reference library

/reference library
reference library 2018-06-08T14:23:35+00:00

This website features a collection of links to outside resources, many of which were cited in The Captured Economy, for readers interested in learning more about regressive regulation.

To filter the reference library by topic, please use the links on a topic page or open this page on a full-size screen and use the provided menu.

How Medical Licensing Drives Up Health Care Prices

Brink Lindsey and Steven Teles

Pro-Market

November 8, 2017

The role of licensing in driving up healthcare costs has been almost completely ignored. The apparent explanation is that nobody can imagine that there is any alternative. The obvious complexity…
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Intellectual Property Laws: Wolves in Sheep’s Clothing

Brink Lindsey and Steven Teles

Pro-Market

September 15, 2017

In the rogues’ gallery of regulatory rent-seeking, copyright and patent laws are the wolves in sheep’s clothing. According to the ingenious and highly effective rhetoric of their beneficiaries and supporters,…
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How Regulation Subsidizes Big Finance

Brink Lindsey and Steven Teles

Pro-Market

December 17, 2018

In any search for policies that slow growth and drive inequality, financial regulation is an obvious place to start. After all, the financial sector was Ground Zero for the worst…
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Excessive Zoning Makes Us Poorer and More Unequal

Brink Lindsey and Steven Teles

Pro-Market

April 30, 2018

Zoning ordinances and the like have been endemic in the United States for the better part of a century. These laws have always influenced the location of housing within a…
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From Revolving Doors to Regulatory Capture? Evidence from Patent Examiners

Haris Tabakovic and Thomas G. Wollmann

NBER

May 2018

Many regulatory agency employees are hired by the firms they regulate, creating a “revolving door” between government and the private sector. We study these transitions using detailed data from the…
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Disclosure and Subsequent Innovation: Evidence from the Patent Depository Library Program

Jeffrey L. Furman, Markus Nagler, and Martin Watzinger

NBER

May 2018

How important is information disclosure through patents for subsequent innovation? Although disclosure is regarded as essential to the functioning of the patent system, legal scholars have expressed considerable skepticism about…
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The Fed Increases Large Banks’ Capital Requirements

Francisco Covas, Brett Waxman, and Robert Lindgren

The Clearing House

June 29, 2018

Yesterday, the Federal Reserve released the results of the 2018 Comprehensive Capital Analysis and Review (CCAR). As described in previous TCH’s posts, the 2018 results were crucially driven by the…
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How States Use Occupational Licensing to Punish Student Loan Defaults

C. Jarrett Dieterle, Shoshana Weissmann, and Garrett Watson

R Street Institute

June 2018

In recent years, college graduates have found themselves increasingly saddled with student loan debt. Even worse, many of these graduates fall behind on that debt sometimes through no fault of…
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Rural And Nonrural Primary Care Physician Practices Increasingly Rely On Nurse Practitioners

Hilary Barnes, Michael R. Richards, Matthew D. McHugh, and Grant Martsolf

Health Affairs

June 2018

The use of nurse practitioners (NPs) in primary care is one way to address growing patient demand and improve care delivery. However, little is known about trends in NP presence…
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How I Learned to Stop Worrying and Love Fire Sales

Pablo Kurlat

NBER

June 2018

In canonical models with financial constraints, the possibility of fire sales creates a pecuniary externality that results in ex-ante overinvestment. I show that this result is sensitive to the microfoundations…
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Financial Globalization and the Welfare State

Assaf Razin and Efraim Sadka

NBER

June 2018

The economic link between globalization and income distribution has been rigorously studied from the perspectives of the international-trade paradigm. However, the international-trade viewpoint does not address the impact of globalization…
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Academics’ Motives, Opportunity Costs and Commercial Activities Across Fields

Wesley M. Cohen, Henry Sauermann, and Paula Stephan

June 2018

Scholarly work seeking to understand academics’ commercial activities often draws on abstract notions of the institution of science and of the representative scientist. Few scholars have examined whether and how…
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Bank Resolution and the Structure of Global Banks

Patrick Bolton and Martin Oehmke

NBER

June 2018

We study the resolution of global banks by national regulators. Single-point-of-entry (SPOE) resolution, where loss-absorbing capital is shared across jurisdictions, is efficient but may not be implementable. First, when expected…
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What Happened: Financial Factors in the Great Recession

