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Simulating Wages and House Prices Using the NEG

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  • Bernard Fingleton

Abstract

The paper incorporates house prices within an NEG framework leading to the spatialdistributions of wages, prices and income. The model assumes that all expenditure goes tofirms under a monopolistic competition market structure, that labour efficiency units areappropriate, and that spatial equilibrium exists. The house price model coefficients areestimated outside the NEG model, allowing an econometric analysis of the significance ofrelevant covariates. The paper illustrates the methodology by estimating wages, income andprices for small administrative areas in Great Britain, and uses the model to simulate theeffects of an exogenous employment shock.

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File URL: http://www.spatialeconomics.ac.uk/textonly/SERC/publications/download/sercdp0021.pdf
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Bibliographic Info

Paper provided by Spatial Economics Research Centre, LSE in its series SERC Discussion Papers with number 0021.

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Date of creation: Apr 2009
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Handle: RePEc:cep:sercdp:0021

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Web page: http://www.spatialeconomics.ac.uk/SERC/publications/default.asp

Related research

Keywords: new economic geography; real estate prices; spatial econometrics;

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Cited by:
  1. Badi H. Baltagi & Bernard Fingleton & Alain Pirotte, 2013. "Spatial Lag Models with Nested Random Effects: An Instrumental Variable Procedure with an Application to English House Prices," Center for Policy Research Working Papers 161, Center for Policy Research, Maxwell School, Syracuse University.

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