We analyze the effects of supply constraints on housing prices. For plausible parameterizations, loosening regulatory constraints in individual jurisdictions would have little effect on prices, while coordinated loosening across markets could have large price effects.

Dense, expensive, litigious, and highly regulated, Manhattan typifies coastal US housing markets. Manhattan has lost share of US residential construction over the last 45 years. Some attribute this trend to tightening local regulation, but the decline of public housing construction and the...

This paper shows how home equity may substitute for long-term care insurance (LTCI). The elderly commonly hold substantial wealth in the form of home equity that is rarely spent before death, except for after moves to long-term care facilities. Absent strong bequest motives implies that marginal...

This paper advances the theory of annuity demand. First, we derive sufficient conditions under which complete annuitization is optimal, showing that this well-known result holds true in a more general setting than in Yaari (1965). Specifically, when markets are complete, sufficient conditions...