The article uses three alternative models and monthly data to investigate whether the Federal Funds Rate or the rate on standard 30 year mortgages in the US for the period 1987 to 2010 impacts an index of housing prices. The results indicate that positive shocks to the Federal Funds Rate are...

The article uses three alternative models and monthly data to investigate whether the Federal Funds Rate or the rate on standard 30 year mortgages in the US for the period 1987 to 2010 impacts an index of housing prices. The results indicate that positive shocks to the Federal Funds Rate are...

This paper surveys the literature on real balances in the production function since Sinai-Stokes (1972). The discussion has now moved beyond the question of real balances belonging in the production function to the issue of how to model the effect of the financial sector on the real economy....

Presents and empirical study of office rents and property taxes for individual buildings in downtown Chicago in 1991. The results show that 45 percent of property tax differentials are shifted forward to tenants as higher gross rents. Application of the Hausman(1978) test for specification error...

This paper examines office building sales in downtown Chicago for the period 1996 to 2007. Our analysis provides a conventional OLS approach and an exploration of spatial dependence. We find some evidence of spatial lag and spatial autocorrelation in our dataset but the results are similar to...

This paper is a theoretical examination of untaxed and taxed entities that invest in real estate. The standard advice to real estate investors is to avoid using entities that are subject to taxation (such as C corporations in the U.S.) and employ entities that are not subject to taxation (such...

The long-term decline in manufacturing employment in the Chicago metropolitan area and in the city of Chicago is examined. Manufacturing employment at the metropolitan level is estimated to decline by 0.90% per year if manufacturing employment is constant in the nation, and to change by about 1%...