This paper uses data on U.S. metropolitan areas from 1970 to 1999 to examine the extent to which recent increases in earnings are attributable to agglomeration economies. We decompose the total change in earnings over the 1970-1999 period into components attributable to changes in relative...

Housing prices vary widely from market to market in the United States. The purpose of this study is to (1) construct new place-to-place indexes of the price of housing, using the 1990 Census, and (2) analyze the determinants of housing prices, with a particular focus on the supply side...

This paper is a review of contemporary African housing markets, particularly the consequences of current housing policies. Overall, we conclude that the resource allocation which results from the current housing policies are quite contrary to their intended objectives. Many of the policies are...

This special issue of "Real Estate Economics" is devoted to "Housing and Urban Development Indicators." The issue has been underwritten by the United States Department of Housing and Urban Development as a U.S. Contribution to the United Nation's "Habitat II" Conference, held in Istanbul, Turkey...

Our focus in this article is on the extent to which security deposits allow landlords to contract on the intensity with which tenants utilize office space. Much existing discussion recognizes that landlords expect some tenants to be more opportunistic than others, but that landlords often cannot...

This paper computes how coupon rates on hypothetical default-free 1- 3- and 5-year adjustable rate mortgages with various caps and teaser rates issued during the 1970-76 period would have had to be set in order for the ARMs to have earned the market rate of return over a 7 1/2-year holding...

This paper is based on my Presidential Address to the American Real Estate and Urban Economics Association delivered at Washington, D.C., in January 2003. The paper asks whether there is a risk premium puzzle in real estate. I examine this question by reporting on an empirical investigation of...

Spreads between yields on different mortgage instruments and comparable maturity portfolios of Treasury securities have been computed and compared with quoted yields over the 1974-82 period for three different mortgage instruments: GNMA pass-throughs, FHLMC participation certificates, and...

In this paper we concern ourselves empirically with the influence of rent differentials on the choice between rent contracts with and without relocation provisions investigating the effects of relocation provisions on office rents. The study departs from the extant literature by using a...

This article investigates the determinants of real estate investment trusts (REIT) portfolio investment and institutional REIT ownership using multivariate Tobit regressions. We contend that many institutional investors take larger positions in more liquid assets like REIT stocks, as compared...