Housing market transactions are a matter of public record and thus provide a rare opportunity to analyze the behavior, performance, and strategies of individual investors. Using data for all housing transactions in the Los Angeles area from 1988-2009, this paper provides empirical evidence on...

Housing market transactions are a matter of public record and thus provide a rare opportunity to analyze the behavior, performance, and strategies of individual investors. Using data for all housing transactions in the Los Angeles area from 1988-2009, this paper provides empirical evidence on...

Historical anecdotes of new investors being drawn into a booming asset market, only to suffer when the market turns, abound. While the role of investor contagion in asset bubbles has been explored extensively in the theoretical literature, causal empirical evidence on the topic is virtually...

Housing market transactions are a matter of public record and thus provide a rare opportunity to analyze the behavior, performance, and strategies of individual investors. Using data for all housing transactions in the Los Angeles area from 1988-2009, this paper provides empirical evidence on...

In thinly traded markets for heterogenous, durable goods, such as housing, intermediaries may play especially important roles. Using a unique micro-level dataset of housing transactions in Los Angeles from 1988-2008 and a novel research design, we identify and measure the importance of two very...

Studies of regional labor dynamics typically focus on net migration, but metropolitan areas in the U.S. are highly heterogenous in terms of gross migration. This paper documents the marked spatial heterogeneity in gross inflows and out flows of population and its persistence over time. I find...

This paper illustrates how to incorporate forward-looking behavior into empirical spatial equilibrium models with locational heterogeneity. The main insight is that the standard spatial equilibrium already embeds a natural starting point for dynamics: the presence of spatial indifference...

This paper studies the impact of regional housing and land stock allocations on carbon emissions and the role for policy therein. It first measures the role of home sizes and population densities in determining differences between U.S. urban areas in carbon footprint of their residents, which...