While several reports (e.g. Lebergott, 1993; Moore and Simon, 1999; Cox and Alm, 1999) document stunning advances in health, longevity and material well being and while it is no longer disreputable to credit the market economy, most current discussions of cities and land use see only market failures. A...

Media and academic attention to the art market has mostly focused on the high end, composed of famous auction houses and a few well-known international dealers. In this paper, we use a newly developed database to examine the industry structure and location patterns of the broader New York art...

A now popular economic development tool for states, enterprise zone programs attemptto increase business investment, employment, and wages in depressed areas by offering labor andcapital subsidies to firms operating in the designated zones. While a number of studies haveexamined the effects of...

This paper presents an empirical study of the links between metropolitan spatial structure and economic growth. Consistent with an urban evolution hypothesis, the growth effects of employment dispersion were found to be dependent on metropolitan size. A metropolitan area with a more clustered...

Research has documented that immigrants have moved in large numbers to almost every metropolitan area and select rural areas in the country (e.g., Lichter and Johnson 2009; Painter and Yu 2010). In the midst of these demographic shifts, the country has experienced a profound recession. To date,...

This paper examines the magnitude of human capital spillovers on unemployment. Using bothindividual and metropolitan level data, we find that the adult population share of collegegraduates is negatively associated with the unemployment rate. More specifically, we find thatthose who reside in...

This paper estimates an education production function using data on the College Scholastic Ability Test (CSAT) score and high school characteristics from Seoul, Korea.1 A unique institutional feature of the high school system in Seoul is that on entering high school students are randomly...

New intermetropolitan and time-series data from the BLS are used to derive and modelthe incidence and the duration of rental vacancies and to assess the importance of thoseindicators to the price adjustment mechanism for rental housing. Research findings indicatethat the duration of vacancy...

This paper examines index revision in measuring the prices for owner-occupied housing. We consider the context of equityinsurance and the settlement of futures contracts. In addition to other desirable characteristics for aggregate price indexes, their usefulness in these contexts requires...

This research unites the two major strands of work that exist to date in the literature on Housing Markets. The first is the notion of spatial equilibrium wherein consumers inhabiting different units are thought to be at a constant utility level. As a consequence prices "compensate" for...