Bubbles in Metropolitan Housing Markets

A commonsense and empirically supported approach to explaining metropolitan real house price changes is for the theory to describe an equilibrium price level to which the market is constantly adjusting. The determinants of real house price appreciation, then, can be divided into two groups, one that explains changes in the equilibrium price and the other that accounts for the adjustment dynamics or changing deviations from the equilibrium price. The former group includes the growth in real income and real construction costs and changes in the real after-tax interest rate. The latter group consists of lagged real appreciation and the difference between the actual and equilibrium real house price levels. Either group of variables can explain a little over two-fifths of the variation in real house price movements in 30 cities over the 1977-92 period; together, they explain three-fifths.

Notes and Comments: A Law Review Article

This is the first sentence of a generic law review article. Just like the opinions, treatises, and other legal writings cited within it, it will be convoluted, confusing, long winded, and, worst, and, worst of all, excessively footnoted

Borrowing Constraints and the Tenure Choice of Young Households

In this paper we analyze the factors that affect the tenure choice of young adults, highlighting the impact of mortgage lender imposed borrowing constraints. The data set is a panel of youth age 20-33 for the years 1985-90. Our methods differ from most prior studies in many ways including consideration of possible sample selection bias, a richer model of the stochastic error structure, better measurement of which households are bound by borrowing constraints, and a fuller consideration of the endogeneity of wealth and income. Once all changes are implemented, we find ownership tendencies to be quite sensitive to economic variables. Specifically, potential earnings, the relative cost of owning a home, and especially borrowing constraints affect the tendency to own a home. In our sample of youth, 37% of households are constrained even after choosing their loan-to-value ratio to minimize the impact of the separate wealth and income requirements. The constraints reduce the probability of ownership of these households by 10 to 20 percentage points (a third to a half) depending on the particular characteristics of the household.

Expected Home Ownership and Real Wealth Accumulation of Youth

This paper describes the real wealth accumulation of American youth and relates this behavior to variations in real constant-quality house prices in their localities of residence. We argue that increases in the real constant-quality house price have two offsetting effects on wealth. First, the greater the local constant-quality price of housing, the greater the wealth needed to meet the lender imposed down payment constraint if housing demand is price inelastic. However, increased real constant-quality house price reduces the likelihood of home ownership and thus the desire the accumulate wealth needed for a down payment. Using a panel data set for youth age 20-33 for the years 1985 through 1990 we find that the combined direct and indirect impact of variations in real constant-quality house price on wealth is modest for changes near the average real house price, but youths' wealth declines substantially in areas with high real house price.

Pricing Upward-Only Adjusting Leases

This paper presents a stochastic pricing model of a unique, path-dependent lease instrument common in the United Kingdom and numerous commonwealth countries, the upward-only adjusting lease. In this lease, the rental rate is fixed at lease commencement but will be reset to the market rate at predetermined intervals (usually every five years) if it exceeds the contract rent. Numerical results indicate how the initial coupon rate should be set relative to that on a symmetric up-and-downward adjusting variable rate' lease under various economic conditions (level of real interest rates and expected drift and volatility of the underlying rental service flow). We also consider the calculation of effective rents when free rent periods are given during either a market collapse or a steady-state drift.

Enhanced chiral edge currents and orbital magnetic moment in chiral dd-wave superconductors from mesoscopic finite-size effects

Chiral superconductors spontaneously break time-reversal symmetry and host topologically protected edge modes, supposedly generating chiral edge currents which are typically taken as a characteristic fingerprint of chiral superconductivity. However, recent studies have shown that the total edge current in two dimensions (2D) often vanishes for all chiral superconductors except for chiral $p$-wave, especially at low temperatures, thus severely impeding potential experimental verification and characterization of these superconductors. In this work, we use quasiclassical theory of superconductivity to study mesoscopic disc-schaped chiral $d$-wave superconductors. We find that mesoscopic finite-size effects cause a dramatic enhancement of the total charge current and orbital magnetic moment (OMM), even at low temperatures. We study how these quantities scale with temperature, spontaneous Meissner screening, and system radius $\mathcal{R} \in [5,200]\xi_0$ with superconducting coherence length $\xi_0$. We find a general $1/\mathcal{R}$ scaling in the total charge current and OMM for sufficiently large systems, but this breaks down in small systems, instead producing a local maximum at $\mathcal{R} \approx 10{\text{--}}20\xi_0$ due to mesoscopic finite-size effects. These effects also cause a spontaneous charge-current reversal opposite to the chirality below $\mathcal{R} < 10\xi_0$. Our work highlights mesoscopic systems as a route to experimentally verify chiral $d$-wave superconductivity, measurable with magnetometry.Comment: 23 pages, 14 figure

Error and Attack Tolerance of Layered Complex Networks

Many complex systems may be described not by one, but by a number of complex networks mapped one on the other in a multilayer structure. The interactions and dependencies between these layers cause that what is true for a distinct single layer does not necessarily reflect well the state of the entire system. In this paper we study the robustness of three real-life examples of two-layer complex systems that come from the fields of communication (the Internet), transportation (the European railway system) and biology (the human brain). In order to cover the whole range of features specific to these systems, we focus on two extreme policies of system's response to failures, no rerouting and full rerouting. Our main finding is that multilayer systems are much more vulnerable to errors and intentional attacks than they seem to be from a single layer perspective.Comment: 5 pages, 3 figure

Coreless vortices as direct signature of chiral dd-wave superconductivity

Chiral $d$-wave superconductivity has been proposed in a number of different materials, but characteristic experimental fingerprints have been largely lacking. We show that quadruply quantized coreless vortices are prone to form and offer distinctive signatures of the chiral $d$-wave state in both the local density of states and the total magnetic moment. Their dissimilarity in positive versus negative magnetic fields further leads to additional spontaneous symmetry breaking, producing clear evidence of time-reversal symmetry breaking, chiral superconductivity, and the Chern number.Comment: 7 pages, 4 figures, Supplemental Material: 22 pages, 20 figure

A General Introduction To Graph Visualization Techniques

Generally, a graph is an abstract data type used to represent relations among a given set of data entities. Graphs are used in numerous applications within the field of information visualization, such as VLSI (circuit schematics), state-transition diagrams, and social networks. The size and complexity of graphs easily reach dimensions at which the task of exploring and navigating gets crucial. Moreover, additional requirements have to be met in order to provide proper visualizations. In this context, many techniques already have been introduced. This survey aims to provide an introduction on graph visualization techniques helping the reader to gain a first insight into the most fundamental techniques. Furthermore, a brief introduction about navigation and interaction tools is provided