The last fifteen years have been marked by a dramatic boom-bust cycle in real estate prices, accompanied by economically large fluctuations in international capital flows. We argue that changes in [...]
This paper analyzes the cyclical effects of bank capital requirements in a simple model with credit market imperfections. Lending rates are set as a premium over the cost of borrowing [...]
This study presents a summary of stakeholder perspectives on the effectiveness of Maryland's Priority Funding Areas and barriers to growth within PFAs. It relies upon responses to a telephone survey [...]
Compulsory licensing allows firms in developing countries to produce foreign-owned inventions without the consent of foreign patent owners. This paper uses an exogenous event of compulsory licensing after World War [...]
We analyze whether local land supply is influenced by the degree of political competition, and interpret the findings as indications of the influence wielded by land developer lobbies. We use [...]
The regulation of bank capital as a means of smoothing the credit cycle is a central element of forthcoming macro-prudential regimes internationally. For such regulation to be effective in controlling [...]
While Fannie Mae, Freddie Mac, and private subprime lenders have deservedly garnered the bulk of attention and blame for the mortgage crisis, other federal programs also distort our mortgage market [...]
This chapter uses historical data on patents and registrations of new plant varieties to examine the effects of the Plant Patent Act on biological innovation. Evidence on a later Act, [...]
Because entrepreneurs’ incentives to innovate depends on the gap between the post innovation rent and the pre-innovation rent—call it the net innovation rent. And typically, what competition does is to [...]
Contrary to current international, national, and regional trends of neo-liberal policy reform, government regulation of urban land use has continued to increase in many countries worldwide. This is surprising, given [...]