We show that the COVID-19 pandemic brought house price and rent declines in city centers,
and price and rent increases away from the center, thereby flattening the bid-rent curve in …

We perform a comprehensive neighborhood-level analysis of housing supply. Predictions of
floor space and housing unit supply elasticities using our estimates average 0.5 and 0.3 …

The COVID-19 pandemic induced an increase in both the amount of time that households
spend at home and the share of expenditures allocated to at-home consumption. These …

Abstract With “2020 hindsight,” the 2000s housing cycle is not a boom–bust but a boom–
bust–rebound. Using a spatial equilibrium regression in which house prices are determined …

We introduce a novel Bartik-like instrument for house prices consisting of the local
composition of housing characteristics interacted with aggregate changes in the marginal …

How do shocks propagate between city-level housing markets? I propose an explanation
based on migration spillovers between US cities. I derive an empirical measure of a city's …

We study the adoption of remote work within cities and its effect on city structure and welfare.
We develop a dynamic model of a city in which workers can decide to work in the central …

I estimate the effects of second‐home buying (existing homeowners acquiring additional
properties) on the housing boom and bust, by constructing a new measure and using a new …

We investigate the impact of Great Recession policies in California that substantially
increased lender pecuniary and time costs of foreclosure. We estimate that the California …

We study monetary policy transmission across space. Empirically, we show that two
channels explain a sizable portion of the variation in the regional effects of identified US …