Infers the value of public schools from sale prices of houses in neighborhoods in which public services are delivered by overlapping jurisdictions to isolate the effects of the public school from other local government services. Discusses differences across jurisdictions in the value of local...

Explores maintenance practices in the local public sector and their relationship to state and federal grant policies. If state and federal grant policies induce local governments to substitute new investment for the maintenance of existing capital, excessive deterioration of public...

This paper presents evidence of the effect on house values of a school redistricting in Shaker Heights, Ohio in 1987. As a result of redistricting, neighborhood schools are disrupted, bus transportation is introduced, and school racial composition changes. The data include all arms-length sales...

This Economic Commentary confirms that productivity growth has been unusually robust over the last few years and explores reasonable assumptions about the likely future pattern of productivity growth. These assumptions can generate substantially different productivity growth paths. Government...

Money laundering has gone on since the first crime was committed for profit, but it has been explicitly illegal only since 1986. Interest in this topic soars whenever a major “laundromat” is uncovered. This Economic Commentary describes the money laundering process, summarizes the evolving...

A description of the U.S. payments system, outlining its evolution and examining some of the areas where improvements are needed.

An examination of the benefits and problems that have resulted from deregulation of the airline industry, with recommendations for public policy changes to preserve the benefits and to mitigate the problems.