Previous analyses of the Massachusetts Miracle and the subsequent evolution of employment in the area have centered in part on sectoral explanations. In this paper these explanations are evaluated with the use of a sectoral-based VAR model of the Boston economy, developed to identify local and...

Panel regressions indicate that state electricity deregulation in the US is associated with higher housing prices, increased activity in the housing market, and lower wages, all of which are consistent with a model of compensating differentials wherein deregulation (which is shown to indeed...

The subsidization of homeownership is justified on efficiency grounds only to the extent that it provides benefits to people other than the homeowner. We use the clustered neighborhoods subsample in the American Housing Survey to measure that benefit in the form of higher housing prices in...

We use the 1999–2009 Panel Survey of Income Dynamics to estimate household move probabilities as a function of, among other things, current housing equity. The lock-in effect supposes that mobility decreases with the mortgage loan-to-value ratio, particularly as equity becomes negative. We...

Hedonic property value models have been frequently used to value environmental amenities because markets for these goods usually do not exist. Typically, researchers cite Rosen’s (1974) seminal work, which allows one to interpret functions of the hedonic regression coefficients as the marginal...

Designation of historic districts is increasingly used as a tool to revive or halt the deterioration of central-city neighbourhoods. While historic designation is generally thought to have a positive impact on property values, evidence on this issue is mixed. One limitation of previous research...