[...]In the first half of the paper, we review the significantchanges in the housing finance system over the past thirty yearsand discuss the implications of these changes for the cost andavailability of mortgage credit. In the second half, we present atwo-part econometric analysis of the...

[...]In this article, we assess the evidence in support of a bubblein U.S. home prices and discuss whether a severe decline inthese prices is likely. We also examine the effects of a steep dropin home prices on the broader national economy. Examining the possible effects of a severe decline in...

[...]In this article, we model the relationship between goodsinflation and services inflation from 1967:2 to 2002:4. To helpinform the inflation debate, we then use our results to forecastinflation for 2003. The specific inflation series that we model isthe quarterly change (at an annual rate)...

[...]This paper empirically examines the spatial and temporalresponses of the New York City economy to a large, butspatially concentrated, exogenous shock to its capital stock:the terrorist attacks of September 11, 2001. Our focus on thecity’s response allows us to draw inferences about how...