We study the labour market impact of the return of half a million Portuguese due to onset of the colonial war in 1974. Both the size and similarity with the native population (almost 80% were Portuguese-born) make this a unique shock. We use census data from 1960 and 1981 to document a decrease...

We estimate the causal impact of a 2018 zoning reform that banned new short-term rental registries in some parts of Lisbon. The short-term rental licence expires when the house is sold, hence the ban removes the option value of short-term renting a property. We rely on two administrative data...