This paper studies an economy inhabited by overlapping generations of homeowners and investors, with the only difference between the two being that homeowners derive utility from housing services whereas investors do not. Tight collateral constraint limits the borrowing capacity of homeowners...

This paper studies an economy inhabited by overlapping generations of homeowners and investors, with the only difference between the two being that homeowners derive utility from housing services whereas investors do not. Tight collateral constraint limits the borrowing capacity of homeowners...

Measures of unemployment tally people without a job who are looking for one. For measurement purposes, the critical question is what constitutes looking. This article summarizes how unemployment is measured in the United States and Europe, and describes recent research investigating the...

This paper develops a framework that distributes reductions in state aid based on underlying local fiscal health. Under this framework, the state gives smaller aid cuts to communities that are in worse underlying fiscal health and receive less existing aid. This framework therefore provides a...