What's in a Grade? School Report Cards and the Housing Market

2004 ◽  
Vol 94 (3) ◽  
pp. 591-604 ◽  
Author(s):  
David N Figlio ◽  
Maurice E Lucas
Keyword(s):  
Housing Market ◽  
Test Scores ◽  
House Prices ◽  
The Other ◽  
Report Cards ◽  
Independent Effect ◽  
Detailed Data ◽  
School Grades ◽  
Residential Properties ◽  
Over Time

This paper investigates whether the housing market responds to the information incorporated in state-administered school grades. We study whether school grades affect families' residential locations and house prices. Using detailed data on repeated sales of individual residential properties in the state of Florida, we find evidence that there is an independent effect of these grades on house prices and residential location, above and beyond the estimated effects of test scores and the other components of the school grades. Because these grades have a large stochastic component, however, we find that over time the estimated effects of the grades has diminished.

Time-frequency linkages of international housing markets and macroeconomic drivers

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hardik Marfatia
Keyword(s):  
Housing Market ◽  
Time Domain ◽  
House Prices ◽  
Housing Markets ◽  
Income Growth ◽  
Content Type ◽  
Macroeconomic Variables ◽  
Time Frequency ◽  
Direction Of Causation ◽  
Over Time

Purpose The studies on international housing markets have not modeled frequency domain and focused only on the time domain. The purpose of the present research is to fill this gap by using the state-of-the-art econometric technique of wavelets to understand how differences in the horizon of analysis across time impact international housing markets’ relationship with some of the key macroeconomic variables. The purpose is to also analyze the direction of causation in the relationships. Design/methodology/approach The author uses the novel time–frequency analysis of international housing markets’ linkages to the macroeconomic drivers. Unlike conventional approaches that do not distinguish between time and frequency domain, the author uses wavelets to study house prices’ relationship with its drivers in the time–frequency space. The novelty of the approach also allows gaining insights into the debates that deal with the direction of causation between house price changes and macroeconomic variables. Findings Results show that the relationship between house prices and key macroeconomic indicators varies significantly across countries, time, frequencies and the direction of causation. House prices are most related to interest rates at the higher frequencies (short-run) and per capita income growth at the lower frequencies (long-run). The role of industrial production and income growth has switched over time at lower frequencies, particularly, in Finland, France, Sweden and Japan. The stock market’s nexus with the housing market is significant mainly at high to medium frequencies around the recent financial crisis. Research limitations/implications The present research implies that in contrast to the existing approaches that are limited to the only time domain, the frequency considerations are equally, if not more, important. Practical implications Results show that interested researchers and analysts of international housing markets need to account for the both horizon and time under consideration. Because the factors that drive high-frequency movements in housing market are very different from low-frequency movements. Furthermore, these roles vary over time. Social implications The insights from the present study suggest policymakers interested in bringing social change in the housing markets need to account for the time–frequency dynamics found in this study. Originality/value The paper is novel on at least two dimensions. First, to the best of the author’s knowledge, this study is the first to propose the use of a time–frequency approach in modeling international housing market dynamics. Second, unlike present studies, it is the first to uncover the direction of causation between house prices and economic variables for each frequency at every point of time.

scholarly journals House Price Beliefs And Mortgage Leverage Choice

2018 ◽  
Vol 86 (6) ◽  
pp. 2403-2452 ◽  
Author(s):  
Michael Bailey ◽  
Eduardo Dávila ◽  
Theresa Kuchler ◽  
Johannes Stroebel
Keyword(s):  
Housing Market ◽  
House Prices ◽  
House Price ◽  
Heterogeneous Beliefs ◽  
The Other ◽  
Cross Sectional ◽  
Financial Decisions ◽  
The Relationship ◽  
The U.S

Abstract We study the relationship between homebuyers’ beliefs about future house price changes and their mortgage leverage choices. Whether more pessimistic homebuyers choose higher or lower leverage depends on their willingness and ability to reduce the size of their housing market investments. When households primarily maximize the levered return of their property investments, more pessimistic homebuyers reduce their leverage to purchase smaller houses. On the other hand, when considerations such as family size pin down the desired property size, pessimistic homebuyers reduce their financial exposure to the housing market by making smaller downpayments to buy similarly-sized homes. To determine which scenario better describes the data, we investigate the cross-sectional relationship between house price beliefs and mortgage leverage choices in the U.S. housing market. We use plausibly exogenous variation in house price beliefs to show that more pessimistic homebuyers make smaller downpayments and choose higher leverage, in particular in states where default costs are relatively low, as well as during periods when house prices are expected to fall on average. Our results highlight the important role of heterogeneous beliefs in explaining households’ financial decisions.

scholarly journals When homes earn more than jobs: the rentierization of the Australian housing market

2020 ◽  
Author(s):  
Cameron Murray ◽  
Josh Ryan-Collins
Keyword(s):  
Interest Rates ◽  
Housing Market ◽  
House Prices ◽  
Financial Policy ◽  
Economic Rent ◽  
Policy Changes ◽  
Policy Alternatives ◽  
Financial Liberalisation ◽  
The 1960S ◽  
Over Time

This article develops the concept of housing market ‘rentierization’ to describe the shift in the treatment of housing away from its use as a consumption good to an asset from which economic rent can be extracted, with Australia as a canonical example. Rentierization encompasses, but goes beyond, the financialisation of housing that has been the focus of attention in recent political economy literature as it involves policy changes and coordination across the land and housing market, fiscal-policy as well as financial policy spheres. In addition, we argue, rentierization offers a better explanation of rising house prices than the decline in real interest rates which has come to the fore in the recent economics literature. Our study of Australia examines the returns to land and housing over time and traces the roots of rentierization to developments that preceded the financial liberalisation of the 1980s, including the privatisation of public housing in the 1960s and 70s. We consider some of the reasons for the resilience of Australia’s rentier-oriented housing model, and policy alternatives which might help reduce the logic of rentierization and, in doing so, reduce housing-related inequalities.

