Zoning regulations restrict housing supply and hence raise prices. This paper quantifies this effect by comparing prices to marginal costs in Australia's four largest cities. For detached houses, marginal costs comprise the dwelling structure and the land that other home owners need to forego....

This paper examines whether it costs more to own a home or to rent. We argue this is a useful criterion for assessing housing overvaluation. We use a new Australian dataset, which includes prices and rents for matched properties, letting us value housing in levels. We find that if real house...

The average educational attainment of US students is weak by international comparison. For example, mean results of PISA test scores are below the OECD average. This is despite substantial resources devoted to the schooling system. One partial explanation for this is that academic standards,...