Mark Gertler and Simon Gilchrist

NBER

June 2018

Since the onset of the Great Recession, an explosion of both theoretical and empirical research has investigated how the financial crisis emerged and how it was transmitted to the real…
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Banks as Potentially Crooked Secret-Keepers

Timothy Jackson and Laurence J. Kotlikoff

NBER

June 2018

Bank failures are generally liquidity as well as solvency events. Whether it is households running on banks or banks running on banks, defunding episodes are full of drama. This theater…
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Central Banking for All: A Public Option for Bank Accounts

Morgan Ricks, John Crawford, and Lev Menand

The Great Democracy Initiative

June 2018

Among the perks of being a bank is the privilege of holding an account with the central bank. Unavailable to individuals and nonbank businesses, central bank accounts pay higher interest…
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Bank Capitalization and Loan Growth

Francisco Covas

The Clearing House

December 2016

A few academic papers have recently indicated that banks with a greater amount of capital tend to lend more as a result of lower funding costs. This evidence has been…
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Lobbying on Regulatory Enforcement Actions: Evidence from U.S. Commercial and Savings Banks

Thomas Lambert

Management Science

January 19, 2018

This paper analyzes the relationship between bank lobbying and supervisory decisions of regulators and documents its moral hazard implications. Exploiting bank-level information on the universe of commercial and savings banks…
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Estimating How Basel III Liquidity Requirements Should Affect a GSIB Surcharge

Francisco Covas and Robert Lindgren

The Clearing House

June 2018

This note proposes a recalibration of the global systemically important bank holding company (GSIB) capital surcharge that takes into account the impact of the liquidity coverage ratio (LCR) – one…
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America’s Most Diverse Mixed-Income Neighborhoods

City Observatory

June 18, 2018

These neighborhoods—which we call America’s most diverse, mixed-income neighborhoods—have high levels of racial, ethnic and income diversity. This report identifies, maps and counts the nation’s most diverse mixed-income neighborhoods. In…
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Government Guarantees and the Valuation of American Banks

Andrew G. Atkeson, Adrien d'Avernas, Andrea L. Eisfeldt, Pierre-Olivier Weill

NBER

June 2018

Banks’ ratio of the market value to book value of their equity was close to 1 until the 1990s, then more than doubled during the 1996-2007 period, and fell again…
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Amenities, Affordability, and Housing Vouchers

David S. Bieri and Casey Dawkins

Journal of Regional Science

June 2018

An unprecedented surge in U.S. rental demand in the decade since the housing crisis has raised the specter of a rental affordability crisis, the brunt of which is borne by…
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Housing Wealth Effects: The Long View

Adam M. Guren, Alisdair McKay, Emi Nakamura, Jón Steinsson

NBER

June 2018

We provide new, time-varying estimates of the housing wealth effect back to the 1980s. We exploit systematic differences in city-level exposure to regional house price cycles to instrument for house…
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Did the Introduction of Fixed-Rate Federal Deposit Insurance Increase Long-Term Bank Risk-Taking?

Gayle Delong and Anthony Saunders

Journal of Financial Stability

January 2011

We investigate whether the introduction of fixed-price U.S. federal deposit insurance in 1933 increased the risk-taking of banks over the succeeding period. We examine 60 financial institutions and find that…
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The State of the Nation’s Housing 2018

Joint Center for Housing Studies of Harvard University

June 2018

As the inaugural State of the Nation’s Housing report noted, the majority of Americans were well housed in 1988, and a number of metrics point to improving conditions since then….
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Innovative startup firms and the patent system

Bronwyn Hall

VoxEU

July 19, 2018

Patent protection is assumed to benefit entrepreneurs seeking investment, because patents signal quality and are an asset that can be resold if a startup fails. This column argues that the…
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Out of Reach: The High Cost of Housing

Andrew Aurand, Dan Emmanuel, Diane Yentel, Ellen Errico, Jared Gaby-Biegel, and Emma Kerr

National Low Income Housing Coalition

June 2018

The 2018 national Housing Wage is $22.10 for a modest two-bedroom rental home and $17.90 for a modest one-bedroom rental home. Among the 50 states and the District of Columbia,…
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‘Since You’re So Rich, You Must Be Really Smart’: Talent and the Finance Wage Premium

