I am a Principal Analyst in the Congressional Budget Office's Financial Analysis Division. My research focuses on macroeconomics and urban and regional economics. Links to my working papers are below. The views expressed in the papers are my own and should not be interpreted as the views of the Congressional Budget Office.
Establishments with greater measured downward nominal wage rigidity exhibit higher layoff rates, and lower quit and hire rates.
Homeowners' misperceptions regarding movements in house prices are associated with variation in sales volumes in the housing market.
An estimated DSGE search and matching model of the housing market suggests that a model of competitive search fits the housing market time series data better than a random search model with Nash bargaining.
Urban and Regional Economics:
The Distribution of Urban Land Values: Evidence from Market Transactions
Using a database of land sales to construct an index of metropolitan land values implies that land accounts for approximately one-third of housing costs. The increase in housing costs associated with greater regulation appears to outweigh any benefits from improved quality-of-life.
, with David Albouy.
Land values measured from market transactions are consistent with several predictions of the standard monocentric city model. The estimates suggest land receives approximately seven percent of national income and the cost elasticity with respect to urban population is about fourteen percent.Housing Demand and Expenditures: How Local Rents Affect Costs of Living, with David Albouy and Yingyi Liu.
The share of household expenditures on housing has risen since 1970, and expenditure shares on housing are higher in areas where housing is more expensive. Those patterns are inconsistent with the assumption of Cobb-Douglas preferences over housing and other goods.
A background paper explaining how CBO estimates the budgetary costs of FHA's single family mortgage insurance. Includes a discussion of the difference between the budgetary and fair-value costs of FHA insurance.
I contribute to the forecast of monetary policy and interest rates.