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asset prices assume benefits from FDI capital income capital rental capitalized into higher Celtic Tiger central banks CEPR collective action clauses comparative statics demand for land Dixit/Norman Dublin area economy's GNP electronics capital equations exogenous expenditure function expression in square factor inflows FDI-industry food capital food industry foreign direct investment Geneva Reports Hence higher land rents immigrant households immigrant's impact income effect income gains incumbent immigrants inelastic inflow of capital inflow of labor infrastructure Ireland Irish Island's economy labor and capital land market equilibrium land rent increase land supply locus long run migration MM-locus mobile capital moral hazard no-labor-migration-condition open city open economy open small economy outflow paper production function public input public investment redistribution reinforce return to capital revenue function rising land rents short run square brackets Stability Assumption subscription tradable goods sector University College Dublin urban economics value marginal product wage rate World Economy