Refereed Journal Articles
Broxterman, D and Zhou, T, 2023. "Information frictions in real estate markets: Recent evidence and issues." Journal of Real Estate Finance and Economics, 66(2), pp. 203-298.
Broxterman, D and Jin, T, 2022. "House prices, government quality, and voting behavior." Journal of Real Estate Finance and Economics, 64, pp. 179-209.
Broxterman, D and Yezer, AM, 2021. "Human capital divergence and the size distribution of cities: Is Gibrat's law obsolete?" Urban Studies, 58(12), pp. 2549-2568.
Broxterman, D and Larson, WD, 2020. "An empirical examination of shift-share instruments." Journal of Regional Science, 60(4), pp. 677-711.
Broxterman, D and Yezer, AM, 2020. "Measuring human capital divergence in a growing economy." Journal of Urban Economics, 118, 103255.
Broxterman, D and Kuang, C, 2019. "A revealed preference index of urban amenities: Using travel demand as a proxy." Journal of Regional Science, 59(3), pp. 508-537.
Broxterman, D and Yezer, AM, 2015. "Why does skill intensity vary across cities? The role of housing cost." Regional Science and Urban Economics, 55, pp. 14-27.
Non-refereed Journal Articles
Broxterman, D, Gatzlaff, D, Letdin, M, Sirmans, GS, and Zhou, T, 2022. "Introduction to special issue: Topics related to real estate market efficiency." Journal of Real Estate Finance and Economics, 66(2), pp. 197-202.
Broxterman, D, Coulson, E, Ihlanfeldt, K., Letdin, M, and Zabel, J, 2019. "Endogenous amenities and cities." Journal of Regional Science, 59(3), pp. 365-368.
Working Papers
Broxterman, D, Letdin, M, Wang, C, and Zhou, T, 2025. "Commercial Mortgage Debt Overhang and Intent to Default" Available on SSRN. Revising
ABSTRACT: This paper investigates whether investment in leasing activity by property owners is associated with default risk for CMBS loans on office buildings. We conjecture that borrowers, who possess superior knowledge of their properties, make investment decisions that reflect their private valuations. When a borrower perceives a property's value to be lower than the outstanding loan balance, further investment primarily benefits the lender, creating a classic debt overhang problem (Myers, 1977). This suggests that leasing effort and tenant improvement expenditures, relative to a property’s competitive set, may serve as indicators of intention to default. Consistent with this hypothesis, we find that lower leasing effort by borrowers is associated with a higher likelihood of loan delinquency.
Broxterman, D, Liu, Y, and Yezer, A, 2025. "Why We Still Don't Know Much about Housing Supply Elasticity" Available on SSRN. Under Review
ABSTRACT: This paper examines the implications of urban spatial models for estimating the long-run own-price elasticity of housing supply. It demonstrates theoretically that housing supply elasticity varies inversely with city size, the cost of structure inputs, and rural land price in both classical and neoclassical models. Notably, planning regulations and topographic features that reduce the share of land available for development do not effect supply elasticity, if they apply uniformly. The effect of transportation costs on supply elasticity is complex. Additionally, empirical estimates of supply elasticity depend on the location within the city where housing price changes are measured. These relations can confound direct empirical estimates of housing supply elasticity, but are less problematic for estimates from numerical simulation models or urban wage premiums.
Broxterman, D, Liu, Y, and Yezer, A, 2025. "Characteristics of a Sufficient Statistic to Measure City Housing Prices" Accepted to NBER/CRIW Conference on Measurement of Housing and the Housing Sector Conference, March 2026 (Conference Volume to be published by University of Chicago Press). Revising empirical application
ABSTRACT: Accurately characterizing the levels of and changes in housing price in cities---whether measured by rent or asset value---is essential for various empirical analyses. However, this task is complicated by the heterogeneity of the housing stock, variation in accessibility, and the fact that housing is consumed jointly with neighborhood. This paper focuses on the issue of intra-city location, which economic theory suggests is systematically related to housing price. The key finding is that a sufficient statistic to describe both the level of and change in the average housing price requires that prices be measured as a function of distance from the city center and weighted by the fraction of the housing stock at each distance. While commonly used repeat sales and hedonic measures of price change are generally not weighted in this fashion, they could be modified to do so.
Broxterman, D, Lin, C, and Luan, T, 2023. "Did mortgage investors price regional housing bubbles? A Tale of Two Markets" Available on SSRN. Revising
ABSTRACT: We examine whether mortgage investors recognized geographic differences in credit risk during the 2000s US housing bubble. Variation among cities in house price change and associated credit risk were substantial during this episode. Although the US government-sponsored enterprises and the Federal Housing Administration do not price local differences in credit risk, private investors in the non-agency mortgage market are free to do so. Accordingly, geographic variation in the spread between agency and non-agency interest rates should be associated with subsequent differences in house price appreciation. This hypothesis is tested here and found to hold.