Details about Andrew F. Haughwout
Access statistics for papers by Andrew F. Haughwout.
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Short-id: pha405
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Working Papers
2025
- Breaking Down Auto Loan Performance
Liberty Street Economics, Federal Reserve Bank of New York
2024
- Auto Loan Delinquency Revs Up as Car Prices Stress Budgets
Liberty Street Economics, Federal Reserve Bank of New York
- Delinquency Is Increasingly in the Cards for Maxed‑Out Borrowers
Liberty Street Economics, Federal Reserve Bank of New York
- How Are They Now? A Checkup on Homeowners Who Experienced Foreclosure
Liberty Street Economics, Federal Reserve Bank of New York
- Income Growth Outpaces Household Borrowing
Liberty Street Economics, Federal Reserve Bank of New York
- Mortgage Lock‑In Spurs Recent HELOC Demand
Liberty Street Economics, Federal Reserve Bank of New York
- Mortgage Rate Lock‑In and Homeowners’ Moving Plans
Liberty Street Economics, Federal Reserve Bank of New York
- Presentation by Andrew F. Haughwout at the 2024 New York Fed Regional and Community Banking Conference
Speech, Federal Reserve Bank of New York
- Presentation by Andrew F. Haughwout at the Greater Valley Chamber of Commerce
Speech, Federal Reserve Bank of New York
- The New York Fed Consumer Credit Panel: A Foundational CMD Data Set
Liberty Street Economics, Federal Reserve Bank of New York
2023
- An Update on the Health of the U.S. Consumer
Liberty Street Economics, Federal Reserve Bank of New York
- Credit Card Delinquencies Continue to Rise—Who Is Missing Payments?
Liberty Street Economics, Federal Reserve Bank of New York
- Credit Card Markets Head Back to Normal after Pandemic Pause
Liberty Street Economics, Federal Reserve Bank of New York
- Elevated Rent Expectations Continue to Pressure Low-Income Households
Liberty Street Economics, Federal Reserve Bank of New York
- The Great Pandemic Mortgage Refinance Boom
Liberty Street Economics, Federal Reserve Bank of New York
- Younger Borrowers Are Struggling with Credit Card and Auto Loan Payments
Liberty Street Economics, Federal Reserve Bank of New York
2022
- Balances Are on the Rise—So Who Is Taking on More Credit Card Debt?
Liberty Street Economics, Federal Reserve Bank of New York
- Car Prices Drive Up Borrowing
Liberty Street Economics, Federal Reserve Bank of New York
- Eviction Expectations in the Post-Pandemic Housing Market
Liberty Street Economics, Federal Reserve Bank of New York
- Expected Home Price Increases Accelerate over the Short Term but Remain Stable over the Medium Term
Liberty Street Economics, Federal Reserve Bank of New York
- Historically Low Delinquency Rates Coming to an End
Liberty Street Economics, Federal Reserve Bank of New York
- Nonconforming Preferences: Jumbo Mortgage Lending and Large Bank Stress Tests
Staff Reports, Federal Reserve Bank of New York
- Refinance Boom Winds Down
Liberty Street Economics, Federal Reserve Bank of New York
2021
- COVID Response: The Municipal Liquidity Facility
Staff Reports, Federal Reserve Bank of New York
- Credit Card Balance Declines Are Largest Among Older, Wealthier Borrowers
Liberty Street Economics, Federal Reserve Bank of New York
- Credit Card Trends Begin to Normalize after Pandemic Paydown
Liberty Street Economics, Federal Reserve Bank of New York
- Do People View Housing as a Good Investment and Why?
Liberty Street Economics, Federal Reserve Bank of New York 
Also in Liberty Street Economics, Federal Reserve Bank of New York (2021)
- Does the Rise in Housing Prices Suggest a Housing Bubble?
