Past studies have argued that housing is an important driver of business cycles. Housing markets, however, are highly localized, while business cycles are often measured at the national level. We model a national housing cycle using a panel of cities while also allowing for idiosyncratic...

No. In this paper we use a regression discontinuity approach to investigate whether affordable housing policies influenced origination or affected prices of subprime mortgages. We use merged loan-level data on non-prime securitized mortgages with individual- and neighborhood-level data for...

The degree of innovation in the Eighth District has lagged the rest of the nation over the past two decades. In one area, however, the District is beginning to catch up.

State-wide reports on police traffic stops and searches summarize very large populations, making them potentially powerful tools for identifying racial bias, particularly when statistics on search outcomes are included. But when the reported statistics conflate searches involving different...

More people are coming around to what economists have long been saying: The answer to failing public schools isn't more money, but more accountability.

Census figures show that suburbs in the Eighth District are growing faster than they are for the nation as a whole

The Idaho legislature passed their right-to-work law in 1986. Idaho provides an interesting case study for the effects of the law because it adopted the law during a period in which unionization had already declined substantially in the United States. This paper provides evidence on the...

Hernández-Murillo and Owyang (2006) showed that accounting for spatial correlations in regional data can improve forecasts of national employment. This paper considers whether the predictive advantage of disaggregate models remains when forecasting subnational data. The authors conduct horse...