Emotional Impact Feedback Changes How We Remember Negative Autobiographical Experiences

2010 ◽  
Vol 57 (5) ◽  
pp. 354-359 ◽  
Author(s):  
Melanie K. T. Takarangi ◽  
Deryn Strange
Keyword(s):  
Well Being ◽  
The Other ◽  
Personal Perspective ◽  
Emotional Impact ◽  
Potential Mechanism ◽  
Negative Experiences ◽  
Negative Memory ◽  
The Relationship ◽  
Negative Memories ◽  
Over Time

When people are told that their negative memories are worse than other people’s, do they later remember those events differently? We asked participants to recall a recent negative memory then, 24 h later, we gave some participants feedback about the emotional impact of their event – stating it was more or less negative compared to other people’s experiences. One week later, participants recalled the event again. We predicted that if feedback affected how participants remembered their negative experiences, their ratings of the memory’s characteristics should change over time. That is, when participants are told that their negative event is extremely negative, their memories should be more vivid, recollected strongly, and remembered from a personal perspective, compared to participants in the other conditions. Our results provide support for this hypothesis. We suggest that external feedback might be a potential mechanism in the relationship between negative memories and psychological well-being.

Coevolution

2017 ◽  
Author(s):  
Avi Max Spiegel
Keyword(s):  
The Other ◽  
The Political ◽  
Over Time ◽  
Islamist Movements

This chapter seeks to understand how Islamist movements have evolved over time, and, in the process, provide important background on the political and religious contexts of the movements in question. In particular, it shows that Islamist movements coevolve. Focusing on the histories of Morocco's two main Islamist movements—the Justice and Spirituality Organization, or Al Adl wal Ihsan (Al Adl) and the Party of Justice and Development (PJD)—it suggests that their evolutions can only be fully appreciated if they are relayed in unison. These movements mirror one another depending on the competitive context, sometimes reflecting, sometimes refracting, sometimes borrowing, sometimes adapting or even reorganizing in order to keep up with the other.

Correspondances étymologiques, lexicales et sémantiques dans le processus de féminisation de noms de profession, métiers et activités dans les sociétés française et roumaine

2020 ◽  
Vol 65 (4) ◽  
pp. 401-422
Author(s):  
Estelle Variot
Keyword(s):  
The Other ◽  
Roman World ◽  
Other Hand ◽  
The One ◽  
Over Time

"Etymological, Lexical and Semantic Correspondences in the Process of Feminization of Professional Names, Trades and Activities in French and Romanian Societies. The feminization of thought represented by language and of its varieties in the Roman World has allowed to highlight some convergences that come from a common linguistic heritage, often from Greek and Latin and some hesitation about adapting society to its realities. The feminization of some words which comes from an ancient process illustrates on the one hand the potential of the language and on the other hand some constraints sometimes linked to the society itself, which creates transitional periods, between matching grammatical correction and the evolution of linguistic uses over time. The possibilities of lexical enrichment (internal creation or loan) show the means available in French and Romanian and some convergences in the area of derivation, of lexical units and their etymologies. The grammatical perspective and word constructing methods make it possible to give keys for the feminization of names of trades or professions. Likewise, recording entries in the lexicon, their evolution, their assimilation or sometimes their forgetfulness, for the benefit of new constructions highlight the existence of objective and subjective criteria which teach us a lot about society as a whole. Keywords: feminization of professions, internal and external enrichment, suffixal match, use of words, grammar, lexicon, French and Romanian."

The Values and Norms of Islam

2010 ◽  
Vol 1 (1) ◽  
pp. 1-19
Author(s):  
Ahmed Akgunduz
Keyword(s):  
Islamic Law ◽  
Legal Theory ◽  
The Other ◽  
Moral Norms ◽  
Simple Fact ◽  
Value System ◽  
Legal Norms ◽  
Islamic Legal Theory ◽  
The World ◽  
Over Time

AbstractIslamic Law is one of the broadest and most comprehensive systems of legislation in the world. It was applied, through various schools of thought, from one end of the Muslim world to the other. It also had a great impact on other nations and cultures. We will focus in this article on values and norms in Islamic law. The value system of Islam is immutable and does not tolerate change over time for the simple fact that human nature does not change. The basic values and needs (which can be called maṣlaḥa) are classified hierarchically into three levels: (1) necessities (Ḍarūriyyāt), (2) convenience (Ḥājiyyāt), and (3) refinements (Kamāliyyāt=Taḥsīniyyāt). In Islamic legal theory (Uṣūl al‐fiqh) the general aim of legislation is to realize values through protecting and guaranteeing their necessities (al-Ḍarūriyyāt) as well as stressing their importance (al‐ Ḥājiyyāt) and their refinements (taḥsīniyyāt).In the second part of this article we will draw attention to Islamic norms. Islam has paid great attention to norms that protect basic values. We cannot explain all the Islamic norms that relate to basic values, but we will classify them categorically. We will focus on four kinds of norms: 1) norms (rules) concerned with belief (I’tiqādiyyāt), 2) norms (rules) concerned with law (ʿAmaliyyāt); 3) general legal norms (Qawā‘id al‐ Kulliyya al‐Fiqhiyya); 4) norms (rules) concerned with ethics (Wijdāniyyāt = Aḵlāqiyyāt = Ādāb = social and moral norms).

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