Experiences reveal that the monitoring costs of the foreclosure crisis may be nontrivial, and smaller governments may have more success at addressing potential negative externalities. One highly localized form of government is a homeowners association (HOA). HOAs could be well-suited for triaging foreclosures, as they may detect delinquencies and looming defaults through direct observation or m...

This paper analyzes the optimal allocation of objects which arrive sequentially to agents organized in a waiting list. Applications include the assignment of social housing, deceased donor organs and daycare slots. A mechanism is a probability distribution over all priority orders which are consistent with the waiting list. We consider three efficiency criteria: first order stochastic dominance...

The main objective of this paper is to give an overview of the most commonly used housing policies and to illustrate their economic impact. To facilitate the analysis, we first introduce a simple two-period housing demand model for owner-occupied houses and rental houses. We then add a standard stock-flow housing supply model. Using this modelling framework, we explain the qualitative effects o...

The correlation between stock and housing prices, which is critical for household asset allocations, varies widely by metropolitan area and country. A general equilibrium model demonstrates that an aggregate positive technology shock increases stock prices and housing demand but can decrease housing prices where land supply is elastic because stable future rents are discounted at higher interes...

The rent of shelter accounts for approximately a third of the Consumer Price Index (CPI). Using a new housing rent index (RRI) developed by Ambrose, Coulson, and Yoshida (2014), we modify the CPI and compute the Taylor rule for the period from 2000 to 2010. With this timely rent index, Taylor rule becomes more consistent with the Federal funds rate than the conventional calculations. However, t...

In the 1980s, housing market analysts and policymakers were concerned that Freddie Mac and Fannie Mae were not adequately facilitating the financing of affordable housing for lowand moderate-income families. To address these concerns, the Department of Housing and Urban Development established quantitative Affordable Housing Goals requiring the Government Sponsored Enterprises (GSEs) to increas...

We report 12CO(J =3–2) observations of 15 nearby elliptical galaxies carried out with the ASTE telescope. Thirteen were selected without regard to the presence of other tracers of cold interstellar matter. CO emission was detected from three of the galaxies, two of which are undetected by IRAS at 100 microns, suggesting that cold ISM may be present in more ellipticals than previously thought. T...