Liberty Street Economics, Federal Reserve Bank of New York
- Forbearance Participation Declines as Programs’ End Nears
Liberty Street Economics, Federal Reserve Bank of New York
- If Prices Fall, Mortgage Foreclosures Will Rise
Liberty Street Economics, Federal Reserve Bank of New York
- Keeping Borrowers Current in a Pandemic
Liberty Street Economics, Federal Reserve Bank of New York
- Mortgage Rates Decline and (Prime) Households Take Advantage
Liberty Street Economics, Federal Reserve Bank of New York
- Small Business Owners Turn to Personal Credit
Liberty Street Economics, Federal Reserve Bank of New York
- The Option Value of Municipal Liquidity: Evidence from Federal Lending Cutoffs during COVID-19
Staff Reports, Federal Reserve Bank of New York View citations (13)
- What Happens during Mortgage Forbearance?
Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
- What’s Next for Forborne Borrowers?
Liberty Street Economics, Federal Reserve Bank of New York
2020
- A Monthly Peek into Americans’ Credit During the COVID-19 Pandemic
Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
- Charging into Adulthood: Credit Cards and Young Consumers
Liberty Street Economics, Federal Reserve Bank of New York
- Debt Relief and the CARES Act: Which Borrowers Benefit the Most?
Liberty Street Economics, Federal Reserve Bank of New York
- Debt Relief and the CARES Act: Which Borrowers Face the Most Financial Strain?
Liberty Street Economics, Federal Reserve Bank of New York
- Following Borrowers through Forbearance
Liberty Street Economics, Federal Reserve Bank of New York
- Helping State and Local Governments Stay Liquid
Liberty Street Economics, Federal Reserve Bank of New York View citations (5)
- Inequality in U.S. Homeownership Rates by Race and Ethnicity
Liberty Street Economics, Federal Reserve Bank of New York
- Municipal Debt Markets and the COVID-19 Pandemic
Liberty Street Economics, Federal Reserve Bank of New York View citations (9)
- U.S. Consumer Debt Payments and Credit Buffers on the Eve of COVID-19
Liberty Street Economics, Federal Reserve Bank of New York
- Who Has Been Evicted and Why?
Liberty Street Economics, Federal Reserve Bank of New York
2019
- Did Tax Reform Raise the Cost of Owning a Home?
Liberty Street Economics, Federal Reserve Bank of New York View citations (2)
- Just Released: Auto Loans in High Gear
Liberty Street Economics, Federal Reserve Bank of New York
- Just Released: Press Briefing on the Evolution and Future of Homeownership
Liberty Street Economics, Federal Reserve Bank of New York
- Just Released: Shifts in Credit Market Participation over Two Decades
Liberty Street Economics, Federal Reserve Bank of New York
- Mind the Gap in Delinquency Rates
Liberty Street Economics, Federal Reserve Bank of New York
- Racial Disparities in Student Loan Outcomes
Liberty Street Economics, Federal Reserve Bank of New York
- Trends in household debt and credit
Staff Reports, Federal Reserve Bank of New York View citations (3)
- Who Borrows for College—and Who Repays?
Liberty Street Economics, Federal Reserve Bank of New York
2018
- Just Released: A Look at Borrowing, Repayment, and Bankruptcy Rates by Age
Liberty Street Economics, Federal Reserve Bank of New York
- Just Released: Cleaning Up Collections
Liberty Street Economics, Federal Reserve Bank of New York
- Just Released: Great Recession’s Impact Lingers in Hardest-Hit Regions
Liberty Street Economics, Federal Reserve Bank of New York
- Just Released: Is Housing a Good Investment? Where You Stand Depends on Where You Sit
Liberty Street Economics, Federal Reserve Bank of New York
2017
- A Close Look at the Decline of Homeownership
Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
- Household Borrowing in Historical Perspective
Liberty Street Economics, Federal Reserve Bank of New York
- Houses as ATMs No Longer
Liberty Street Economics, Federal Reserve Bank of New York
- How Resilient Is the U.S. Housing Market Now?
