We consider the general equilibrium implications of land use restrictions which result in a reduction of otherwise profitable residential development. If the regulations affect a significant amount of land, they may have important effects on the rest of the regional economy -increasing rents and...

"Worries about ""irrational exuberance"" in stock prices have renewed interest in the linkage between measures of wealth and consumer spending. In particular, unrealized capital gains in the stock market and also in the housing market may have substantially affected consumer spending, amplifying...

ERES:conference

"There is now considerable research devoted to testing the dividend pricing model as a predictor of the actual prices of shares traded in financial markets. A general finding is that present value models are not good predictors of asset prices. This lack of fit is interpreted as excess...