Papers by STUART ROSENTHAL
Regional Science and Urban Economics, 1994
Journal of Urban Economics, 1997
Journal of Urban Economics, 2001
This paper examines the microfoundations of agglomeration economies for U.S. manufacturing indust... more This paper examines the microfoundations of agglomeration economies for U.S. manufacturing industries. Using industries as observations, we regress the Ellison᎐ Ž . Glaeser G. Ellison and E. Glaeser, 1997, J. Polit. Econ. 105, 889᎐927 measure of spatial concentration on industry characteristics that proxy for the presence of knowledge spillovers, labor market pooling, input sharing, product shipping costs, and natural advantage. The analysis is conducted separately at the zipcode, county, and state levels. Results indicate that proxies for labor market pooling have the most robust effect, positively influencing agglomeration at all levels of geography. Proxies for knowledge spillovers, in contrast, positively affect agglomeration only at the zipcode level. Reliance on manufactured inputs or natural resources positively affects agglomeration at the state level but has little effect on agglomeration at lower levels of geography. The same is true for the perishability of output, a proxy for product shipping costs. ᮊ
Journal of Urban Economics, 2005
Housing policy under the Clinton and Bush Administrations has sought to boost homeownership while... more Housing policy under the Clinton and Bush Administrations has sought to boost homeownership while also narrowing racial gaps in owner-occupancy rates. Against that backdrop, homeownership rose sharply in the 1990s, but white-minority gaps remain in excess of 25 percentage points. We analyze these patterns using data from the 1983 to 2001 Survey of Consumer Finances. Results indicate that household characteristics explain most of the increase in homeownership and roughly two-thirds of the white-minority homeownership gap. Credit barriers account for no more than 5 percentage points of the remaining gap. This suggests that policy makers will need to look beyond innovations in mortgage finance if their goal is to further expand homeownership.
Journal of Real Estate Finance and Economics, 1994
Credit “screening models” suggest that lenders vary loan rates and debt ceilings across applicant... more Credit “screening models” suggest that lenders vary loan rates and debt ceilings across applicants on the basis of credit risk. We argue that regulatory constraints such as Fair Lending Laws may preclude rate sorting while increasing lender use of debt ceilings to adjust for applicant credit risk. Using household data from the 1983 SCF, we find that mortgage rates do not vary with applicant credit risk whereas related studies find that debt ceilings vary with borrower risk attributes. Together, these findings support arguments that regulatory constraints reduce rate sorting while increasing the use of non-price terms in the mortgage contract.
Uploads
Papers by STUART ROSENTHAL