Evidence indicates that house prices have become somewhat more synchronized during this century, likely reflecting more correlated movements in long-term interest rates and macroeconomic cycles that are related to trends in globalization and international portfolio diversification. Nevertheless,...

During the recovery from the Great Recession, inflation did not reach the central bank's 2 percent objective as quickly as many models had predicted. This coincided with increases in online shopping, which arguably made retail markets more contestable and damped retail inflation. This hypothesis...

We examine the influence of neighborhood peer effects on the decision of women to work using panel data that follows clusters of adjacent homes between 1985-1993. Modeling assumptions imply rank order restrictions that enable us to classify individuals into peer groups while identifying peer...

This paper explores the connection between tenant riskiness, commercial lease length and the term structure of lease contracts. Theory shows that the possibility of default on a long-term lease generates a risk/lease-length connection. The empirical work uses a large CompStak lease dataset...

[...]This paper builds primarily on research on agglomerationeconomies. Much of the empirical work on agglomeration hassought to estimate the effect on productivity of anestablishment’s local environment. The estimation hassometimes involved direct estimates of productivity(Henderson 2003) and...