We show that high-income buyers earn higher capital gains on housing using detailed transaction data from Denmark. Geographic location statistically accounts for nearly all the difference, with little role for aggregate market timing, property type, or other buyer characteristics. This finding...

We show that high-income buyers earn higher capital gains on housing using detailed transaction data from Denmark. Geographic location statistically accounts for nearly all the difference, with little role for aggregate market timing, property type, or other buyer characteristics. This finding...

This paper proposes that spatial policies improve economic outcomes by reducing barriers to supplying labour, with heterogeneous effects across demographic groups. Using quasi-experimental variation in Germany's fiscal transfer system, we estimate higher employment elasticities for female...