The Dynamics and Volatility of Commercial and Residential Property Prices: Theory and Evidence*

Abstract. This article investigates the dynamics of property prices and their interaction with output growth in a general equilibrium model. Closed form solutions and testable hypotheses are derived from a mildly restricted version of the model. The testable hypotheses are broadly supported empirically. In particular, (1) the volatility of commercial property prices is higher than that of residential property prices, (2) each of the lagged, contemporary, and forward commercial property prices is positively correlated with residential property prices, (3) the contemporaneous covariance between the two property prices is larger than the lagged covariance, and (4) output growth is positively correlated with both property prices. These results are consistent with simulations results that are based on a more general specification of the model.     

KING GESAR GETTING HIS MANDARIN VOICE

正The epic of King Gesar,which was listed as a World Intangible Cultural Heritage item by UNESCO,is considered a masterpiece of Tibetan folk literature.With new content infused into the epic and with a constant emergence of rappers,it is believed to be the world's longest narrative epic,and it is regarded as an encyclopedia of Tibetan ancient society.Financially supported by the Financial Bureau of Tibet with an investment of 7.66 million yuan,a project     

For love or money? Assessing outcomes from direct public investment in film

ABSTRACT

This study examines Australian domestic film performance under two distinct policy regimes with respect to direct investment strategy. In particular, we contrast film performance under two public funding agencies with noted differences in (i) the number of films financed annually, (ii) the average (and maximum) funding per film, and (iii) the involvement of an expert review panel in funding decisions. In addition to box office returns, we consider performance benchmarks related to major film festival screenings, nominations and awards; critical acclaim based on IMDb user and critic reviews; and whether or not the film received a release in the major UK and/or US markets. Finally, we exploit a subset of our data where a ‘two-door’ policy was used for investment decisions that allows us to reflect on our more general results.