This paper is a theoretical examination of untaxed and taxed entities that invest in real estate. The standard advice to real estate investors is to avoid using entities that are subject to taxation (such as C corporations in the U.S.) and employ entities that are not subject to taxation (such...

Presents and empirical study of office rents and property taxes for individual buildings in downtown Chicago in 1991. The results show that 45 percent of property tax differentials are shifted forward to tenants as higher gross rents. Application of the Hausman(1978) test for specification error...

The article uses three alternative models and monthly data to investigate whether the Federal Funds Rate or the rate on standard 30 year mortgages in the US for the period 1987 to 2010 impacts an index of housing prices. The results indicate that positive shocks to the Federal Funds Rate are...

This paper examines office building sales in downtown Chicago for the period 1996 to 2007. Our analysis provides a conventional OLS approach and an exploration of spatial dependence. We find some evidence of spatial lag and spatial autocorrelation in our dataset but the results are similar to...

The article uses three alternative models and monthly data to investigate whether the Federal Funds Rate or the rate on standard 30 year mortgages in the US for the period 1987 to 2010 impacts an index of housing prices. The results indicate that positive shocks to the Federal Funds Rate are...

This report provides an overview of the economy of metropolitan Chicago during the pandemic that began in March 2020 and the recovery period that followed. The report includes data on employment and commercial real estate

This paper provides an introduction to Keynesian macroeconomic theory as Keynes explained it in The General Theory of Employment, Interest, and Money. Keynes emphasized the principle of effective demand, and argued that the gap between demand for consumption and aggregate supply would increase...

The approach to reducing the current harm from the COVID-19 disease is to mandate or encourage an array of social distancing behaviors. These behaviors have the negative effects of reducing GDP, personal incomes, and increasing unemployment leading to calls for opening up the economy and thereby...

A major issue raised by Alfred Marshall is whether competitive industries are subject to increasing or decreasing returns in the long run. If variations from constant returns exist, what are the causes, and is competitive output efficient? In competitive output is not efficient, what policies...

The long-term decline in manufacturing employment in the Chicago metropolitan area and in the city of Chicago is examined. Manufacturing employment at the metropolitan level is estimated to decline by 0.90% per year if manufacturing employment is constant in the nation, and to change by about 1%...