Determinants of Real House Price Dynamics
We explore the dynamics of real house prices...from a panel data set of 62 metro areas from 1979-1995. Serial correlation is higher in metro areas with higher real income, population [...]
International Banking Regulation: Where’s the Market Discipline in Basel II?
In 1988 the Basel Committee on Banking Supervision completed the Basel Capital Accord, which set risk-weighted minimum capital standards for internationally active banks. The accord, which has been adopted by [...]
The Impact of Building Restrictions on Housing Affordability
The bulk of the evidence marshaled in this paper suggests that zoning, and other land-use controls, are more responsible for high prices where we see them. There is a huge [...]
Abolishing Exclusionary Zoning: A Natural Policy Alliance for Environmentalists and Affordable Housing Advocates
Exclusionary zoning limits residential development over large areas, and even entire cities or towns, to single-family housing on large lots. Exclusionary zoning is unfair to people and families of modest [...]
San Jose Demonstrates the Limits of Urban Growth Boundaries and Urban Rail
The theory behind both urban-growth boundaries and light rail systems seems sensible at first. Growth boundaries stop development from “sprawling” beyond the limits it sets and forces new development and [...]
Smart Growth in Action, Part II: Case Studies in Housing Capacity and Development from Ventura County, California
This report is the second portion of a two-part study that attempts to help fill this void by examining the implementation of growth management techniques in Ventura County, California, a [...]
Judicial Abdication and the Rise of Special Interests
If the extreme judicial deference epitomized by the rational basis test is the wrong approach to economic legislation, what is the right approach? One answer is that economic rights should [...]
How Do Patent Laws Influence Innovation? Evidence from Nineteenth-Century World Fairs
This paper introduces a new internationally comparable data set that permits an empirical investigation of the effects of patent law on innovation. The data have been constructed from the catalogues [...]
Social Capital and the Built Environment: The Importance of Walkable Neighborhoods
I sought to examine whether pedestrian-oriented, mixed-use neighborhoods encourage enhanced levels of social and community engagement (i.e., social capital). The study investigated the relationship between neighborhood design and individual levels [...]
Smart Growth, Housing Markets, and Development Trends in the Baltimore-Washington Corridor
Though this study does not prove that housing markets and development trends in Maryland have been adversely affected by land use policies, there is evidence to suggest that state and [...]