The financial crisis showed, once again, that neglecting real estate booms can have disastrous consequences. In this paper, we spell out the circumstances under which a more active policy agenda on this front would be justified. Then, we offer tentative insights on the pros and cons as well as...

This paper introduces a model which identifies the economic activity of each local economy (location) and observes the time distance between each pair of locations as well as the average time distance between sub locations in each local economy. We focus on three categories of firms: (i)...