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...

GIC Central Banking Series: New Policies for the Post-Crisis Era, Banque de France, Paris, France, March 23, 2015 Good morning. It is a privilege to join you at this event organized by the Global Interdependence Center and the Banque de France. I am proud to say that I have had an association...

Good evening and thank you very much for the invitation to speak to the Money Marketeers. I understand that a long line of Federal Reserve presidents and governors have addressed your distinguished group and I am very honored to follow in their footsteps. Tonight I will discuss the role of...