Michael J Böhm, Daniel Metzger, and Per Johan Strömberg

Swedish House of Finance Working Paper

June 4, 2018

Financial sector wages increased extraordinarily over the last decades. An explanation for this trend is that skill demand rose more in finance than other sectors. We use Swedish administrative data,…
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Deposit Insurance Around the World: A Comprehensive Analysis and Database

Asli Demirgüç-Kunt, Edward Kane, and Luc Laeven

Journal of Financial Stability

October 2015

This paper provides a comprehensive, global database of deposit insurance arrangements as of 2013. We extend our earlier dataset by including recent adopters of deposit insurance and information on the…
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Tax Reform’s Impact on Bank and Corporate Cyclicality

Diego Aragon, Anna Kovner, Vanesa Sanchez, and Peter Van Tassel

Liberty Street Economics

July 16, 2018

The Tax Cuts and Jobs Act (TCJA) is expected to increase after-tax profits for most companies, primarily by lowering the top corporate statutory tax rate from 35 percent to 21…
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The vertical city: Rent gradients, spatial structure, and agglomeration economies

Crocker H. Liu, Stuart S. Rosenthal, and William C. Strange

Journal of Urban Economics

July 2018

Tall commercial buildings dominate city skylines. Nevertheless, despite decades of research on commercial real estate and horizontal patterns of urban development, vertical patterns have been largely ignored. We document that…
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Financial Stability, Interest Rate Smoothing and Equilibrium Determinacy

Giorgio Di Giorgio and Zeno Rotondi

Journal of Financial Stability

January 2011

This paper examines the interaction between monetary policy and financial stability and provides an assessment of the implications of banks’ risk management practices for monetary policy. By considering the desire…
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The Misguided Beliefs of Financial Advisors

Juhani T. Linnainmaa, Brian Melzer, and Alessandro Previtero

Kelley School of Business

May 16, 2018

A common view of retail finance is that conflicts of interest contribute to the high cost of advice. Within a large sample of Canadian financial advisors and their clients, however,…
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Improving Efficiency in the Health-Care System: Removing Anticompetitive Barriers for Advanced Practice Registered Nurses and Physician Assistants

E. Kathleen Adams and Sara Markowitz

The Hamilton Project

June 2018

In an era characterized by high levels of U.S. health-care spending and inadequate health outcomes, it is vital for policymakers to explore opportunities for enhancing productivity. Important productivity gains could…
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Review of State Professional and Occupational Licensure Board Requirements and Processes

Commonwealth of Pennsylvania

June 11, 2018

BPOA worked in coordination with Saint Francis University’s Knee Center for the Study of Occupational Regulation (CSOR) to compile data on regional equivalent professional and occupational licensure. The report found…
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When Work Moves: Job Suburbanization and Black Employment

Conrad Miller

NBER

June 2018

This paper presents evidence that job suburbanization caused significant declines in black employment from 1970 to 2000. I document that, conditional on detailed job characteristics, blacks are less likely than…
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Banks Without Parachutes: Competitive Effects of Government Bail-Out Policies

We analyze the competitive effects of government bail-out policies in two models with different degrees of transparency in the banking sector. Our main result is that bail-outs lead to higher…
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Key Attributes of Effective Resolution Regimes for Financial Institutions

Financial Stability Board

October 15, 2014

When the FSB adopted the Key Attributes in 2011 it was agreed to develop further guidance on their implementation, taking into account the need for implementation to accommodate different national…
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The Run on Repo and the Fed’s Response

Gary Gorton, Toomas Laarits, and Andrew Metrick

NBER

July 2018

The Financial Crisis began and accelerated in short-term money markets. One such market is the multi-trillion dollar sale-and-repurchase (“repo”) market, where prices show strong reactions during the crisis. The academic…
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Beyond Patents

Jeffrey Funk

Issues in Science and Technology

Summer 2018

I argue that the growing dominance of patent analysis not only fails to provide valuable and reliable insight into innovation processes, but is a smoke screen that prevents social scientists…
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Intellectual property rights affect the pattern of trade

Jenny Lin and William Lincoln

VoxEU

July 6, 2018

Disagreements over intellectual property rights policies have been a major roadblock in recent trade agreement talks, and the issue has also been a pillar of critiques of globalisation. This column…
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Luck Versus Skill in the Cross Section of Mutual Fund Returns

