Infers the value of public schools from sale prices of houses in neighborhoods in which public services are delivered by overlapping jurisdictions to isolate the effects of the public school from other local government services. Discusses differences across jurisdictions in the value of local...

Explores maintenance practices in the local public sector and their relationship to state and federal grant policies. If state and federal grant policies induce local governments to substitute new investment for the maintenance of existing capital, excessive deterioration of public...

This paper presents evidence of the effect on house values of a school redistricting in Shaker Heights, Ohio in 1987. As a result of redistricting, neighborhood schools are disrupted, bus transportation is introduced, and school racial composition changes. The data include all arms-length sales...

When a city experiences a decline in income or population, do all neighborhoods within the city decline equally? Or do some neighborhoods decline more than others? What are the characteristics of the neighborhoods that decline the most? We answer these questions by looking at what happened to...

Good morning. I am very pleased to participate in this conference co-organized by the Federal Reserve Bank of Cleveland and the Office of Financial Research. I want to thank Stephen Ong and Joe Haubrich from the Cleveland Fed and Mark Flood and Greg Feldberg from the OFR for putting together...

It is a real pleasure for me to participate in this year’s Monetary Policy Forum. As an attendee of this event for the past several years, I have been very impressed with the organizers’ ability to choose a year in advance the topic that turns out to be the issue policymakers are grappling...