Liberty Street Economics, Federal Reserve Bank of New York
- Just Released: Auto Lending Keeps Pace as Delinquencies Mount in Auto Finance Sector
Liberty Street Economics, Federal Reserve Bank of New York
- Just Released: More Credit Cards, Higher Limits, and... an Uptick in Delinquency
Liberty Street Economics, Federal Reserve Bank of New York
- Just Released: Total Household Debt Nears 2008 Peak but Debt Picture Looks Much Different
Liberty Street Economics, Federal Reserve Bank of New York
- The Evolution of Home Equity Ownership
Liberty Street Economics, Federal Reserve Bank of New York
- The Homeownership Gap Is Finally Closing
Liberty Street Economics, Federal Reserve Bank of New York
2016
- Firms’ Management of Infrequent Shocks
NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
- Health spending slowed down in spite of the crisis
Staff Reports, Federal Reserve Bank of New York
- Just Released: Hints of Increased Hardship in America’s Oil-Producing Counties
Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
- Just Released: Recent Developments in Consumer Credit Card Borrowing
Liberty Street Economics, Federal Reserve Bank of New York
- Just Released: Subprime Auto Debt Grows Despite Rising Delinquencies
Liberty Street Economics, Federal Reserve Bank of New York
- Puerto Rico's Evolving Household Debts
Liberty Street Economics, Federal Reserve Bank of New York
- Restoring Economic Growth In Puerto Rico: Introduction to the Series
Liberty Street Economics, Federal Reserve Bank of New York
- Tracking and stress-testing U.S. household leverage
Staff Reports, Federal Reserve Bank of New York View citations (7)
See also Journal Article Tracking and stress-testing U.S. household leverage, Economic Policy Review, Federal Reserve Bank of New York (2018) View citations (2) (2018)
- Whither Mortgages?
Liberty Street Economics, Federal Reserve Bank of New York
2015
- Determinants of mortgage default and consumer credit use: the effects of foreclosure laws and foreclosure delays
Staff Reports, Federal Reserve Bank of New York View citations (4)
See also Journal Article Determinants of Mortgage Default and Consumer Credit Use: The Effects of Foreclosure Laws and Foreclosure Delays, Journal of Money, Credit and Banking, Blackwell Publishing (2016) View citations (16) (2016)
- How mortgage finance affects the urban landscape
Staff Reports, Federal Reserve Bank of New York View citations (1)
See also Chapter How Mortgage Finance Affects the Urban Landscape, Handbook of Regional and Urban Economics, Elsevier (2015) View citations (7) (2015)
- Just Released: Press Briefing on Student Loan Borrowing and Repayment Trends, 2015
Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
- Just Released: Student Loan Delinquency Rate Defies Overall Downward Trend in Household Debt and Credit Report for Fourth Quarter 2014
Liberty Street Economics, Federal Reserve Bank of New York
- Looking at Student Loan Defaults through a Larger Window
Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
- Payback Time? Measuring Progress on Student Debt Repayment
Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
- Some Options for Addressing Puerto Rico’s Fiscal Problems
Liberty Street Economics, Federal Reserve Bank of New York
- Supervising large, complex financial companies: what do supervisors do?
Staff Reports, Federal Reserve Bank of New York View citations (5)
- The Student Loan Landscape
Liberty Street Economics, Federal Reserve Bank of New York
2014
- Just Released: Does Transportation Spending Make Good Stimulus?
Liberty Street Economics, Federal Reserve Bank of New York
- Just Released: Household Debt Balances Increase as Deleveraging Period Concludes
Liberty Street Economics, Federal Reserve Bank of New York
- Just Released: Looking under the Hood of the Subprime Auto Lending Market
Liberty Street Economics, Federal Reserve Bank of New York
- Just Released: Who's Borrowing Now? The Young and the Riskless!
Liberty Street Economics, Federal Reserve Bank of New York
- Measuring student debt and its performance
Staff Reports, Federal Reserve Bank of New York View citations (18)
2013
- Just Released: Deleveraging Decelerates and Household Balances Increase
Liberty Street Economics, Federal Reserve Bank of New York
- Just Released: Who Is Driving the Auto Lending Recovery?
Liberty Street Economics, Federal Reserve Bank of New York
- Negative equity and housing investment
Staff Reports, Federal Reserve Bank of New York View citations (6)
2012
- Fiscal Drag from the State and Local Sector?