Eugene F. Fama and Kenneth R. French

The Journal of Finance

October 2010

The aggregate portfolio of U.S. equity mutual funds is close to the market portfolio, but the high costs of active management show up intact as lower returns to investors. Bootstrap…
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Burnout and Scope of Practice in New Family Physicians

Amanda K. H. Weidner, Robert L. Phillips, Jr, Bo Fang, and Lars E. Peterson

Annals of Family Medicine

June 2018

Family physicians report some of the highest levels of burnout, but no published work has considered whether burnout is correlated with the broad scope of care that family physicians may…
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The Same Old Song

Thomas M. Lenard and Lawrence J. White

Regulation

Summer 2018

When Spotify went public earlier this year, the company faced a $1.6 billion lawsuit alleging that it was streaming such hits as Tom Petty’s “Free Fallin’,” the Doors’ “Light My…
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Balancing the “Zoning Budget”

David Schleicher

Yale Law School

2011

The politics of urban land use frustrate even the best intentions. A number of cities have made strong political commitments to increasing their local housing supply in the face of…
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Balancing the ‘Zoning Budget’

David Schleicher

Yale Law School

2011

The politics of urban land use frustrate even the best intentions. A number of cities have made strong political commitments to increasing their local housing supply in the face of…
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Global Intellectual Property (IP) Litigation Risk Research Report

Willis Towers Watson

July 24, 2018

In the U.S. alone, an average of 12,000 intellectual property (IP) cases are filed in federal court each year; to put that into context, each year there are approximately 6,400…
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Economics of the Pharmaceutical Industry

Darius N. Lakdawalla

Journal of Economic Literature

June 2018

The pharmaceutical industry accounts for a substantial chunk of the US economy’s research and development investments, which have resulted in significant medical breakthroughs. At the same time, the costs of…
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The Regulatory Compass: Towards a purpose-driven approach to financial regulation

The Finance Innovation Lab

July 3, 2018

We are living through a period of major political and economic uncertainty. While Brexit and new global forces reshape our economy, the rise of digital technologies could set our financial…
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Why Do Some Occupations Pay More than Others? Social Closure and Earnings Inequality in the United States

Kim A. Weeden

American Journal of Sociology

July 2002

This article elaborates and evaluates the neo-Weberian notion of social closure to investigate positional inequality in the United States. It argues that social and legal barriers around occupations raise the…
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Bank Risk Factors and Changing Risk Exposures: Capital Market Evidence Before and During the Financial Crisis

Wolfgang Bessler and Philipp Kurmann

Journal of Financial Stability

August 2014

We analyze the capital market assessment of bank risk factors in Europe and the United States for the 1990–2011 period. The focus is on bank stock returns in a multi-factor…
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The New Closed Shop? The Economic and Structural Effects of Occupational Licensure

Beth Redbird

American Sociological Review

2017

During the past few decades, licensure, a state-enforced mechanism for regulating occupational entry, quickly became the most prevalent form of occupational closure. Broad consensus among researchers holds that licensure creates…
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Principles on Bail-In Execution

Financial Stability Board

November 30, 2017

Bail-in within resolution is a core part of resolution strategies of global systemically important banks (G-SIBs). It refers to the write-down and/or conversion of liabilities into equity and helps implement…
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When Losses Turn Into Loans: The Cost of Undercapitalized Banks

Luísa Farinha and Francisco Rebelo

Stanford University Graduate School of Business

June 28, 2018

We provide evidence that a weak banking sector contributed to low productivity following the European debt crisis. An unexpected increase in capital requirements provides a natural experiment to study the…
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A Hidden Gift to Manufacturing

Roderick M. Hills Jr and David Schleicher

Regulation

April 2010

Many urban areas use non-cumulative zoning – zoning exclusive to one use (typically manufacturing) that prohibits other uses even if those uses are considered less noxious. Proponents of this zoning…
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How Land Use Law Impedes Transportation Innovation

David Schleicher

Yale Law School

April 2016

Transportation scholars have long known that infrastructure investments both depend upon current land use patterns and spur changes in those patterns. There is a massive literature built around what are…
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City Replanning

Roderick M. Hills Jr and David Schleicher

George Mason Law Review

August, 2014

We argue, by contrast, that the dismissal of plans was shortsighted and has helped contribute to the excessive strictness of zoning in our richest and most productive cities and regions,…
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How antitrust enforcement can spur innovation: Bell Labs and the 1956 Consent Decree

