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Report
Migration, Congestion Externalities, and the Evaluation of Spatial Investments
Schulhofer-Wohl, Sam; Dinkelman, Taryn (2015-01-09)
The direct benefits of infrastructure in developing countries can be large, but if new infrastructure induces in-migration, congestion of other local publicly provided goods may offset the direct benefits. Using the example of rural household electrification in South Africa, we demonstrate the importance of accounting for migration when evaluating welfare gains of spatial programs. We also provide a practical approach to computing welfare gains that does not rely on land prices. We develop a location choice model that incorporates missing land markets and allows for congestion in local land. ...
Staff Report , Paper 506

Discussion Paper
Locally Owned: Do Local Business Ownership and Size Matter for Local Economic Well-being?
Rupasingha, Anil (2013-08-01)
The concept of “economic gardening”—supporting locally owned businesses over nonlocally owned businesses and small businesses over large ones—has gained traction as a means of economic development since the 1980s. However, there is no definitive evidence for or against this prolocal business view. Therefore, I am using a rich U.S. county-level data set to obtain a statistical characterization of the relationship between local-based entrepreneurship and county economic performance for the period 2000–2009. I investigate the importance of the size of locally based businesses relative ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2013-01

Working Paper
The Impact of Racial Segregation on College Attainment in Spatial Equilibrium
Rubinton, Hannah; Kozlowski, Julian; Gregory, Victoria (2023-07-24)
This paper seeks to understand the forces that maintain racial segregation and the implications for the Black-White gap in college attainment. We incorporate race into an overlapping-generations spatial-equilibrium model with neighborhood spillovers. The model incorporates race in three ways: (i) a Black-White wage gap, (ii) an amenity externality---households care about the racial composition of their neighbors---and (iii) an additional barrier to moving for Black households. These forces quantitatively account for all of the racial segregation and 80% of the Black-White gap in college ...
Working Papers , Paper 2022-036

Working Paper
The Price of Housing in the United States, 1890–2006
Lyons, Ronan; Shertzer, Allison; Gray, Rowena; Agorastos, David (2024-06-20)
We construct the first consistent market rent and home sales price series for American cities across the 20th century using millions of newspaper real estate listings. Our findings revise several stylized facts about U.S. housing markets. Real market rents did not fall during the 20th century for most cities. Instead, real rental price levels increased by about 20 percent from 1890 to 2006. There was also greater growth in real housing sales prices from 1965 to 1995 than is commonly understood. Using these series, we document several new facts about housing markets. The return to ...
Working Papers , Paper 24-12

Working Paper
Income Inequality and Economic Growth in United States Counties: 1990s, 2000s and 2010s
Fee, Kyle (2025-02-18)
Using a common reduced-form regional growth model framework, an expanded geographic classification of counties, additional years of data, a trio of income inequality metrics, and multiple empirical specifications, this analysis confirms and builds upon the notion that the nature of the relationship between income inequality and economic growth varies across geography (Fallah and Partridge, 2007). A positive relationship between an income Gini coefficient and per capita income growth is observed only in central metro counties with population densities greater than 915 people per square mile or ...
Working Papers , Paper 25-05

Discussion Paper
Anchor Institution Strategies in the Southeast: Working with Hospitals and Universities to Support Inclusive Growth
Fazili, Sameera (2019-12-01)
Engaging universities and hospitals to address economic disparities—often referred to as anchor institution strategies—has been understudied in the Southeast. The author examines efforts to launch anchor institution strategies in the Southeast. First, the author reviews the anchor institution concept in economic development, noting how the strategy has evolved from single institutions focusing on a set of neighborhoods to expanding to multi-institution collaboratives that attempt to tackle economic inequalities at a city or regional level. Second, the author offers case studies of New ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2019-02

Working Paper
Up in Smoke: The Impact of Wildfire Pollution on Healthcare Municipal Finance
Lopez, Luis; Murphy, Dermot; Tzur-Ilan, Nitzan; Wilkoff, Sean (2025-01-09)
Wildfire smoke pollution is associated with significantly higher healthcare municipal borrowing costs, amounting to $250 million in realized interest costs for high-smoke counties in 2010–2019, and an estimated $570 million over the following 10 years. These costs are disproportionately higher in high-poverty or high-minority areas where there is more smoke-related uncompensated care. Out-of-state smoke is also associated with higher borrowing costs, suggesting poor wildfire management imposes externalities on nearby states. Our hospital-level analysis shows increases in asthma cases and ...
Working Papers , Paper 2503

Newsletter
Expirations and Early Exits of LIHTC Units: Implications for the Affordable Housing Stock
Jaffe, Maxwell; Ingram, Dustin (2025-10)
The Low-Income Housing Tax Credit (LIHTC) is the nation’s largest source of financing for the development and preservation of affordable rental housing. The program provides tax credits to developers that may cover a portion of their acquisition, construction, and rehabilitation costs. In exchange for these credits, developers must ensure affordability for tenants whose earnings are at or below specific percentages of the area median income (AMI) with rental rates that do not exceed 30% of their gross income. LIHTC affordability requirements last for 30 years at a minimum. The earliest ...
Chicago Fed Letter , Volume 514 , Pages 10

Working Paper
The Mortgage Rate Conundrum
Justiniano, Alejandro; Tambalotti, Andrea; Primiceri, Giorgio E. (2017-08-01)
We document the emergence of a disconnect between mortgage and Treasury interest rates in the summer of 2003. Following the end of the Federal Reserve expansionary cycle in June 2003, mortgage rates failed to rise according to their historical relationship with Treasury yields, leading to significantly and persistently easier mortgage credit conditions. We uncover this phenomenon by analyzing a large dataset with millions of loan-level observations, which allows us to control for the impact of varying loan, borrower and geographic characteristics. These detailed data also reveal that ...
Working Paper Series , Paper WP-2017-23

Journal Article
The Promises and Perils of Racial Equity Planning
Freeman, Lance (2023-10-01)
This article considers the use of racial equity analysis, or racial equity planning, as a tool to remedy the inequality that has been structured into the built environment through past and ongoing discriminatory and racially insensitive land use regulations and planning. It describes the history of land use planning in the United States, the resulting legacy of exclusionary practices, and the need to explicitly address racial inequities in American cities by considering the impacts of large-scale planning projects. As an illustration, the author describes a racial disparity report that ...
Economic Policy Review , Volume 29 , Issue 2 , Pages 75-87

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