries and in nonmanufacturing industries. Controlling for year and city fixed effects, we find that a depreciation of the US dollar increased local employment in the manufacturing industries, our proxy for the tradable sector. The depreciation also increased employment in the nonmanufacturing industries, the nontradable sector. Furthermore, the effects on nonmanufacturing employment were stronger in cities that had a higher fraction of manufacturing employment, indicating the exchange rate movements’ indirect effects through the manufacturing industries. We also consider an alternative definition of the tradable sector that is broadened to include five service industries. The findings are similar

Adjustment of Synchronization Stability of Dynamic Brain-Networks Based on Feature Fusion

When the brain is active, the neural activities of different regions are integrated on various spatial and temporal scales; this is termed the synchronization phenomenon in neurobiological theory. This synchronicity is also the main underlying mechanism for information integration and processing in the brain. Clinical medicine has found that some of the neurological diseases that are difficult to cure have deficiencies or abnormalities in the whole or local integration processes of the brain. By studying the synchronization capabilities of the brain-network, we can intensively describe and characterize both the state of the interactions between brain regions and their differences between people with a mental illness and a set of controls by measuring the rapid changes in brain activity in patients with psychiatric disorders and the strength and integrity of their entire brain network. This is significant for the study of mental illness. Because static brain network connection methods are unable to assess the dynamic interactions within the brain, we introduced the concepts of dynamics and variability in a constructed EEG brain functional network based on dynamic connections, and used it to analyze the variability in the time characteristics of the EEG functional network. We used the spectral features of the brain network to extract its synchronization features and used the synchronization features to describe the process of change and the differences in the brain network's synchronization ability between a group of patients and healthy controls during a working memory task. We propose a method based on the fusion of traditional features and spectral features to achieve an adjustment of the patient's brain network synchronization ability, so that its synchronization ability becomes consistent with that of healthy controls, theoretically achieving the purpose of the treatment of the diseases. Studying the stability of brain network synchronization can provide new insights into the pathogenic mechanism and cure of mental diseases and has a wide range of potential applications

Fecal Metabolomics and Potential Biomarkers for Systemic Lupus Erythematosus

The role of metabolomics in autoimmune diseases has been a rapidly expanding area in researches over the last decade, while its pathophysiologic impact on systemic lupus erythematosus (SLE) remains poorly elucidated. In this study, we analyzed the metabolic profiling of fecal samples from SLE patients and healthy controls based on ultra-high-performance liquid chromatography equipped with mass spectrometry for exploring the potential biomarkers of SLE. The results showed that 23 differential metabolites and 5 perturbed pathways were identified between the two groups, including aminoacyl-tRNA biosynthesis, thiamine metabolism, nitrogen metabolism, tryptophan metabolism, and cyanoamino acid metabolism. In addition, logistic regression and ROC analysis were used to establish a diagnostic model for distinguishing SLE patients from healthy controls. The combined model of fecal PG 27:2 and proline achieved an area under the ROC curve of 0.846, and had a good diagnostic efficacy. In the present study, we analyzed the correlations between fecal metabolic perturbations and SLE pathogenesis. In summary, we firstly illustrate the comprehensive metabolic profiles of feces in SLE patients, suggesting that the fecal metabolites could be used as the potential non-invasive biomarkers for SLE

Dropping the Geographic-Constraints Variable Makes Only a Minor Difference: Reply to Cox

Cox (2010) raises the concern that the regressions in Huang and Tang (2010) may underestimate the effect of regulations on housing prices by including both a measure of geographic constraints and a measure of regulatory constraints on the right-hand side. We respond that omitting geographic constraints in our regressions may overestimate the effect of regulations. Empirically, we show that removing the geography variable from our regressions causes only minor increases in the estimated effects of regulation.

The Effects of Exchange Rates on Employment in Canada ∗

Under the flexible exchange rate regime, the Canadian economy is constantly affected by fluctuations in exchange rates. This paper focuses on employment in Canada. We find that appreciations of the Canadian dollar have significant effects on employment in manufacturing industries; such effects are mostly associated with the export-weighted exchange rate and not the import-weighted exchange rate. The export-weighted exchange rate elasticity of employment is-0.52. However, we also find that exchange rate fluctuations have little impact on Canada’s nonmanufacturing employment. Because the manufacturing sector accounts for only about 10 % of the employment in Canada, the overall employment effect of exchange rates is small. In addition, we assess the potential employment impact of a boom in the global commodity market, which often leads to appreciations of the Canadian dollar. We find that a 12.21 % increase in commodity prices (one standard deviation in the 1994-2007 data) reduces Canada’s manufacturing employment by 0.98%, less than 0.1 % of the total industrial employment