This study evaluates the effects of GSE mortgage purchase activity on homeownership and housingconditions among communities that are the focus of the 1992 GSE Act and the HUD affordablehousing goals. To identify GSE effects, the test framework exploits differences in the definition...

Subordination levels are of critical importance in the classic senior-subordinated structure for securitized financing (such as collateralized debt obligations and commercial mortgage-backed securities). Subordination levels determine the amount of credit support that the senior bonds (or...

Simple introspection as well as accumulating evidence from academic research suggests that a core idea of urban economists, that journeys-to-work dominate households’ choice of residential location, is suspect (Giuliano and Small, 1993). Indeed, our own recent research identifies...

This paper outlines a method for using the mathematics of fuzzy sets that is well suited tomeasure and characterize peri-urbanizing ("desakota") systems typical of China, Southeast Asia,and other areas experiencing rapid urbanization. Drawing on Kosko's "fuzzy hypercube", threedistinct but...

Changes in the Internal Revenue Code create and remove tax-induced trading constraints on homeowners. The Taxpayer Relief Act of 1997 replaced a one-time, post- age 55 capital gain exclusion with a larger gain exclusion option that could be exercised every two years. We develop a simple...

Recent years have witnessed significant evolution in the structure and organization of China’s labor markets. While the majority of workers remain employed in public work units (state-owned enterprises and urban collectives), private sector employment in China hasexpanded significantly....

Youths who share a school and neighborhood often have similar academic achievement, but some studies find all or most of this apparent effect is due to sorting, not to the neighborhood itself. We present a collage of evidence from the National Educational Longitudinal Survey (NELS) indicating...

There is a seeming paradox about the "affordable housing goals": GSE activities in targeted communities have increased under the goals but there has been little measurable improvement in housing market conditions in these communities. This paper seeks to reconcile this paradox by focusing on...

This is the first time in U.S. history that an urban planning problem has featured, if peripherally, as a Presidential campaign issue. Never before have academic urban planners been in so much demand for T.V. news programs, radio talk shows, and newspaper op-ed pieces. Why? Because of a raging...

This paper examines the effect of space and race/ethnicity on labor force participation outcomes among minority and immigrant youth in the Los Angeles metropolitan areas. This research contributes to the spatial mismatch literature by analyzing the differences between first and second generation...