We examine the link between increases in housing wealth, financial wealth, and consumer spending. We rely upon a panel of 14 countries observed annually for various periods during the past 25 years and a panel of U.S. states observed quarterly during the 1980s and 1990s. We impute the aggregate...

In most of the United States, land-use regulations are determined independently by the cities and towns within a metropolitan housing market. Despite theoretical analysis of the interaction among regulatory decisions across jurisdictions, empirical evidence is limited. In this paper, we explore...

This paper suggests that activities in the real estate markets in Southeast and East Asian economies were an important contributing force to the financial crises of 1997 in the Asian economies. The analysis relies upon unpublished data reported contemporaneously by financial institutions and...

This paper provides a selective review of two aspects of urban policy in the U.S. -- federal policy providing housing subsidies for lower income households, and federal support for urban redevelopment and physical renewal. The paper reviews four periods in the history of American housing policy,...

This article compares the level and distribution of the welfare changes from restricting land available for residential development in a city. We compare the economic costs when residential capital is durable with the costs when capital is perfectly malleable and those when population is also...

This paper analyzes the implications of rent control as applied to dwellings located in mobile home parks. This form of regulation differs from apartment rent control in that: it is applied selectively to a small portion of the housing stock, and; it regulates the site rents paid to the park...

This paper provides the first credible evidence on the economic value of the certification of "green buildings" -- value derived from impersonal market transactions rather than engineering estimates. For some 10,000 subject and control buildings, we match publicly available information on the...