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Jel Classification:H11 

Working Paper
Financial Stability Committees and Basel III Macroprudential Capital Buffers

We evaluate how a country’s governance structure for macroprudential policy affects its implementation of Basel III macroprudential capital buffers. We find that the probabilities of using the countercyclical capital buffer (CCyB) are higher in countries that have financial stability committees (FSCs) with stronger governance mechanisms and fewer agencies, which reduces coordination problems. These higher probabilities are more sensitive to credit growth, consistent with the CCyB being used to mitigate systemic risk. A country’s probability of using the CCyB is even higher when the FSC ...
Finance and Economics Discussion Series , Paper 2020-016

Working Paper
Has COVID Reversed Gentrification in Major U.S. Cities? An Empirical Examination of Residential Mobility in Gentrifying Neighborhoods During the COVID-19 Crisis

This paper examines whether neighborhoods that had been gentrifying lost their appeal during the pandemic because of COVID-induced health risks and increased work-from-home arrangements. By following the mobility pattern of residents in gentrifying neighborhoods in 39 major U.S. cities, we note a larger increase of 1.2 percentage points in the outmigration rate from gentrifying neighborhoods by the end of 2021, relative to nongentrifying ones, with out-of-city moves accounting for over 71 percent of the increased flight. The share of out-of-city moves into gentrifying neighborhoods also ...
Working Papers , Paper 22-20

Local Zoning Laws and the Supply of Multifamily Housing in Greater Boston

Housing affordability is a significant issue in many U.S. metropolitan areas, including Greater Boston. Affordability has always been a major challenge for low-income renters; however, even middle-income families now face considerable affordability hurdles, particularly in metro areas with strong labor markets. Where people live has important implications for their health, schooling, and economic mobility. Researchers and policymakers have devoted attention to the role of land-use practices, such as regulating residential zoning, in creating housing affordability problems, particularly in the ...
New England Public Policy Center Research Report , Paper 22-1

Working Paper
The Geography of Travel Behavior in the Early Phase of the COVID-19 Pandemic

We use a panel of county-level location data derived from cellular devices in the U.S. to track travel behavior and its relationship with COVID-19 cases in the early stages of the outbreak. We find that travel activity dropped significantly as case counts rose locally. People traveled less overall, and they specifically avoided areas with relatively larger outbreaks, independent of government restrictions on mobility. The drop in activity limited exposure to out-of-county virus cases, which we show was important because such case exposure generated new cases inside a county. This suggests the ...
Working Papers , Paper 20-38

Working Paper
How to Increase Housing Affordability: Understanding Local Deterrents to Building Multifamily Housing

This paper studies how local land-use regulations and community opposition affect the trade-offs to building single-family, multifamily, and affordable housing and how their effects on rents differ from their effects on house prices. Using lot-level zoning regulations and a boundary discontinuity design at regulation boundaries in Greater Boston, we obtain causal estimates for the effects of zoning regulations on the supply of different types of housing, single-family-house prices, multifamily rents, and households’ willingness to pay for higher density. We find that relaxing density ...
Working Papers , Paper 22-10

Working Paper
On Political and Economic Determinants of Redistribution: Economic Gains, Ideological Gains, or Institutions?

I describe a structural method to quantify the contribution of different elements of social choice to the level of redistribution. Estimating a DSGE model with microdata on the support for redistribution, I find that if voters disregarded their ideological views on welfare policies, redistribution in the U.S. would increase 117%. Because ideology is a more important determinant of voting behavior than income, increasing voter turnout or capping campaign contributions would have a small effect on redistribution. Among the drivers of ideology, I find that racial animosity and distrust of the ...
Working Paper Series , Paper WP 2022-47


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