Working Papers

The Fiscal Effects of Housing Prices: Evidence from School Districts (Job Market Paper)

Under Review in the journal

Abstract: The COVID-19 pandemic affected the housing market in the United States, led by residents moving away from city centers to suburbs, which has potential fiscal implications for local governments. Considering the unit of data at the school district level from 2006-22, I employ difference-in-differences methods to measure the impact of changes in the housing market due to COVID, on local government’s revenues and expenditures in New York State (NYS). Results indicate evidence of an increase in revenues, generated from the collection of property taxes. The effect is mainly driven by districts at the intermediate distance from the city, relatively less dense areas. The overall expenditures did not increase significantly, but I found a slight growth in spending toward debt services, employee benefits, and general government needs.


Fiscal Stress Monitoring Program and its implications on government finances and housing prices, with Ulrich Hounyo and Chun-Yu Ho. (Under Review)


Effect of Macroprudential policy on Exchange Market Pressure, with Ulrich Hounyo and Neree Nouman (link)


Abstract: This paper studies the impact of macroprudential policy on measures of Exchange Market Pressure (EMP) in emerging market economies and OECD countries. Using the quarterly panel data over the period of 2000-2019, we analyzed the adoption of policy using the difference-in-difference (DD) approach. We find a significant impact on one of the three measures of EMP, while the other two EMPs show no effect. We also attempt to document the potential problems related to sample bias and in estimation associated with variation in treatment timing, small sample, and conventional DD standard errors. Using Wild bootstrap methods, we find that the policy effect does not significantly impact EMP.


Grant Received: Benevolent Association Research Grant, Spring 2022 (link). 


Sources of Financing Out of Pocket Expenditure – A State Level Analysis in India (link).




Working in Progress


Effect of housing zoning reforms/Place-Based Policy on job-to-job mobility and labor reallocation across regions with different affordability constraints.


The Economic Effects of Market Tax Credit on Neighborhood-Level Labor Market Outcomes. 


Conferences and Invited Presentations/ Discussant 


Western Economic Association International Conference (Discussant, CSWEP society; link), 2025


The Fiscal Effects of Housing Prices: Evidence from School Districts


Effect of Macroprudential Policy on Exchange Market Pressure


Reviewer/ Journal Referee


Workshop