We study the joint evolution of prices and rents of residential property. After constructing rent and price indices for renter- and owner-occupied properties, we decompose the change in the price of occupant-owned property into (1) changes in rent, (2) changes in the relative prices of investor-...

This paper identifies which investments in school facilities help students and are valued by homeowners. Using novel data on school district bonds, test scores, and house prices for 29 U.S. states and a research design that exploits close elections with staggered timing, we show that increased...

According to ECB (2023) and European Systemic Risk Board (2022), Swedish owner-occupied housing (OOH) was overvalued by about 55% in 2021q2, the largest overvaluation in the EU and EEA; according to European Commission (2023c), by about 30% in 2022. These assessments affect warnings and...

This paper estimates the incidence of state corporate taxes using new data and methods for estimating the effects on profits. We extend Suarez Serrato and Zidar (2016) by developing two new identification approaches that use the effects of business taxes on the labor demand of incumbent firms...

The vast majority of U.S. inventors work for firms that also have inventors and plants in other tech clusters. Using merged USPTO-U.S. Census Bureau plant-level data, we show that larger tech clusters not only make local inventors more productive but also raise the productivity of inventors and...

The geographical location of economic activity within the United States has important implications for carbon mitigation. If households clustered in California's cities rather than in more humid southern cities such as Memphis and Houston, then the average household carbon footprint would be...

The spatial mismatch hypothesis posits that employment decentralization isolated urban blacks from work opportunities. This paper focuses on one large employer that has remained in the central city over the twentieth century - the U.S. Postal Service. We find that blacks substitute towards...

This paper studies the impacts of work-from-home (WFH) in the housing market from both intercity and intracity perspectives. Our results confirm the theoretical prediction that WFH puts downward pressure on housing prices and rents in high-productivity counties, a result of workers starting to...

This paper presents an analysis of the longer-run effects of a college-preparatory program implemented in inner-city schools that provided teacher training in addition to payments to eleventh- and twelfth- grade students and their teachers for passing scores on Advanced Placement (AP) exams....

We propose a theory-inspired measure of the accessibility of a city's center: the size of the surrounding area from which it can be reached within a specific time. Using publicly available optimal-routing software, we compute these "accessibility zones" for the 109 largest US and European...