We use a large dataset of land sales dating back to the mid-1990s to construct land price indexes for 23 MSAs in the United States and for the aggregate of those MSAs. The price indexes show a dramatic increase in both commercial and residential land prices over several years prior to their peak...

Despite the frequency of tax changes and their potential importance to investors, there has been relatively little modeling of anticipated tax changes.

This working paper reconsiders and adds to empirical evidence on the effect of federal government debt and interest rates.

Evidence from numerous studies shows that emerging markets have far more poor quality drugs than western markets. There are many reasons for this, but one reason, investigated in this paper, is the possibility that smaller, often privately-owned, pharmacies take greater risks with drug...

Reducing federal employee compensation to market levels could save taxpayers roughly $77 billion per year.

This book exploresthe negative consequences of attempts to protect key U.S. manufacturing industries through the use of antidumping laws.

Our data show that land prices were more volatile than house prices during the recent boom/bust cycle. In areas where land was inexpensive in 2000, the land share of property value jumped during the boom, and this rise in the land share was a useful predictor of the subsequent crash in house...

This paper proposes a measure of the distributional burden of servicing debt Using alternative assumptions about financing, we assess the distributional burden of the current level of government debt and the burden of future debt projected to accumulate under current law, current policy, and the...

Given the slow growth of labor productivity in recent years, some have argued that the boost from information technology may have run its course Our analysis points to a less pessimistic conclusion While projections of economic developments are always difficult, our judgment is that "No, the...

The recent slowdown in the rate of decline for semiconductor prices suggested by the PPI is puzzling in light of evidence that the performance of MPUs has continued to improve at a rapid pace. The authors argue that hedonic indexes provide a more accurate measure of price changes.