Housing markets vary across growing cities and declining cities, which creates heterogeneous responses of housing prices to monetary policy. We classify urban growth and urban decline based on the population growth rates at the MSA level. Using the local projections method, we find that housing...

US federal transfers to individuals are large, countercyclical, vary geographically, and are often credited for helping stabilize regional economies. This paper estimates the short-run effects of these transfers using plausibly exogenous regional variation in temporary stimulus packages and...

In this paper, we analyze the determinants of speeches by Federal Reserve (Fed) officials over the period January 1998 to September 2009. Econometrically, we use a probit model with regional and national macroeconomic variables to explain the subjectively coded content of these speeches. Our...