We analyze the adjustment of housing prices after an exogenous shock. Using continuous records of the housing market around a major European airport (ZRH, Switzerland) and an unexpected change in flight regulations induced by the neighboring country Germany, we find that apartment rents take...

Every year, riots cause a substantial number of fatalities in less-advanced countries. This paper explores the role of agricultural output shocks in explaining riots. Our theory predicts a negative relationship between the level of rioting and the deviation of the actual output from the average...

We study adaptation to climate change in a federalist setting. To protect themselves against an increase in flood risk, regional governments choose among adaptation measures that vary with respect to their costs, the level of protection they offer, and the presence and nature of spillovers to...