Brookings-Wharton Papers on Urban Affairs 2009 PDF
Preview Brookings-Wharton Papers on Urban Affairs 2009
BWPUA 2009 cover:BWPUA 2005 cover 7/17/09 10:04 AM Page 3 bw Brookings-Wharton papers on U N rba a s ffair 2009 Gary Burtless and Janet Rothenberg Pack Editors BWPUA 2009 cover:BWPUA 2005 cover 7/17/09 10:04 AM Page 1 Designed to reach a wide audience of scholars and policymakers, theBrookings-Wharton Papers on Urban Affairsis an annual series that serves as a forum for cutting-edge, accessible research on urban policy. The editors seek to integrate broader research into the urban policy discussion by bringing urban studies scholars together with economists and researchers studying subjects with important urban implications. In this issue, papers examine a range of issues that are relevant to urban economics: —the effects of job location in an urban area on residential choice patterns —the impact of race, ethnicity, and gender on mortgage lending —the effects of urban characteristics on the development of new patents The volume also contains three papers on urban developments outside of the United States: —urban sprawl in Europe —rural-to-urban migration patterns in Brazil —location patterns of industry agglomeration across Japanese cities Praise for the Brookings-Wharton Papers on Urban Affairs “One of the most exciting developments in years. . . . This journal will set the tone for urban economics for the coming decades. It will play a major role not only in academia, but also in ensuring that we have better urban economic policy.” —George Akerlof,University of California–Berkeley, Nobel Prize laureate “The clear thinking displayed in these papers is required to confront the social policy challenges of our complex and changing metropolitan areas.” —william julius wilson,Lewis P. and Linda L. Geyser University Professor, Harvard University Gary Burtless is the John C. and Nancy D. Whitehead Chair in the Economic Studies pro- gram at the Brookings Institution. janet rothenberg packis professor of business and public policy and real estate at the Wharton School, University of Pennsylvania. BROOKINGS INSTITUTION PRESS Washington, D.C. www.brookings.edu Cover design by Terry Patton Rhoads BWPUA 2009 frontmatter:10601-00a_FM_rev.qxd 7/16/09 2:46 PM Page i Gary Burtless and Janet Rothenberg Pack Editors BROOKINGS INSTITUTION PRESS Washington, D.C. BWPUA 2009 frontmatter:10601-00a_FM_rev.qxd 7/16/09 2:46 PM Page ii Copyright © 2009 THE BROOKINGS INSTITUTION 1775 Massachusetts Avenue, N.W., Washington, DC 20036 ISSN 1528-7084 ISBN 978-0-8157-0300-6 For information on subscriptions, standing orders, and individual copies, contact Brookings Institution Press, P.O. Box 465, Hanover, PA 17331-0465. E-mail [email protected]. Or call 866-698- 0010. Visit Brookings online at http://bookstore.brookings.edu. Brookings periodicals are available online through Online Computer Library Center (contact OCLC subscriptions department at 800-848-5878, ext. 6251) and Project Muse (http://muse.jhu.edu). 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BWPUA 2009 frontmatter:10601-00a_FM_rev.qxd 7/16/09 2:46 PM Page iii Preface vii Editors’ Summary ix Job Decentralization and Residential Location 1 LEAH PLATT BOUSTANAND ROBERTA. MARGO Comments by Edward Glaeser and Janice F. Madden 21 Subprime Mortgage Pricing: The Impact of Race, Ethnicity, and Gender on the Cost of Borrowing 33 ANDREW HAUGHWOUT, CHRISTOPHER MAYER, AND JOSEPH TRACY Comment by Dwight M. Jaffee and Tomasz Piskorski 57 What Explains the Quantity and Quality of Local Inventive Activity? 65 GERALD CARLINOAND ROBERT HUNT Comments by Gilles Duranton and Bruce A. Weinberg 110 Urban Sprawl in Europe 125 ELEONORA PATACCHINIANDYVES ZENOU Comments by J. Vernon Henderson and Dennis Epple 143 Connecting Lagging and Leading Regions: The Role of Labor Mobility 151 SOMIKV. LALL, CHRISTOPHER TIMMINS, AND SHOUYUEYU Comments by Alex Anas and Jan K. Brueckner 167 A Reconsideration of the NAS Rule from an Industrial Agglomeration Perspective 175 TOMOYA MORIAND TONY E. SMITH Comments by Yannis M. Ioannides and John M. Quigley 206 BWPUA 2009 frontmatter:10601-00a_FM_rev.qxd 7/16/09 2:46 PM Page iv Purpose The Brookings-Wharton Papers on Urban Affairsis an annual pub- lication containing articles and formal discussant remarks from a conference held at the Brookings Institution and arranged by the editors. The annual forum and journal are the products of a collab- oration between the Brookings Institution’s Metropolitan Policy Program and the Zell Lurie Real Estate Center at the Wharton School of the University of Pennsylvania. All of the papers and discussant remarks represent the views of the authors and not nec- essarily the views of the staff members, officers, or trustees of the Brookings Institution or the Wharton School of the University of Pennsylvania. Coeditors Gary Burtless Brookings Institution Janet Rothenberg Pack University of Pennsylvania Staff Lael Harris Editorial Associate Sean Hardgrove Research Verifier Rosanna Smart Research Verifier Pavel Svaton Research Verifier Advisers William G. Gale Brookings Institution Joseph E. Gyourko University of Pennsylvania Robert P. Inman University of Pennsylvania Bruce J. Katz Brookings Institution Amy S. Liu Brookings Institution Katherine M. O’Regan New York University Alice M. Rivlin Brookings Institution John M. Quigley University of California–Berkeley Todd M. Sinai University of Pennsylvania Howard Wial Brookings Institution Contributors Alex Anas State University of New York–Buffalo Leah Platt Boustan University of California–Los Angeles and NBER Jan K. Brueckner University of California–Irvine Gerald Carlino Federal Reserve Bank of Philadelphia Gilles Duranton University of Toronto Dennis Epple Carnegie Mellon University Edward Glaeser Harvard University