Liberty Street Economics, Federal Reserve Bank of New York
- Grading Student Loans
Liberty Street Economics, Federal Reserve Bank of New York View citations (2)
- The Untold Story of Municipal Bond Defaults
Liberty Street Economics, Federal Reserve Bank of New York View citations (2)
- The supply side of the housing boom and bust of the 2000s
Staff Reports, Federal Reserve Bank of New York View citations (3)
See also Chapter The Supply Side of the Housing Boom and Bust of the 2000s, NBER Chapters, National Bureau of Economic Research, Inc (2012) View citations (18) (2012)
2011
- Do we know what we owe? A comparison of borrower- and lender-reported consumer debt
Staff Reports, Federal Reserve Bank of New York View citations (15)
- Have Consumers Been Deleveraging?
Liberty Street Economics, Federal Reserve Bank of New York 
Also in Liberty Street Economics, Federal Reserve Bank of New York (2011)
- Just Released: Household Debt and Credit Developments in the Nation and the Region in 2011:Q1
Liberty Street Economics, Federal Reserve Bank of New York
- On the Optimal Design of Disaster Insurance in a Federation
Economics Working Paper Archive at Hunter College, Hunter College Department of Economics View citations (1)
Also in CESifo Working Paper Series, CESifo (2007) View citations (8) Working Papers, University of Kentucky, Institute for Federalism and Intergovernmental Relations (2006) View citations (8)
See also Journal Article On the optimal design of disaster insurance in a federation, Economics of Governance, Springer (2012) View citations (18) (2012)
- Real estate investors, the leverage cycle, and the housing market crisis
Staff Reports, Federal Reserve Bank of New York View citations (51)
- The Financial Crisis and the Role of Real Estate Investors
2011 Meeting Papers, Society for Economic Dynamics View citations (4)
- The role of neighborhood characteristics in mortgage default risk: evidence from New York City
MPRA Paper, University Library of Munich, Germany View citations (18)
See also Journal Article The role of neighborhood characteristics in mortgage default risk: Evidence from New York City, Journal of Housing Economics, Elsevier (2013) View citations (20) (2013)
- “Flip This House”: Investor Speculation and the Housing Bubble
Liberty Street Economics, Federal Reserve Bank of New York
2010
- The financial crisis at the kitchen table: trends in household debt and credit
Staff Reports, Federal Reserve Bank of New York View citations (14)
See also Journal Article The financial crisis at the kitchen table: trends in household debt and credit, Current Issues in Economics and Finance, Federal Reserve Bank of New York (2013) View citations (15) (2013)
2009
- Second chances: subprime mortgage modification and re-default
Staff Reports, Federal Reserve Bank of New York View citations (20)
See also Journal Article Second Chances: Subprime Mortgage Modification and Redefault, Journal of Money, Credit and Banking, Blackwell Publishing (2016) View citations (14) (2016)
- Subprime mortgage pricing: the impact of race, ethnicity, and gender on the cost of borrowing
Staff Reports, Federal Reserve Bank of New York View citations (14)
- The homeownership gap
Staff Reports, Federal Reserve Bank of New York View citations (1)
See also Journal Article The homeownership gap, Current Issues in Economics and Finance, Federal Reserve Bank of New York (2010) View citations (14) (2010)
2008
- Juvenile delinquent mortgages: bad credit or bad economy?
Staff Reports, Federal Reserve Bank of New York View citations (70)
See also Journal Article Juvenile delinquent mortgages: Bad credit or bad economy?, Journal of Urban Economics, Elsevier (2008) View citations (82) (2008)
2004
- How should suburbs help their central cities?