There is growing concern that dominant companies use patents strategically to keep competitors from entering their market. This column uses the landmark 1956 Consent Decree against Bell Labs to explore…
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Eight Market-Oriented Proposals That Reduce Income Inequality

Dean Baker

American Enterprise Institute

January 24, 2017

Debates over economic policy are often framed as conservatives supporting market-oriented policies, while progressives support government interventions. However, there are many market-oriented policies that can lead to more equality, an…
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Bank capital, institutional environment and systemic stability

Deniz Anginer, Asli Demirgüç-Kunt, Davide S. Marea

Journal of Financial Stability

August 2018

Using data on publicly traded banks in 61 countries, we examine how the institutional environment affects the relationship between bank capital and system-wide fragility. Consistent with prior studies, we find…
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Should There Be Lower Taxes on Patent Income?

Fabian Gaessler, Bronwyn H. Hall, and Dietmar Harhoff

NBER

Publication date here

A “patent box” is a term for the application of a lower corporate tax rate to the income derived from the ownership of patents. This tax subsidy instrument has been…
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The dark side of stress tests: Negative effects of information disclosure

Roman Goncharenko, Juraj Hledik, and Roberto Pinto

Journal of Financial Stability

August 2018

This paper studies the effect of information disclosure on banks’ portfolio risk. We cast a simple banking system into a general equilibrium model with trading frictions. We find that the…
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Securitized banking and the run on repo

Gary Gorton and Andrew Metrick

Journal of Financial Economics

July 2012

The panic of 2007–2008 was a run on the sale and repurchase market (the repo market), which is a very large, short-term market that provides financing for a wide range…
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Corporate bond clawbacks as contingent capital for banks

We propose a contingent clawback bond (COCLA) as an alternative source of contingent convertible capital (CoCo). We develop a utility maximization model in which a bank manager faces the following…
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The Economic Crisis: Did Supervision Architecture and Governance Matter?

Donato Masciandaro, Rosaria Vega Pansini, Marc Quintyn

Journal of Financial Stability

Journal of Financial Stability

Since the mid-1990s worldwide efforts were undertaken to improve the effectiveness of financial supervision, through modifications in the architecture and governance. Did these improvements mitigate the 2008–2009 Crisis? This paper…
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Stuck! The Law and Economics of Residential Stagnation

David Schleicher

The Yale Law Journal

January 2017

This Article advances two central claims. First, declining interstate mobility rates create problems for federal macroeconomic policymaking. Low rates of interstate mobility make it harder for the Federal Reserve to…
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Cross-Sectional Analysis of the 1039 U.S. Physicians Reported to the National Practitioner Data Bank for Sexual Misconduct, 2003–2013

Azza AbuDagga, Sidney M. Wolfe, Michael Carome, and Robert E. Oshel

PLOS One

February 3, 2016

Little information exists on U.S. physicians who have been disciplined with licensure or restriction-of-clinical-privileges actions or have had malpractice payments because of sexual misconduct. Our objectives were to: (1) determine…
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In whose backyards has D.C. built new housing?

Jenny Schuetz

Brookings Institution

May 14, 2018

Like many large metropolitan areas, the Washington D.C. region faces a housing supply crunch. From 2010 to 2016, the population grew roughly twice as fast as the number of housing…
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Planning an Affordable City

Roderick M Hills and David Schleicher

Iowa Law Review

2015

First, we argue in Part III.A that binding, comprehensive plans allow legislators to create “contracts” across electoral districts that are otherwise impossible when zoning proceeds through piecemeal lot-by-lot bargaining. In…
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Good for One, Bad for All: Determinants of Individual Versus Systemic Risk

Germán López-Espinosa, Antonio Rubia, Laura Valderrama, and Miguel Antón

Journal of Financial Stability

September 2013

We analyze a sample of large international banks in major advanced economies and examine the impact that bank-specific factors have on an institution’s solvency risk and its contribution to systemic…
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Comprehensive Capital Analysis and Review 2018: Assessment Framework and Results

Board of Governors of the Federal Reserve System

June 2018

In the supervisory post-stress capital assessment, the Federal Reserve estimates that the aggregate common equity tier 1 ratio for the firms participating in CCAR 2018 would decline in the severely…
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Can parents protect their children? Risk comparison analysis between affiliates of multi- and single-bank holding companies

