The Economic Impact of Restricting Housing Supply
This policy brief by Edward Glaeser, a professor of economics at Harvard University and director of the Rappaport Institute, was presented at the Federal Reserve Bank of Boston during the [...]
Competition and Entry in Banking: Implications for Stability and Capital Regulation
We assess the influence of competition and capital regulation on the stability of the banking system. We particularly ask two questions: i) how does capital regulation affect (endogenous) entry; and [...]
State Discipline of Physicians: Assessing State Medical Boards through Case Studies
State Medical Boards that license and discipline physicians play an important and insufficiently studied role in medical quality assurance. Only Boards can limit or remove a physician's license to practice, [...]
Regulation and Property Values: The High Cost of Monopoly
Housing prices are much higher in areas with more stringent regulation. Housing supply is much less responsive to economic incentives in areas with more stringent land use regulation. These analyses [...]
Estimating Effects of an Urban Growth Boundary on Land Development
This study estimates the effects of an urban growth boundary (UGB) on land development decisions in Knox County, TN. With combined effects of increased land development within the city boundary [...]
Capital regulation, heterogeneous monitoring costs, and aggregate loan quality
This paper develops a banking-sector framework with heterogeneous loan monitoring costs. Banks are exposed to the moral hazard behavior of borrowers and endogenously choose whether to monitor their loans to [...]
From Traditional to Reformed: A Review of the Land Use Regulations in the Nation’s 50 largest Metropolitan Areas
Local land use regulations help define the character of cities, towns, counties, and entire regions. Zoning, comprehensive plans, infrastructure control, urban containment, building moratoriums, and permit caps can drive development [...]
The Long-Run Relationship between House Prices and Income: Evidence from Local Housing Markets
Many in the housing literature argue that house prices and income are cointegrated [tend to increase together]. I show that the data do not support this view. Standard tests using [...]
Physician Discipline
Despite the inherent advantages of peer review, the record of self-enforcement among physicians has been poor. Failures have been attributed to plausible factors, including protective self-interest, a misdirected sense of [...]
A Spatio-Temporal Model of House Prices in the US
The purpose of this paper is to apply recent advances in the econometrics of panel data to a problem that has a clear spatial dimension. We model the dynamic adjustment [...]