We examine local labor markets in the United States and Canada from 1990 to 2011 using comparable household and business data. Wage levels and inequality rise with city population in both countries, albeit less in Canada. Neither country saw wage levels converge despite contrasting migration...

We investigate the impact of Great Recession policies in California that substantially increased lender pecuniary and time costs of foreclosure. We estimate that the California Foreclosure Prevention Laws (CFPLs) prevented 250,000 California foreclosures (a 20% reduction) and created $300...

This paper examines the relationship between monetary policy and investor sentiment across conventional and unconventional monetary policy regimes. During conventional times, we find that a surprise increase in the fed funds rate leads to a large drop in investor sentiment that reverses after...

This paper examines the impact of local economic conditions on mutual fund preferences for geographically proximate stocks and consequently fund performance. Specifically, we demonstrate that mutual funds favouritism towards firms located within close geographic proximity varies with local...

Using a structural factor-augmented VAR and a large novel database of daily time series, we examine the impact of unconventional monetary policy on financial and economic uncertainty. Our findings indicate that expansionary unconventional monetary shocks lead to large reductions in uncertainty...

This paper examines the heterogeneous effects of unconventional monetary pol icy on housing default and foreclosure across subprime and prime regions. Using both daily and monthly data and various identification schemes, we find that expansionary unconventional monetary policy shocks reduce...

In this paper, we examine the effects of house prices on public school finances including tax revenue and expenditures. We find an elasticity of school district revenue with respect to house price growth of 0.2 and a similar elasticity for expenditures. Elasticities for expenditures, however,...

We examine local labor markets in the U.S. and Canada from 1990 to 2011 using comparable household and business data. Wage levels and inequality rise with city population in both countries, albeit less in Canada. Neither country saw wage levels converge despite contrasting migration patterns...

This paper develops two-stage model averaging (2SMA), an extension of model averaging. 2SMA allows researchers to incorporate economic theory or prior economic information into their forecasts. By using prior economic information, 2SMA leverages models known to perform well while diversifying...

This paper investigates the relationship between unconventional monetary policy, media uncertainty, and expected stock market volatility. We find that (1) expansionary unconventional monetary policy shocks induce higher media uncertainty as news reports aim to describe the uncertain economic...