Kim Cuong Ly, Frank Hong Liu, and Kwaku Opong

Journal of Financial Stability

August 2018

We find that multi-bank holding companies (MBHCs) in the U.S. have lower insolvency risk than single-bank holding companies (SBHCs) at the parent level, but have significantly higher insolvency risk than…
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The Steep Cost of Using Noncumulative Zoning to Preserve Land for Urban Manufacturing

Roderick M. Hills Jr and David Schleicher

The Univerity of Chicago Law Review

2010

In this Article, we argue that non-cumulative zoning is an idea whose time has passed, if there ever was a convincing case for it at all. The two major justifications…
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The Dual Frontier: Patented Inventions and Prior Scientific Advance

Mohammad Ahmadpoor and Benjamin F. Jones

Science

August 11, 2017

The extent to which scientific advances support marketplace inventions is largely unknown. We study 4.8 million U.S. patents and 32 million research articles to determine the minimum citation distance between…
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Global Financial Cycles and Risk Premiums

Òscar Jordà, Moritz Schularick, Alan M. Taylor, and Felix Ward

NBER

June 2018

This paper studies the synchronization of financial cycles across 17 advanced economies over the past 150 years. The comovement in credit, house prices, and equity prices has reached historical highs…
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The City as a Law and Economic Subject

David Schleicher

University of Illinois Law Review

Fall 2010

The study of the relationship between local government law and economics has long had one central text: Charles Tiebout’s famous 1956 article, A Pure Theory of Local Expendatures. Tiebout developed…
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Perceived FOMC: The Making of Hawks, Doves and Swingers

Michael D. Bordo and Klodiana Istrefi

NBER

May 2018

Narrative records in US newspapers reveal that about 70 percent of Federal Open Market Committee (FOMC) members who served during the last 55 years are perceived to have had persistent…
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Millennial Homeownership: Why Is It So Low, and How Can We Increase It?

Jung Hyun Choi, Jun Zhu, Laurie Goodman, Bhargavi Ganesh, and Sarah Strochak

Urban Institute

July 11, 2018

This study shows that the homeownership rate for millennials was 37 percent in 2015, or about eight percentage points lower than that of the two previous generations (Gen X and…
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Credit Supply and Housing Speculation

Atif Mian and Amir Sufi

NBER

July 2018

Credit supply expansion fuels housing speculation, generating a boom and bust in house prices. U.S. zip codes more exposed to the 2003 acceleration of the private label mortgage securitization (PLS)…
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Some Facts of High-Tech Patenting

Michael Webb, Nick Short, Nicholas Bloom, and Josh Lerner

NBER

July 2018

Patenting in software, cloud computing, and artificial intelligence has grown rapidly in recent years. Such patents are acquired primarily by large US technology firms such as IBM, Microsoft, Google, and…
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The Urgency to Achieve an Inclusive Economy in the Bay Area

Amy Liu

The Urbanist

May 2018

Whether Bay Area residents like it or not, city leaders across the country are watching how this high-tech region grapples with the consequences of dizzying economic growth — expensive housing,…
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Regulatory Cycles: Revisiting the Political Economy of Financial crises

Jihad C. Dagher

International Monetary Fund, Research Department

November 27. 2017

Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. The policy discussions and economic…
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The Location Market

Daniel B. Rodriguez and David Schleicher

George Mason Law Review

April 2014

This paper focuses on the benefits businesses and residents get from being able to locate in specific places inside a given city. First, it argues that agglomeration economics — the…
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Guiding Principles on the Temporary Funding Needed to Support the Orderly Resolution of a Global Systemically Important Bank (“G-SIB”)

Financial Stability Board

August 18, 2016

These guiding principles for the temporary funding of global systemically important banks (G-SIBs) in resolution seek to address the risk of banks having insufficient liquidity to maintain the continuity of…
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Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance, a Review

Robert E. Krainer

Journal of Financial Stability

April 2012

This article is a review of a 531 page book that in turn is a review and evaluation of the 2319 page Dodd–Frank Wall Street Reform and Consumer Protection Act…
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Birth Rates Dropped Most in Counties Where Home Values Grew Most

Jeff Tucker

Zillow Research

June 6, 2018

A recent decline in fertility was sharpest in counties where home values rose the most, and the change was smaller—and sometimes even up —where home value growth was weaker. An…
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How is Technology Changing the Mortgage Market?