Andrew Haughwout Federal Reserve Bank of New York J. Vernon Henderson Brown University Robert Hunt Federal Reserve Bank of Philadelphia Yannis M. Ioannides Tufts University Dwight M. Jaffee University of California–Berkeley Somik V. Lall World Bank Janice F. Madden University of Pennsylvania BWPUA 2009 frontmatter:10601-00a_FM_rev.qxd 7/16/09 2:46 PM Page v Robert A. Margo Boston University and NBER Christopher Mayer Columbia Business School, NBER, and Visiting Scholar, Federal Reserve Bank of New York Tomoya Mori Kyoto University Eleonora Patacchini University of Rome “La Sapienza” Tomasz Piskorski Columbia University John M. Quigley University of California–Berkeley Tony E. Smith University of Pennsylvania Christopher Timmins Duke University Joseph Tracy Federal Reserve Bank of New York Bruce A. Weinberg Ohio State University, IZA, and NBER Shouyue Yu Duke University Yves Zenou Stockholm University and IFN Conference Nathaniel Baum- Snow Brown University Participants Alan Berube Brookings Institution Xavier de Souza Briggs Massachusetts Institute of Technology William Collins Vanderbilt University William Dickens University of Maryland Anthony Downs Brookings Institution Joseph Gyourko University of Pennsylvania Amy Liu Brookings Institution Edwin S. Mills Northwestern University Carol O’Cleireacain Brookings Institution Katherine O’Regan New York University Howard Pack University of Pennsylvania Alice Rivlin Brookings Institution Martha Ross Brookings Institution Alberto Saiz University of Pennsylvania Raven E. Saks Federal Reserve Board Amy E. Schwartz New York University Michael Stoll University of California–Los Angeles Richard Voith Econsult Corporation Susan Wachter University of Pennsylvania Cliff Winston Brookings Institution Hal Wolman George Washington University Grace Wong University of Pennsylvania BWPUA 2009 frontmatter:10601-00a_FM_rev.qxd 7/16/09 2:46 PM Page vi BWPUA 2009 frontmatter:10601-00a_FM_rev.qxd 7/16/09 2:46 PM Page vii Preface Brookings- Wharton Papers on Urban Affairshas for ten years been devoted to publishing forward- looking research on urban policy issues in a form accessible to a diverse audience. This is the tenth and final volume in the series. It contains a symposium on international urban issues and three other papers on the inven- tiveness of cities, on discrimination in subprime mortgages, and on job decentralization and suburbanization. It is appropriate at this point to acknowledge the people and institutions that have helped make the ten years of conferences and volumes so rewarding. The many authors and discussants over the past decade deserve special thanks for intellectual contributions to the conferences as well as their efforts to draft argu- ments in a clear and accessible style for the volumes. We are also grateful to all the other conference participants for making the annual meetings lively and enlightening. Since its launch in 1999, the collaboration between the Wharton School and the Brookings Institution has drawn on resources and personnel in both academia and the policymaking community. We hoped to create a series of volumes that would be of interest and use to a wide audience, including pol- icymakers and their staffs, practitioners in the private sector, journalists, students, and others. The conferences at which the papers were initially presented as well as the resulting volumes owe much to the efforts of key people at both Brookings and Wharton. Brookings presidents Michael H. Armacost and Strobe Talbott sup- ported this project. Bruce Katz, director of the Metropolitan Policy Program, has been a loyal and generous supporter of the project, and his research pro- gram provided major financial support. At Wharton, Peter Linneman and Joseph Gyourko, former and current direc- tor, respectively, of the Samuel Zell and Robert Lurie Real Estate Center, have supported the project intellectually and financially from its inception. We have also received financial support the past five years from the Urban Research vii BWPUA 2009 frontmatter:10601-00a_FM_rev.qxd 7/16/09 2:46 PM Page viii viii Brookings-Wharton Papers on Urban Affairs: 2009 Institute at the University of Pennsylvania, which is codirected by professors Eugenie Birch and Susan Wachter. For two years, the Wharton Dean’s Office also provided support for the conference and volume. Several people at Brookings made vital contributions to the conferences, where drafts of papers were first presented, and to the resulting volumes. Bud- getary assistance and oversight have been provided by Jamaine Fletcher (Metropolitan Policy Program) and Linda Gianessi (Economics Studies) of Brookings. Over the decade, Saundra Honeysett, Jeanine Forsythe, Teresa Brown, and Kathleen Kruczlinicki at Brookings organized conference logis- tics and managed the paper flow. Lael S. Harris ably performed these duties for the current volume. Many Brookings research assistants provided splendid assistance in helping the coeditors fact- check the submissions and prepare summaries of the major articles. This year we thank Sean Hardgrove, Rosanna Smart, and Pavel Svaton for providing this crucial help. Janet Walker and Anthony Nathe of the Brookings Institution Press have managed the produc- tion of the conference volumes creatively and efficiently. The conferences were organized and the volumes edited by Janet Rothen- berg Pack of the Business and Public Policy Department at Wharton in collaboration with William G. Gale from 1999 to 2004 and Gary Burtless from 2005 to 2009. Gale, now the director of Economic Studies at Brookings, held the Arjay and Frances Fearing Miller Chair in Economics while he was co- editor of the volumes; Burtless holds the John C. and Nancy D. Whitehead Chair in Economics. Thank you all!
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