This paper investigates the hypothesis that houses located in proximity of limited-access roadways exhibit a resilience to price decline during and after exogenous market downturns. Using a quasi-experimental design, we look for empirical evidence of price differentials before, during, and after...

For a complete cost-benefit analysis of durable infrastructures, it is important to understand how the value of non-market goods such as transit time and environmental quality changes as incomes rise in the long-run. We use difference-in-differences and spatial differencing to estimate the land...

Many transport technologies cause a “not‐in‐my‐backyard” (NIMBY) reaction of locals in that they often oppose the nearby location of necessary infrastructure despite benefiting from greater mobility. We employ quasi‐experimental research methods to disentangle the offsetting noise...

Many transport technologies cause a gnot]in]my] backyard (NIMBY) reaction of locals in that they often oppose the nearby location of necessary infrastructure despite benefiting from greater mobility. We employ quasi] experimental research methods to disentangle the offsetting noise and...

Walter Bagehot is remembered today primarily as a proponent of the doctrine of lender of last resort, in which central banks pump money into the economy to ameliorate the damage from a financial crisis. But none of the growing number of publications about him appear to investigate in depth...

We analyze investment decisions when information is costly, with and without delegation to an agent. We use a rational-inattention model and compare it with a canonical signal-extraction model. We identify three "investment conditions". In "sour" conditions, no information is acquired and no...

It is obvious that holding city population constant, differences in cities across the world areenormous. Urban giants in poor countries are not large using measures such as land area,interior space or value of output. These differences are easily reconciled mathematically aspopulation is the...

Security deposits in Korea simultaneously serve as zero coupon bonds that maximize the landlord's return, put options for selling the property, and call options for buying credit loss reimbursement. Given these properties of the deposits, we construct a rent-deposit equilibrium model between...

In this study, we exploit a policy shock that differentially increased capital gains taxes for housing units with holding period less than 5 years, and document tax avoidance and tax evasion in the residential resale market in China. We show suggestive evidence that after the capital gains tax...