Out of Reach: The High Cost of Housing
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, [...]
Comprehensive Capital Analysis and Review 2019: Assessment Framework and Results
This annual assessment consists of two primary components: The Dodd-Frank Act stress test (DFAST) is a forward-looking quantitative evaluation of bank capital that demonstrates how a hypothetical set of stressful [...]
Racial Segregation in Housing Markets and the Erosion of Black Wealth
Housing is the most important asset for the vast majority of American households and a key driver of racial disparities in wealth. This paper studies how residential segregation by race [...]
Who Profits from Patents? Rent-Sharing at Innovative Firms
This paper analyzes how patent-induced shocks to labor productivity propagate into worker compensation using a new linkage of US patent applications to US business and worker tax records. We infer [...]
The Value of Cosmetology Licensing to the Health, Safety, and Economy of America
The objective of this report is to detail the health, safety and economic contributions of the professional beauty industry and the critical role professional beauty licensing plays in protecting those [...]
‘Since You’re So Rich, You Must Be Really Smart’: Talent and the Finance Wage Premium
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, [...]
Macroprudential Policy, Leverage, and Bailouts
Reliance on macroprudential tools is problematic in several ways. First, in spite of reforms to the regulation of bank capital, high leverage, regulatory complexity, and public-sector guarantees continue to be [...]
The Real Effects of Debt
At moderate levels, debt improves welfare and enhances growth. But high levels can be damaging. When does debt go from good to bad? We address this question using a new [...]
Zoning and the Cost of Housing: Evidence from Silicon Valley, Greater New Haven, and Greater Austin
Municipal zoning, shockingly, may be the most consequential regulatory program in the United States. This article reports findings derived from an examination of provisions of zoning ordinances and zoning maps, [...]
Impact of Public Sector Assumed Returns on Investment Choices
Does the use of assumed investment returns to value liabilities and calculate required contributions lead public pension plans to invest more in risky assets? The analysis finds that, even after [...]