It is generally conceded that dividend pricing models are poor predictors of asset prices. This finding is sometimes attributed to excess volatility or to a dividend process manipulated by firm managers. In this paper, we present rather powerful panel tests of the dividend pricing relation using...

A recent expansion of the San Francisco Bay Area’s heavy rail system represents an exogenous change in the accessibility of inner-city minority communities to a concentrated suburban employment center. We evaluate this natural experiment by conducting a two-wave longitudinal survey of...

This paper provides a survey of federal housing programs, establishing the primary importance of indirect and off-budget activities in promoting housing and providing subsidies to housing consumers. We consider the role of the Government Sponsored Enterprises (GSEs) and the...

Standard economic theory on subsidies and labor supply raises an unappetizing prospect - that housing assistance may have a negative impact on self-sufficiency. Because of the rent structure in the public housing and Housing Choice Voucher programs, participants may treat program benefits as a...

During the past 15 years, Swedish higher education policy has emphasized the spatial decentralization of post-secondary education. We investigate the economic effects of this decentralization policy on productivity and output per worker. We rely upon a 14-year panel of output and employment for...

It is widely recognized that options and futures markets for housing can reduce and manage the risks inherent in consumers’ large investments in housing equity. The integrity of such markets depends, however, upon the use of transparent and replicable benchmarks for house prices and...

It is generally believed that the increased incidence of homelessness in the US has arisen from broad societal factors – changes in the institutionalization of the mentally ill, increases in drug addiction and alcohol usage, etc. This paper reports on a comprehensive test of the alternate...

The article analyses the link between autarchic land-use policies adopted by local governments in California and the substantial redistribution of its population during the decade of the 1990s. Changes in population growth by racial and ethnic group in California cities are related to measures...

We consider the parallel developments in the economics of agglomeration and the economics of networks. We explore the complentarities between the productivity benefits of agglomeration and those of network linkages, arguing that networks of actors dispersed over space may substitute for...

We present the results of a new survey of US home-buyers in 2002. The most important finding is that the survey suggests that home-buyers’ expectations are substantially affected by recent experience. Even after a long boom that has taken prices to very high levels, home-buyers typically...