Output persistence in human capital-based growth models

This note explores the persistence properties of a class of models proposed by Jones, Manuelli and Siu (2000) where growth stems from purposeful human capital accumulation. In doing so, we adopt Cogley and Nason's (1995) definition of output persistence. The propagation mechanism exhibited by this class of models appears unable to solve the output persistence puzzle.endogenous growth

A Spatiotemporal Autoregressive Price Index for the Paris Office Property Market

This paper applies the spatiotemporal hedonic approach to analysis of office transaction prices in the Paris property market (i.e. central Paris and its inner suburbs). The analysis focuses primarily on the market’s two main business districts (the CBD and the La Defense District). We find that spatial and temporal dependence effects are strongly present in these submarkets. Additionally, we propose a hybrid method for incorporating a temporal regime into the spatiotemporal autoregressive model proposed by Pace, Barry, Clapp and Rodriguez (1998). Regime switching around 1997 (i.e. in the presence of temporal heterogeneity) substantially affects the significance of spatial and temporal dependences. Finally, we build a new price index that incorporates both spatiotemporal dependences and temporal heterogeneity. This index differs strongly from the usual hedonic price indexHedonic Prices; Paris Office Property Market; Spatiotemporal Autoregressive Price Index; Temporal Heterogeneity

Assessing the Interaction between Real Estate and Equity in Households Portfolio Choice.

In this paper, we provide a new empirical analysis of the dynamic portfolio decisions of households by simultaneously considering their stock market participation and home tenure choices. There is already a huge body of literature on housing status (own/rent) decisions and many contributions documented the low stock market participation rate of US households. Although some papers evidenced that the home status (modeled as an exogenous variable) has an impact on the stock proportion in portfolio, our paper is the first one to allow both decisions (home and stock) to be simultaneous and endogenous. We estimate a dynamic bivariate logistic panel data model on Panel Study of income Dynamics data from 1999 to 2007 controlling for sample selection bias and time-invariant unobserved heterogeneity. We first evidence that our original joint setup outperforms a standard one (with two distinct equations for stock holdings and for home tenure), i.e. marginal odds ratios are significant. Using these estimates, we are able to simulate individual paths of stock and home equity positions over the life cycle according to households attributes. Ceteris Paribus, we show that households taking positions in one asset (home or stock) encounter a positive position in the other asset at an earlier stage in their life cycle, i.e. some households appear to be locked in a no-stock-and-renter position.households; Investment;

A Spatial and Temporal Autoregressive Local Estimation for the Paris Housing Market

This original study examines the potential of a spatiotemporal autoregressive Local (LSTAR) approach in modelling transaction prices for the housing market in inner Paris. We use a data set from the Paris Region notary office (“Chambre des notaires d’Île-de-France”) which consists of approximately 250,000 transactions units between the first quarter of 1990 and the end of 2005. We use the exact X -- Y coordinates and transaction date to spatially and temporally sort each transaction. We first choose to use the spatiotemporal autoregressive (STAR) approach proposed by Pace, Barry, Clapp and Rodriguez (1998). This method incorporates a spatiotemporal filtering process into the conventional hedonic function and attempts to correct for spatial and temporal correlative effects. We find significant estimates of spatial dependence effects. Moreover, using an original methodology, we find evidence of a strong presence of both spatial and temporal heterogeneity in the model. It suggests that spatial and temporal drifts in households socio-economic profiles and local housing market structure effects are certainly major determinants of the price level for the Paris Housing Market.Hedonic Prices; Heterogeneity; Paris Housing Market; STAR Model

Public, privé et éducation prioritaire : une analyse de la mixité sociale selon le secteur du collège

URL des Documents de travail : http://ces.univ-paris1.fr/cesdp/cesdp2016.htmlDocuments de travail du Centre d'Economie de la Sorbonne 2016.48 - ISSN : 1955-611XIn this article, based on social segregation indices (both entropy and exposure indices) for the period 2004-2014, we compare the level of social diversity at the middle school level between private schools, public schools (excluding priority education) and public schools in priority education zones. For a given level of social diversity, we also look at the way advantaged social background pupils might concentrate in some schools. Our results show that private schools are slightly over-represented among schools located at the extremes of the distribution of entropy levels, that is to say, both among the most "mixed" and the most "segregated" schools. However, the nature of social diversity varies between public, private and priority education schools. At given level of entropy, private schools receive relatively less disadvantaged social backgrounds pupils. Focusing on the most "segregated" schools, the complementary use of the standardized exposure index shows that there is a tendency to separate students with advantaged social background and other students in private schools, as well as in public schools (excluding priority education). On the contrary, schools in priority education zones are more homogeneous with a large proportion of disadvantaged social group's pupils.Dans cet article, sur la base d'indices statistiques de ségrégation (indices d'entropie et d'exposition) portant sur la période 2004-2014, nous analysons et comparons le degré de mixité sociale des établissements appartenant au secteur privé, au secteur public hors éducation prioritaire et au secteur public relevant de l'éducation prioritaire. Nous regardons également à niveau de mixité sociale donné si les élèves très favorisés restent fortement concentrés dans certains établissements ou non. Nos résultats montrent que le secteur privé est légèrement surreprésenté parmi les établissements situés aux extrêmes de la distribution des niveaux entropie, c'est-à-dire à la fois parmi les plus « mixtes » et parmi les plus « ségrégés ». Cependant, la nature de cette mixité varie selon le secteur. A niveau donné de mixité sociale, le secteur privé accueille relativement moins d'élèves d'origines sociales défavorisées. En se concentrant sur les établissements les plus « ségrégés », l'utilisation complémentaire de l'indice d'exposition normalisé montre qu'il existe dans le secteur privé et public hors éducation prioritaire, une tendance à la séparation des élèves « très favorisés » et des autres groupes. Au contraire, le secteur de l'éducation prioritaire est homogène et concentre en grande majorité des groupes sociaux défavorisés