Andreas Fuster, Matthew Plosser, and James Vickery

Liberty Street Economics, Federal Reserve Bank of New York

June 25, 2018

The adoption of new technologies is transforming the mortgage industry. For instance, borrowers can now obtain a mortgage entirely online, and lenders use increasingly sophisticated methods to verify borrower income…
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How EU banks modelled their stress away in the 2016 EBA stress tests

Friederike Niepmann and Viktors Stebunovs

VoxEU

July 30, 2018

In the European Banking Authority’s EU-wide stress tests, banks project capital ratios under a hypothetical adverse scenario employing their own models, which are constrained by a common methodology set by…
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Eyes Wide Shut? The Moral Hazard of Mortgage Insurers during the Housing Boom

Neil Bhutta and Benjamin J. Keys

NBER

July 2018

In the U.S. mortgage market, private mortgage insurance (PMI) is mandated for high-leverage mortgages purchased by Fannie Mae and Freddie Mac to serve as a private market check on GSE…
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Welcome to the New Columbia: The Fiscal, Economic and Political Consequences of Statehood for D.C.

David Schleicher

Yale Law School

2014

A quick overview: Part I of this Essay will discuss the special fiscal and economic conditions that New Columbia would face. On one hand, statehood would better allow D.C. to…
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CityLab University: Inclusionary Zoning

Benjamin Schneider

CityLab

July 17, 2018

In D.C. and around the country, inclusionary zoning (also sometimes called “inclusionary housing”), is an increasingly popular way to produce affordable housing through the private market. And while these programs…
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A Model of Financialization of Commodities

Suleyman Basak and Anna Pavlova

Journal of Finance

September 13, 2015

A sharp increase in the popularity of commodity investing in the past decade has triggered an unprecedented inflow of institutional funds into commodity futures markets, referred to as the financialization…
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Who Benefits From Productivity Growth? Direct and Indirect Effects of Local TFP Growth on Wages, Rents, and Inequality

Richard Hornbeck and Enrico Moretti

NBER

May 2018

We estimate the local and aggregate effects of total factor productivity growth on US workers’ earnings, housing costs, and purchasing power. Drawing on four alternative instrumental variables, we consistently find…
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The role of racial bias in exclusionary zoning: The case of Durham, North Carolina, 1945–2014

Andrew H Whittemore

Economy and Planning A: Economy and Space

June 6, 2018

This paper investigates the distribution of and motivations for zoning decisions that decreased allowed residential density or prevented denser residential development in urbanized portions of Durham, North Carolina, from 1945…
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Like Uber, but for Local Government Law: The Future of Local Regulation of the Sharing Economy

David Schleicher

Ohio State Law Journal

2015

If sharing firms prevail in the current fights over the right to operate (and indications suggest they will), it is unlikely that cities and states will ignore them. Instead, as…
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Regulating in the Dark

Roberta Romano

Journal of Financial Perspectives

March 21, 2013

Foundational financial legislation is typically adopted in the midst or aftermath of financial crises, when an informed understanding of the causes of the crisis is not yet available. Moreover, financial…
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Lens or Prism? Patent Citations as a Measure of Knowledge Flows from Public Research

Michael Roach and Wesley M. Cohen

NIH Public Access

Febuary 2013

This paper assesses the validity and accuracy of firms’ backward patent citations as a measure of knowledge flows from public research by employing a newly constructed dataset that matches patents…
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Location as an Asset

Adrien Bilal and Esteban Rossi-Hansberg

NBER

The location of individuals determines their job opportunities, living amenities, and housing costs. We argue that it is useful to conceptualize the location choice of individuals as a decision to…
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Hidden Loan Losses, Moral Hazard and Financial Crises

J.P. Niinimaki

Journal of Financial Stability

January 2012

This paper introduces two methods of hiding loan losses and analyzes how they affect a bank’s loan interest income, payments on deposits, liquidity and moral hazard. The analysis reveals that…
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Patent Statistics as Economic Indicators: A Survey

Zvi Griliches

University of Chicago Press

January 1998

I shall try, in this survey, to show why I think patent statistics are interesting in spite of all the difficulties that arise in their use and interpretation. To do…
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