Urban structures and urban growth rates are highly persistent. This has far-reaching implications for the optimal size and timing of new construction. We prove that rational developers postpone construction not because prospects are gloomy, but because they are bright. The slow mean reversion in...

In the rapidly changing sphere of urban development, land is shown to provide the basic morphological structure of the city, but also the source of economic and social power and the key to planning through examples from around the world

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...

Most developed countries now pursue policies that implicitly or explicitly aim at promoting compact urban form. This report analyses more than 300 academic papers that study the effects of compact urban form, and finds that 69% of the papers reviewed find positive effects associated with compact...