Assessing the Interaction between Real Estate and Equity in Households Portfolio Choice

In this paper, we provide a new empirical analysis of the dynamic portfolio decisions of households by simultaneously considering their stock market participation and home tenure choices. There is already a huge body of literature on housing status (own/rent) decisions and many contributions doc- umented the low stock market participation rate of US households. Although some papers evidenced that the home status (modeled as an exogenous variable) has an impact on the stock proportion in portfolio, our paper is the …rst one to allow both decisions (home and stock) to be simultaneous and endogenous. We estimate a dynamic bivariate logistic panel data model on Panel Study of income Dynamics data from 1999 to 2007 controlling for sample selection bias and time-invariant unobserved heterogeneity. We …rst evidence that our original joint setup outperforms a standard one (with two distinct equations for stock holdings and for home tenure), i.e. marginal odds ratios are signi…cant. Using these estimates, we are able to simulate individual paths of stock and home equity positions over the life cycle according to households attributes. Ceteris Paribus, we show that households taking positions in one asset (home or stock) encounter a positive position in the other asset at an earlier stage in their life cycle, i.e. some households appear to be locked in a no-stock-and-renter position.Housing, Stock market participation, Portfolio choices, Panel Data

A Natural Seismic Isolating System: The Buried Mangrove Effects

The Belleplaine test site, located in the island of Guadeloupe (French Lesser Antilles) includes a three-accelerometer vertical array, designed for liquefac- tion studies. The seismic response of the soil column at the test site is computed using three methods: the spectral ratio method using the vertical array data, a numerical method using the geotechnical properties of the soil column, and an operative fre- quency domain decomposition (FDD) modal analysis method. The Belleplaine test site is characterized by a mangrove layer overlaid by a stiff sandy deposit. This con- figuration is widely found at the border coast of the Caribbean region, which is exposed to high seismic hazard. We show that the buried mangrove layer plays the role of an isolation system equivalent to those usually employed in earthquake engineering aimed at reducing the seismic shear forces by reducing the internal stress within the structure. In our case, the flexibility of the mangrove layer reduces the distortion and the stress in the sandy upper layer, and consequently reduces the potential of liquefaction of the site

Endogenous growth, transitional dynamics and the welfare costs of inflation

This paper quantifies the welfare costs of inflation in an endogenous growth setup when transitional dynamics are taken into account. We report much smaller costs than when these dynamics are omitted.endogenous growth

Sound transmission through a rib-stiffened plate : comparisons of a light fluid approximation with experimental results

International audienceInterest in stiffened plate constructions has been widespread recently in aerospace, marine and engineering structures : their vibratory response can be greatly modified by small weight added to the hull. Semi-analytical and finite element modellings are mostly based on a weak (energetic) formulation of the in vacuo problem. First, the analysis has been simplified by applying the so-called orthotropic equivalent plate theory only valid when the mechanical wavelengths are greater than the stiffeners spacing~; a more accurate and robust method is the discrete model in which the system is divided into subelements~: the stiffeners are therefore considered as beams exerting efforts on the plate. Moreover, the vibro-acoustic response of the system fluid/structure is approximated under the assumption that the fluid-loading is a small perturbation with respect to the in vacuo problem since the surrounding fluid is a gas. This paper applies this approximation to the case of a baffled plate stiffened by ribs

Empowerment zones and the housing market in paris inner city

We test for the impact of local enterprise zones on house prices in inner Paris. In 1997, a new urban policy program was launched in France which created three kinds of Enterprise Zones (ZUS, ZRU and ZFU). Notably, 9 first tier EZs (ZUS) were created in Paris. We use this natural experiment and compare the evolution of flat prices in these areas to that in a control group of neighboring areas (that could also have been converted into ZUS). We develop a new semi-parametric spatial matching methodology. Each sale observed be-fore the reform is matched with a similar post-reform counterfactual. This matching procedure is done for housing units within the EZ, as well as for units in the vicinity of the EZ. In contrast to what have been evidenced in other ad-ministrative districts of the Paris Region and for other kinds of EZs (i.e., ZFUs), we detect no significant effect of this expensive EZ program implementation on housing values