<title>Abstract</title> Neighborhoods surrounding large public housing developments have historically been economically distressed. The revitalization of many developments through the federal HOPE VI program, in conjunction with increased inner‐city lending and a strong economy for much of the 1990s, should...

This study identifies and measures the demonstrable changes to local political economies that can be reasonably attributed to HOPE VI redevelopments. It examines the extent to which the developments have contributed to increases in surrounding property values, decreases in serious crimes,...

This paper provides the first application of the compensating differential paradigm to the evaluation of the extent and sources of evolution in quality-of-life among U.S. states. In addition to providing estimates of quality-of-life rankings for U.S. states over the 1981-1990 period, we use...

This paper provides a counterexample to the simplest version of the redistribution models considered by Judd (1985) in which the government chooses an optimal distortionary tax on capitalists to finance a lump-sum payment to workers. I show that the steady-state optimal tax on capital income is...

This paper examines the incidence and welfare costs of inflation in the presence of financial market frictions and home production. The results suggest that financing constraints on firms' working capital expenditures significantly increase the welfare costs relative to the standard...

Covariance matrix forecasts of financial asset returns are an important component of current practice in financial risk management. A wide variety of models, ranging from matrices of simple summary measures to covariance matrices implied from option prices, are available for generating such...

We study earnings mobility and instability using data from the Panel Study of Income Dynamics. Our main contribution is to update mobility and instability calculations to include data from the 1990s, although we also provide a number of tests of robustness across mobility and instability...

This paper derives a formula for the optimal forecast of a discounted sum of future values of a random variable. This problem reflects a preference for robustness in the presence of (unstructured) model uncertainty. The paper shows that revisions of a robust forecast are more sensitive to new...