Staff Reports, Federal Reserve Bank of New York View citations (5)
- The linkage between regional economic indexes and tax bases: evidence from New York
Staff Reports, Federal Reserve Bank of New York View citations (2)
2003
- Local Revenue Hills: Evidence from Four U. S. Cities
PIER Working Paper Archive, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania View citations (8)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2003) View citations (10)
See also Journal Article Local Revenue Hills: Evidence from Four U.S. Cities, The Review of Economics and Statistics, MIT Press (2004) View citations (35) (2004)
- Neighborhood revitalization in New York City in the 1990s
Proceedings, Federal Reserve Bank of Chicago
2000
- Do Highways Matter? Evidence and Policy Implications of Highways' Influence on Metropolitan Development
University of California Transportation Center, Working Papers, University of California Transportation Center View citations (38)
- Fiscal Policies in Open Cities with Firms and Households
NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
See also Journal Article Fiscal policies in open cities with firms and households, Regional Science and Urban Economics, Elsevier (2001) View citations (27) (2001)
- Local Revenue Hills: A General Equilibrium Specification with Evidence from Four U.S. Cities
NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
- Public infrastructure investments, productivity and welfare in fixed geographic areas
Staff Reports, Federal Reserve Bank of New York View citations (3)
See also Journal Article Public infrastructure investments, productivity and welfare in fixed geographic areas, Journal of Public Economics, Elsevier (2002) View citations (91) (2002)
1998
- State and Local Fiscal Conditions, Public Wealth and Local Land Values
ERES, European Real Estate Society (ERES)
Journal Articles
2022
- The Municipal Liquidity Facility
Economic Policy Review, 2022, 28, (1)
2018
- Tracking and stress-testing U.S. household leverage
Economic Policy Review, 2018, (24-1), 35-63 View citations (2)
See also Working Paper Tracking and stress-testing U.S. household leverage, Staff Reports (2016) View citations (7) (2016)
2017
- Supervising large, complex financial institutions: what do supervisors do?
Economic Policy Review, 2017, (23-1), 57-77 View citations (14)
2016
- Determinants of Mortgage Default and Consumer Credit Use: The Effects of Foreclosure Laws and Foreclosure Delays
Journal of Money, Credit and Banking, 2016, 48, (2-3), 393-413 View citations (16)
See also Working Paper Determinants of mortgage default and consumer credit use: the effects of foreclosure laws and foreclosure delays, Staff Reports (2015) View citations (4) (2015)
- Second Chances: Subprime Mortgage Modification and Redefault
Journal of Money, Credit and Banking, 2016, 48, (4), 771-793 View citations (14)
See also Working Paper Second chances: subprime mortgage modification and re-default, Staff Reports (2009) View citations (20) (2009)
2015
- Do we know what we owe? Consumer debt as reported by borrowers and lenders
Economic Policy Review, 2015, (21-1), 19-44 View citations (9)
2014
- Land Use Regulation and Welfare
Econometrica, 2014, 82, (4), 1341-1403 View citations (107)
- Pathways After Default: What Happens to Distressed Mortgage Borrowers and Their Homes?
The Journal of Real Estate Finance and Economics, 2014, 48, (2), 342-379 View citations (10)
2013
- The financial crisis at the kitchen table: trends in household debt and credit
Current Issues in Economics and Finance, 2013, 19, (April) View citations (15)
See also Working Paper The financial crisis at the kitchen table: trends in household debt and credit, Staff Reports (2010) View citations (14) (2010)
- The role of neighborhood characteristics in mortgage default risk: Evidence from New York City
Journal of Housing Economics, 2013, 22, (2), 100-118 View citations (20)
See also Working Paper The role of neighborhood characteristics in mortgage default risk: evidence from New York City, MPRA Paper (2011) View citations (18) (2011)
2012
- On the optimal design of disaster insurance in a federation
Economics of Governance, 2012, 13, (1), 1-27 View citations (18)
See also Working Paper On the Optimal Design of Disaster Insurance in a Federation, Economics Working Paper Archive at Hunter College (2011) View citations (1) (2011)
2010
- MANAGEMENT OF LARGE CITY REGIONS: DESIGNING EFFICIENT METROPOLITAN FISCAL POLICIES*
Journal of Regional Science, 2010, 50, (1), 401-421 View citations (6)
- The homeownership gap
Current Issues in Economics and Finance, 2010, 16, (May) View citations (14)
See also Working Paper The homeownership gap, Staff Reports (2009) View citations (1) (2009)
- The recession's impact on the state budgets of New York and New Jersey
Current Issues in Economics and Finance, 2010, 16, (Jun/Jul) View citations (5)
2009
- Further Observations on the Economic Effects on New York City of the Attack on the World Trade Center
Peace Economics, Peace Science, and Public Policy, 2009, 15, (2), 179-200
2008
- Juvenile delinquent mortgages: Bad credit or bad economy?
Journal of Urban Economics, 2008, 64, (2), 246-257 View citations (82)
See also Working Paper Juvenile delinquent mortgages: bad credit or bad economy?, Staff Reports (2008) View citations (70) (2008)
- The price of land in the New York metropolitan area
Current Issues in Economics and Finance, 2008, 14, (Apr) View citations (39)
2007
- The Economic Impacts of Terrorist Attacks – Edited by Harry W. Richardson, Peter Gordon and James E. Moore II
Papers in Regional Science, 2007, 86, (2), 333-335
2006
- Tax Policy and the Fiscal Cost of Disasters: NY and 9/11
National Tax Journal, 2006, 59, (3), 561-77 View citations (6)
2005
- Exogenous shocks and the dynamics of city growth: evidence from New York
Economic Policy Review, 2005, (Dec), 61-73 View citations (2)
- Using Regional Economic Indexes to Forecast Tax Bases: Evidence from New York
The Review of Economics and Statistics, 2005, 87, (4), 627-634 View citations (3)
2004
- Institutions, Tax Structure and State–Local Fiscal Stress
National Tax Journal, 2004, 57, (1), 147-58
- Local Revenue Hills: Evidence from Four U.S. Cities
The Review of Economics and Statistics, 2004, 86, (2), 570-585 View citations (35)
See also Working Paper Local Revenue Hills: Evidence from Four U. S. Cities, PIER Working Paper Archive (2003) View citations (8) (2003)
- Revenue implications of New York City's tax system
Current Issues in Economics and Finance, 2004, 10, (Apr) View citations (2)
2003
- Property Taxation and Local Government Finance: Essays in honor of C. Lowell Harriss, 2001: Edited by Wallace Oates, Cambridge, MA: Lincoln Institute of Land Policy, 345 pp
Regional Science and Urban Economics, 2003, 33, (1), 115-119
2002
- Has September 11 affected New York City's growth potential?
Economic Policy Review, 2002, 8, (Nov), 81-96 View citations (13)
- Public infrastructure investments, productivity and welfare in fixed geographic areas
Journal of Public Economics, 2002, 83, (3), 405-428 View citations (91)
See also Working Paper Public infrastructure investments, productivity and welfare in fixed geographic areas, Staff Reports (2000) View citations (3) (2000)
2001
- Fiscal policies in open cities with firms and households
Regional Science and Urban Economics, 2001, 31, (2-3), 147-180 View citations (27)
See also Working Paper Fiscal Policies in Open Cities with Firms and Households, NBER Working Papers (2000) View citations (9) (2000)
- Fiscal policy in New York and New Jersey: 1977-97
Current Issues in Economics and Finance, 2001, 7, (Jul) View citations (1)
- Infrastructure and social welfare in metropolitan America
Economic Policy Review, 2001, (Dec), 1-16 View citations (10)
1999
- New Estimates of the Impact of EDA Public Works Program Investments on County Labor Markets
Economic Development Quarterly, 1999, 13, (4), 371-382 View citations (6)
- Regional fiscal cooperation in metropolitan areas: An exploration
Journal of Policy Analysis and Management, 1999, 18, (4), 579-600 View citations (22)
1998
- Aggregate Production Functions, Interregional Equilibrium, and the Measurement of Infrastructure Productivity
Journal of Urban Economics, 1998, 44, (2), 216-227 View citations (25)
1997
- Central city infrastructure investment and suburban house values
Regional Science and Urban Economics, 1997, 27, (2), 199-215 View citations (17)
1995
- Regional Science, Regional Scientists, and Policy
International Regional Science Review, 1995, 18, (2), 237-242 View citations (2)
Chapters
2015
- How Mortgage Finance Affects the Urban Landscape
Elsevier View citations (7)
See also Working Paper How mortgage finance affects the urban landscape, Federal Reserve Bank of New York (2015) View citations (1) (2015)
2012
- The Supply Side of the Housing Boom and Bust of the 2000s
A chapter in Housing and the Financial Crisis, 2012, pp 69-104 View citations (18)
See also Working Paper The supply side of the housing boom and bust of the 2000s, Federal Reserve Bank of New York (2012) View citations (3) (2012)
2004
- Land taxation in New York City: a general equilibrium analysis
Chapter 4 in City Taxes, City Spending, 2004
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